Co-working rental startup WeWork has secured an additional $3B in funding from SoftBank, at a valuation worth nearly $45B. In a surprising move, SoftBank’s latest investment will more than double the startup’s valuation from the $20B figure it clinched during its last financing round.
The valuation will also drive a global co-working behemoth, bigger than Airbnb, PWC, SpaceX, or Ford Motor, making it the second most-valuable startup in the United States after Uber.
The capital injection comes at a time when WeWork’s losses are on a steady climb, recently ballooning to $2B on an annual basis. The investment from SoftBank, the startup’s largest investor, will also increase its cash pile and commitments to almost $6.4B.
Critics, however, claim that the valuation is highly inflated compared to other real estate players in the market, and remarked the startup might face an issue if their earnings fail to justify the excessive valuation.
Despite the possibility of headwinds in the short-term, WeWorkās vice-chairman Michael Gross was positive on the companyās long-term growth.
āOur view is that there is tremendous wind at our back ā we are the only serious global player out there,ā he said. āOur growth is actually accelerating as our product offering continues to go deeper and reach not just small-sized companies but Fortune 500 companies and everything in between.ā
I was looking around Google for an old article on tax strategies and this five-year old video of myself happened to pop up.
Iām interviewing a tax expert about how real estate investors avoid paying taxesin perpetuityāAND how everyday citizens can do the same thing.
(Real estateāour TEMPLE I and TEMPLE II projects includedāhas a number of tax benefits savvy investors have capitalized on for years, including Opportunity Zone breaks and 10-year tax abatements.)
Thereās the 1031 exchange, of course, which Iāve shared with you guys before.
Just to refresh your memory, the 1031 Exchange allows you to roll over gains from your last project into a new property TAX FREEāas long as said property is worth the same or more.
But thereās ANOTHER TAX LOOPHOLE that can take your portfolio to an entirely new level by splitting your capital gains into MULTIPLE properties.
PS: In our next update, Iām going to break down how real estate moguls get paid from their propertiesā¦tax free. š PPS: If you want to learn how to implement generational wealth strategies like this one, you can join our NYCE wealth academy (TRIBE U) here.
If thereās anything the pandemic taught us, itās that the paradigm of āofficeā and āworkspaceā has been shaken to its CORE.
Universities are teaching via Zoom, court dates are done virtually, FULLY REMOTE businesses are valued at $1B+, and legitimate Inc. 5000 startups are run fromā¦wherever. š²
This is my office for the dayā¦
I am actually running our business from the beach, typing this from here.
Itās 4:28 pm CET, which means itās 10:28 am EST and I am CRUSHING my to-do list.
(And the team will continue to crush it while Iām asleep. Thatās the š)
Having team members in all the main time zones gives us a 24-hour work cycle vs. 9-5/eight-hour on-the-clock performance.
This means we get 3x the productivity of a similar company. š„
Let me repeat thatā¦3x PRODUCTIVITY vs. our competitors.
Meanwhile our project management software grants us 24-hour TEAM-WIDE connectivity that tracks all tasks and lets us know if productivity dips even a little bit.
There is ALWAYS someone senior awake. It could be Martin in Barcelonaā¦Nat in New Yorkā¦Vineet & Arif in New Delhi.
Well, the first step is to have an actual side hustle youāre launching. Not just an idea, a validated business.
MAJOR KEY: Do NOT spend money until youāve made your FIRST DOLLAR! šššš
(You can catch a replay Business Launch masterclass here and see TRIBE member Nessa launched her business on the spot and got her first $45K client shortly after.)
One of the easiest ways to start is with Airbnbāyou can start that in 10 minutes. Literally. (Hereās a guide if you need it.)
Once you have your business, you build a virtual infrastructure (you really just need two softwares, which are FREE), manage the team accordingly and run the business from there.
Iām gonna put together a step-by-step video breakdown this weekend inside the new TRIBE U on the FIVE key things you need to do this for YOURSELF. šµ š
From what software to use, how to build a team, how to keep.
In the meantime, drop a comment if youāre ready to build some wealth and any questions if you want moreā¦
Letās get to work. š
PS: If you canāt be bothered with video and just wanna get to work, weāre hosting a TRIBE U workshopthat will help you get this process started on the spot. Itās $479 $49. š„
Investor and popular Instagram influencer Philip Michael says new fintechs need to take greater responsibility for their younger traders.Ā
āPromoting financial literacy is a must, but encouraging risky gambling is reckless,ā Philip Michael, NYCE CEO, says.Ā
In 2020, a 20-year-old Robinhood trader killed himself after engaging in risky options trading and seeing his balance $730,000 in the red, leading to a wrongful death lawsuit against the investment app.
āThe main apps onboard as many new users as humanly possible, but thereās really no educational process,ā Michael says, āand these first-time investors are left to figure things out on their own.ā
NYCEāa fintech focused on creating wealth for minoritiesāwants to create 100,000 millionaires through real estate investments and wealth education.
Through its app, investors can own shares in apartment complexes for as little as $100.
Since launching, NYCE has set records for most new first-time BIPOC real estate owners, buying over 1500 apartments in the pandemic and splitting ownership with its investor crowd.
Once investors are in, NYCE automatically enrolls investors in an online wealth academy (TRIBE) that teaches basic wealth principles, responsible investing and how to spot irregular fads like altcoins and meme stocks.
āBecoming a millionaire is a function of time and habit, not luck and one-time scores,ā Michael says. āThe micro-investments are really just the gateway drug to that wealth mindset.ā
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