WeWork Japan named a new head of local operations a couple of days after the companyâs co-founder Adam Neumann decided to resign, following a failed attempt to gain a stock market listing.
On Wednesday, the company announced in a statement that Kazuyuki Sasaki will move from managing director to the CEO of WeWork Japan, an office-sharing venture jointly owned by the company and its most important backer SoftBank Group.
According to CNNâs Richard Quest, WeWork is a major bet for the bankâs Vision Fund, which after burning through most of the first $100 billion fund is now fundraising for a second. Quest also said that while SoftBank invested in WeWork at a $47 billion valuation in January, the expected IPO valuation dropped as low as $10 billion.
The We Company, which is known for being WeWorkâs parent, abandoned an IPO last month following criticism of its corporate governance and valuation after the Neumann scandal.
As reported by tech expert Ari Lev on his Twitter account, WeWork is currently looking to trim its workforce and slow expansion in order to preserve cash as it is looking for different options of funding.
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