The WeWork logo sits on the company's co-working office space at 165c Weteringschans street in Amsterdam, Netherlands, on Saturday, Oct. 5, 2019. Union Investment, owned by Germany's DZ Bank AG, has expressed interest in ditching WeWork as a potential tenant in Amsterdam's 5 Keizers complex, according to people with knowledge of the matter. Photography: Jasper Juinen/Bloomberg

ISSUE – Oct. 21| Report: SoftBank is taking control of WeWork at an ~$8B valuation

WeWork, once valued at $47 billion, will be worth as little as $7.5 billion on paper as SoftBank takes control of the struggling co-working business, CNBC reports.

SoftBank, a long-time WeWork investor, plans to invest between $4 billion and $5 billion in exchange for new and existing shares, according to CNBC. The deal, expected to be announced as soon as tomorrow, represents a lifeline for WeWork, which is said to be mere weeks from running out of cash and has been shopping several of its assets as it attempts to lessen its cash burn. [ Tech Crunch ]

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