David Solomon of Goldman Sachs & Co.
Patrick T. Fallon | Bloomberg | Getty Images
Goldman Sachs CEO David Solomon says the bank’s stake in WeWork is still profitable, even after the company suffered a number of valuation cuts and is faced a bailout crisis.
“That was an investment we made a number of years ago at a lower valuation,” Solomon told CNBC’s Wilfred Frost on Thursday. “At the current mark, even if it went down from here, we still have a profit in the remaining position.”
WeWork has gone through a vicious cycle of scrutiny in the past few months, as the co-working space provider’s IPO was put on hold while its valuation suffered multiple cuts. WeWork is now poised to run out of money by the middle of next month.
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