SFTBY - WeWork losses swelled to $2.1B in Q1 including $500M deal with ex-CEO - FT

Earlier this week, WeWork (WE) told Bloomberg that demand and sales have returned to pre-pandemic levels. According to records obtained by the Financial Times, WeWork losses almost quadrupled on the year to $2.1B in Q1. Last year's $556M loss was only starting to show the impact of the pandemic.A FT source says a settlement with WeWork co-founder and former CEO Adam Neumann accounted for about $500M of the Q1 2021 loss. Removing that impact, the loss would still have nearly tripled on the year.Revenue dropped nearly 50% to $598M as WeWork shed about 200,000 customers, leaving 490,000 customers in Q1.WeWork's failed IPO attempt in 2019 came after the prospectus raised questions about whether the office sharing company could turn a profit. The company had lost $2B in 2018.Major investor SoftBank ([[SFTBF]],[[SFTBY]]) stepped in with a bailout and WeWork's current chairman is also SoftBank's COO.WeWork is now planning to go public through a reverse merger with

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WeWork losses swelled to $2.1B in Q1, including $500M deal with ex-CEO - FT