SoftBank executive Rajeev Misra inadvertently revealed a new fundraising effort by WeWork in 2018 — and made lofty predictions about its future.
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Footage of the executive's remarks subsequently disappeared from YouTube, but Business Insider is now publishing the full audio. Adam Neumann has fallen on his sword, stepping down as chief executive of WeWork in an attempt to help the office rental giant's bungled initial public offering get back on track.
In May 2018, one of SoftBank's most senior executives appeared onstage at a conference in London and announced that WeWork was raising funds at a $35 billion valuation — and that it could one day be a $100 billion business. "A year ago we were told that WeWork was extremely overvalued, $17 billion for a real estate company doing office space. Well guess what, they're looking to raise capital at $35 billion today. Maybe it's overvalued but I believe they're a $100 billion company in the next few years," he said.
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Masayoshi Son's unyielding optimism — and lack of challengers — led SoftBank to overvalue WeWork, sources sayAt one point, Son's optimism about WeWork was countered by dissenting voices, such as Nikesh Arora and Alok Sama, according to people familiar with the matter.
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WeWork CEO Adam Neumann steps downThe executive has been under pressure since WeWork released its pre-IPO S-1 filing amid concerns about its corporate governance and valuation.
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