Each day at WeWork Headquarters in Manhattan, there are two different groups of staffers: Company employees, and a team of on-site fixers from SoftBank, according to Axios. The team was hand-picked by the new Executive Chairman Marcelo Claure.
- Great illustration of SoftBank’s challenges: Ironically, these operating groups were initially launched to help companies expand into new markets, prepare for IPOs, and create synergies amongst portfolio companies. Now, their goal is to revive investments that have gone bad.
- WeWork is not alone: The Vision Fund has 40 full-time employees who are working with parking startup Reef Technology (A.K.A. ParkJockey) and Fair.
- Local news: The company has been slow to find tenants for its new Navy Yard location… Only 40 percent of the office space at Dock 72 has been leased out, Crain’s reported.