WeWork starts trading on the NYSE |
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#shorts #WeWork #WeWorkIPO
Yahoo Finance's Kelsey Barberio and Brian Cheung report on WeWork going public. Roughly two years after its failed IPO, WeWork has made its public market debut through a blank-check merger with BowX Acquisition Corp. The company's stock, trading on the NYSE under the ticker WE, was up about 10% in mid-day trading at $11.41 per share. The SPAC merger valued WeWork at $9 billion—less than what it was worth in 2015 and a precipitous drop from the $47 billion peak it reportedly reached in 2019. The deal value implied an earnings multiple that is closer to legacy workspace operators like IWG than to real estate tech companies such as Airbnb or Sonder. WeWork took in around $1.3 billion from the blank-check merger and accompanying PIPE. Also part of that figure: a $150 million investment from Cushman & Wakefield to backstop shareholder redemptions, the Financial Times reported. The listing came after stockholders of the SPAC green lighted the deal earlier this week. Shares of BowX had been trading below its $10-per-share IPO price in recent days. Don't Miss: Valley of Hype: The Culture That Built Elizabeth Holmes WATCH HERE: https://youtu.be/Sb179GLPNYE Watch the 2021 Berkshire Hathaway Annual Shareholders Meeting on YouTube: https://youtu.be/gx-OzwHpM9k Subscribe to Yahoo Finance: https://yhoo.it/2fGu5Bb About Yahoo Finance: At Yahoo Finance, you get free stock quotes, up-to-date news, portfolio management resources, international market data, social interaction and mortgage rates that help you manage your financial life. Yahoo Finance Plus: With a subscription to Yahoo Finance Plus get the tools you need to invest with confidence. Discover new opportunities with expert research and investment ideas backed by technical and fundamental analysis. Optimize your trades with advanced portfolio insights, fundamental analysis, enhanced charting, and more. To learn more about Yahoo Finance Plus please visit: https://yhoo.it/33jXYBp Connect with Yahoo Finance: Get the latest news: https://yhoo.it/2fGu5Bb Find Yahoo Finance on Facebook: http://bit.ly/2A9u5Zq Follow Yahoo Finance on Twitter: http://bit.ly/2LMgloP Follow Yahoo Finance on Instagram: http://bit.ly/2LOpNYz Follow Cashay.com Follow Yahoo Finance Premium on Twitter: https://bit.ly/3hhcnmV |