WeWork raises $3 billion from SoftBank

Office sharing firm WeWork has secured an additional $3 billion from Japanese tech giant SoftBank, bringing its total funding and commitments to $6.4 billion.

The SoftBank cash comes in the form of a warrant, giving WeWork the option of new cash in the first half of 2019. The warrant automatically converts to stock in September at a price that gives WeWork a valuation of around $42 billion - provided the company doesn't go public or sell in the meantime.

WeWork described the funding as "opportunistic financing" available to the company on attractive terms. Business Insider first reported in June that WeWork was in talks with SoftBank to raise further funding at a $35 billion valuation.

This is a developing story...

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