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WeWork’s chairman says it expects to have positive cash flow in 2021

After aggressive cost-cutting measures, including mass layoffs and selling several of its businesses, WeWork’s chairman expects the company to have positive cash flow in 2021. Marcelo Claure, who became WeWork’s chairman after co-founder Adam Neumann resigned as chief executive officer last fall, told the Financial Times that the co-working space startup is on target to meet its goal, set in February, of reaching operating profitability by the end of next year.
Claure is also chief operating officer of SoftBank Group, which invested $18.5 billion in the co-working space, according to leaked comments made by Claure during an October all-hands meeting.
SoftBank said in April that it would lose $24 billion on investments, with one of the main reasons being WeWork’s implosion last year. The company’s financial and management issues brought its valuation down from as much as $47 billion at the beginning of 2019 to $2.9 billion in March, according to a May report by CNBC.
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