WeWork lost $3.2bn last year as Covid-19 shut its co-working spaces around the world, the office provider has revealed in a pitch for $1bn in new investment and a stock market listing.
Documents shown to prospective investors described losses that narrowed from $3.5bn in 2019, as WeWork slashed capital expenditure from $2.2bn in 2019 to just $49m.
The documents, which have been reviewed by the Financial Times, also show that occupancy rates across its global portfolio fell to 47 per cent at the end of 2020, down from 72 per cent at the start of the year, before the pandemic hit.
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