WeWork gets new $1.1 billion commitment from SoftBank, cuts burn rate

The owner of money-losing shared office provider WeWork told employees on Thursday it has slashed its cash burn rate almost in half from the end of last year and obtained a $1.1 billion (840 million pounds) commitment in new financing from majority owner SoftBank .The We Company said in an e-mail to employees that its second-quarter results show the coronavirus pandemic has hurt business but its financial position remains strong."Our early efforts to become a more streamlined, cash-conscious org