Marcelo Claure, chairman of WeWork and chief operating officer of SoftBank, has declared that the company expects to have positive cash flow in 2021 after the company has had massive layoffs and taken other cost-cutting measures.
In April, SoftBank said it would lose $24 billion on investments, namely due to WeWork’s failure to go public last year.
WeWork’s efforts to become profitable started with layoffs, as well as selling off businesses it had acquired or had a stake in including female-oriented coworking operator The Wing.
Claure has been credited with helping Sprint turnaround its business when he served as CEO, increasing the company’s stock price in 2015 just three years after it had been acquired by SoftBank.
Claure added that some companies have been inquiring about WeWork spaces to serve as satellite offices as economies begin to slowly open back up.