FILE PHOTO: The logo of T. Rowe Price Group is pictured at its office in Tokyo, Japan, January 13, 2017. REUTERS/Toru Hanai/File Photo
In a rare public comment on its experience with a specific investment, the U.S. fund management group said in a Feb. 12 filing that it had invested in the startup in 2014 on the premise that WeWork’s management would focus on developing a more sustainable business strategy and slow its pace of growth.
"They took our advice for a few months, but new investors soon arrived who convinced management to put its foot back on the accelerator," T. Rowe, which manages more than $1.2 trillion in assets, said in the reportWeWork was not immediately available to comment out of regular U.S. business hours early on Friday.
I can't believe anyone thought this was a bright idea. It's nothing but subletting leased office space to people who don't actually need it for any reason other than the pretense of having somewhere to be.
But they have free coffee and biscuits, sooo...
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