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WeWork’s Biggest Losers—and Remaining Winners

SoftBank has given WeWork a new lease on life. But some of the company’s biggest shareholders, including Hony Capital, Fidelity and thousands of employees—as well as SoftBank itself—are now in the red.

WeWork’s new valuation of $11.60 a share is below what was paid by every outside investor who put money into WeWork since the start of 2014, and wipes out the value of stock options given to employees who joined in the last few years. The biggest loser is SoftBank and its Vision Fund, which after the forthcoming investment will have pumped $10.3 billion of equity capital into WeWork—more than the entire company is now worth. And that’s not including money SoftBank has lent WeWork or invested in partly-owned ventures overseas.

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