Goldman Sachs announces $80m loss on WeWork investment
Goldman Sachs has so far lost $80m on its investment in WeWork, the troubled office rentals group, the bank said on Tuesday. The valuation of its stake in WeWork fell after We, as the company is known, was forced to pull plans for an initial public offering that would have been led by Goldman and JP Morgan. Goldman initially declined to break out its losses on WeWork, but on a conference call with analysts, Stephen Scherr, the chief financial officer, said Goldman had decided to make the loss public because it had “got quite a bit of notoriety in the press”. Once the world’s US’s most highly valued private company, WeWork is now facing a cash crunch as it burns through its remaining money.