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Home / Business / WeWork's board of directors spoke to more than 75 sources of funding

WeWork's board of directors spoke to more than 75 sources of funding



  • WeWork's two new CEOs told employees that the board had spoken to more than 75 sources "about potential funding for the company," according to a leaked email seen by Business Insider.
  • They did not provide details about who these 75 sources are or what their interests are.
  • The email address comes when CEOs try to reinforce the morale that employees support layoffs.

WeWork's two new CEOs try to reassure employees that plans to fix the well-known cash flow problems continue in record speed as questions of colleague survival arise.

"The board is in active discussions with several parties about potential financing for the company," according to an email Business Insider has seen to employees late last week from WeWork co-CEOs Sebastian Gunningham and Artie Minson. "Since last week, more than 75 funding sources have signed confidentiality agreements to learn more about the business. Over the past week, we've been out of our offices and met with these sources and advisors to identify the best way forward." [1

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Read More: WeWork states that it has 527,000 "memberships" but it is not as simple as was in talks with its major investor SoftBank and its top bank, JPMorgan, about new financing packages and that each of them would submit proposals. The board is expected to make a decision by the end of this week, sources close to the company told CNBC.

The email address comes as CEOs try to boost morale as employees brace for layoffs.

Several employees have confirmed to Business Insider reports that the company could run out of money as early as next month.

Are you a WeWork insider with insight to share? Contact Julie Bort at Signal at (970) 430-6112 using a non-functional phone, or email at jbort@businessinsider.com . Open DMs on Twitter @ Julie188 . You can also contact Business Insider securely via SecureDrop .


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