Office sharing start-up’s Japanese operation is in the black. FMTNews Tokyo WeWork
TOKYO: Masayoshi Son stood on stage in Tokyo this month and told sceptical SoftBank Group Corp investors that making WeWork profitable is not only possible but will be “simple.”
“Why do we think that WeWork is neither a quagmire nor a sinking business?” Son asked the audience at an earnings briefing earlier this month, before laying out his plan to cut costs and freeze growth at the co-working giant.Altogether, Son has paid more than US$10 billion for an 80% stake in WeWork, which is now worth less than half of that.
He said the target is to become cash-flow positive by 2023 and geographic expansion would come in a measured and profitable way, according to people familiar with the matter. Staff at the two companies have met weekly to analyse desk utilisation heatmaps and brainstorm about possible applications of machine learning in what is internally known as Project Pluto.
Neumann entrusted the job of breaking into the market to his brother-in-law and WeWork employee No 5 – Chris Hill. That created tensions with New York, which had to explain to clients why using WeWork in Tokyo was going to cost them more. But the discipline paid off.
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