WeWork

About WeWork

WeWork withdrew its IPO in September 2019 after investors questioned its business model and corporate governance. The company was valued at 47 billion in January 2019. The IPO filing revealed that founder Adam Neumann had borrowed against his shares, sold stock, and leased buildings he owned back to WeWork. Neumann received a 1.7 billion exit package. SoftBank, the largest investor, took control and installed new management. WeWork restructured, cutting costs and divesting non core businesses. The company finally went public via SPAC merger in 2021 at a 9 billion valuation, 80 percent below its peak. WeWork filed for Chapter 11 bankruptcy in November 2023. The WeWork saga became a symbol of the era of easy money and excessive valuations for money losing startups.