Office sharing startup WeWork on Tuesday brought forward its target for becoming...
- Office sharing startup WeWork on Tuesday brought forward its target for becoming free cash flow positive by a year to 2022 and said it expects to post its first ever $1-billion revenue quarter this year.
The new financial targets are part of Chairman Marcelo Claure’s five-year turnaround plan. WeWork aims to achieve free cash flow of over $1 billion by 2024. The company said Kirthiga Reddy, who was named to the board last week, will replace Ron Fisher as a representative of SoftBank Vision Fund. it would have access to $2.5-$3.0 billion of additional liquidity for future growth, after completing a credit facility with Goldman Sachs.
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