This article was written in part by our Communications intern, Nadia Nidam!
This week, SoftBank Group Corp, a Japanese multinational telecommunications corporation, invested $4.4 billion in the ever so successful co-working space, WeWork.
WeWork has been around for only seven years, but the company is flourishing. Last year, the firm expanded in 18 more U.S. cities and created a total of 58 new offices. Many investors find WeWork impressive, so it isn’t shocking that a company outside of the U.S. recognized WeWork’s success.
Masayoshi Son, SoftBank’s founder and CEO, believes WeWork is changing the way people work due to the creative office environment. As a result, Son wants SoftBank to be a part of it. This investment marks the largest American investment for Japanese Company.
SoftBank is by no means a household name in America, but this investment means a lot for WeWork’s future. Constantly reinventing tech and communications, SoftBank has its finger on the pulse in this rapidly changing market. Its new fund, the Vision Fund, has proven to be a very lucrative endeavor for its other clients, notably Apple, Sharp, and Qualcomm.
This investment will allow WeWork to expand on a global scale, specifically in China, Korea, and Japan. This is an extremely exciting time for both parties! Because of this multi-million dollar deal, several Chairmen of SoftBank will join WeWork’s board of directors. Congrats to both SoftBank and WeWork!