The Pershing Square Chief spoke at the Robin Hood investor conference

Activist Bill Ackman thinks that WeWork might be worthless. During a talk at the Robin Hood investor conference, the hedge fund manager raised concerns about the work-sharing firm’s balance sheet.

“I think WeWork has a pretty high probability of being a zero for the equity, as well as for the debt,” Ackman said at the event. “As someone who has put good money after bad, I think this looks like putting good money after bad.”

Ackman said that he thinks that SoftBank “should have walked away” from the company. His statement comes after SoftBank announced a plan to provide $5 billion in financing to WeWork.

Activist Bill Ackman Talks WeWork

WeWork shelved its IPO in 2019 after a string of concerns about the financial future of the company. It had once carried an expected valuation between $60 billion and $90 billion. However, a string of misfortunes fueled a sudden concern that the firm was running out of money.

The firm had lost roughly $4 billion since 2016. The company attempted to secure financing from Goldman Sachs and JPMorgan before it turned back to Softbank for its recent financing.

“I think WeWork has a pretty high probability of being a zero for the equity, as well as for the debt,” Ackman said, according to a report in the Financial Times.