The SoftBank CEO laid out a 'simple' three-step plan that he said will right the ship at WeWork.
During SoftBank's earnings conference, CEO Masayoshi Son laid out a "simple" three-step plan that he said will right the ship at WeWork.
WeWork has to halt construction of new buildings for some time, cut costs and exit unprofitable side businesses in order to become profitable, Son said.Alessandro Di Ciommo | NurPhoto | Getty ImagesCEO Masayoshi Son says he has devised a "simple formula" to turn around troubled co-working start-up WeWork.
Son laid out a three-step plan that he said will right the ship during an earnings conference on Wednesday, in which the Japanese conglomerateits first quarterly loss in 14 years. According to Son, WeWork must stop building offices for roughly three to four years, since construction requires significant upfront investments. The company also has to cut costs and "terminate" side businesses that aren't profitable by either selling or closing them.
Those changes, combined with increasing gross profits and reducing operating expenses, are the "simple turnaround that we will be aiming for," Son said. Son doubled down on this sentiment by sharing a series of charts that show just how swift WeWork's comeback could be, in his view. But boy are the charts bizarre, containing almost no real data and a bunch of line graphs shooting up and to the right. (They've also been widely mocked on
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