WeWork is an American commercial real estate company that provides shared workspaces for technology startups and services for other enterprises. Founded in 2010, it is headquartered in New York City. As of 2018, WeWork managed over 4 million square metres. WeWork's parent company is The We Company.WeWork designs and builds physical and virtual shared spaces and office services for entrepreneurs and companies. At one time, WeWork had more than 5,000 employees in over 280 locations, spread across 86 cities in 32 countries. In January 2019, the firm announced it would be rebranding to The We Company, and its valuation was stated as $47 billion. The Wall Street Journal noted that upon the release of its public prospectus in August 2019, the company was "besieged with criticism over its governance, business model, and ability to turn a profit." WeWork lost over $2 billion in 2018.Following mounting pressure from investors based on disclosures made in its S-1 filing, company co-founder Adam Neumann resigned from his position as CEO and gave up majority voting control in WeWork as of September 26, 2019. WeWork also delayed its planned stock market listing until the end of 2019 amid growing investor concerns over its corporate governance, valuation, and outlook for the business.
On September 30, 2019, WeWork formally withdrew its S-1 filing and will postpone the IPO. The reported public valuation of the company is currently around $10 billion, less than the $12.8 billion it had raised since 2010. In October 2019, The Wall Street Journal reported that Neumann would receive close to $1.7 billion from stakeholder SoftBank for stepping down from WeWork's board and severing most of his ties to the company. According to WeWorkers Coalition, he is retained as a consultant with an annual salary of $46 million. The New York Times called the company's failed effort to go public and related turmoil, "an implosion unlike any other in the history of start-ups", which it attributed to Neumann's questionable tenure and the easy money previously provided to him by SoftBank, led by Masayoshi Son.
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