Stanford Graduate School of Business. Yale School of Management. To like this article and more Please Register here. What can investors and entrepreneurs learn from WeWork's fiasco? Gravity always comes back, says Robert. Maximizing your private valuation is often short-sighted, he says. Keep me logged in. Leave a comment. Post Comment. What just happened to WeWork? Attempting to go public this fall stirred up a lot of drama — in finances and leadership — for the nine-year-old coworking company.
After the filing, WeWork faced intense scrutiny of its finances and leadership from investors and the media. After the delay, attention shifted to Neumann's inappropriate antics, Neumann stepped down from his role as CEO on September SoftBank, WeWork's biggest investor, took control of the company on October On November 21, WeWork confirmed that it laid off 2, employees.
WeWork lays off 2, employees. Adam Neumann personally invested tens of millions in startups while he ran WeWork. Founders who took his money reveal what it was like. People have noticed WeWork's 'sad' empty booth at a big software developer conference.
WeWork warned employees not to put glass cleaner in tenants' mouthwash containers. WeWork layoffs began on Monday, sources say, with one person calling it a 'small mercy'. WeWork is reportedly planning to lay off at least 4, people as part of a major restructure. Read the leaked email from WeWork's chairman telling employees that layoffs will begin 'in earnest' this week. The New York attorney general is investigating WeWork amid layoffs.
Investors are more skeptical than ever that WeWork will be able to pay back its debt. One chart shows just how dire WeWork's revenue situation is. WeWork is reportedly drawing scrutiny from the SEC after its failed attempt to go public. WeWork has been sending alarming noncompete letters to workers it laid off earlier this year. WeWork is outsourcing its cleaning staff to real estate giant JLL. WeWork just released an investor presentation that offers numbers the company didn't include in its widely-derided IPO documents.
WeWork's coding boot camp Flatiron School has laid off dozens of employees. Read the memo WeWork's new chairman just sent to all staff outlining its 5-year plan using the New York City Marathon as a metaphor. WeWork chairman Marcelo Claure told staff he's trying to clean up WeWork, after firing 13 people for abusing vendor policies. It just canceled ticket sales for the next one.
WeWork plans to outsource cleaning and maintenance in first step of big staff cuts, leaked email shows. Adam Neumann demoted his chief of staff for being pregnant, a new complaint against the ousted CEO and WeWork alleges.
WeWork's toxic phone booths were created in-house by its Powered by We business. WeWork is back to having an all-male board of directors — here's who is still leading the office-sharing company. We talked to insiders to learn more about his meteoric rise at JPMorgan. WeWork is reportedly getting into esports with Play By We, which could rent its office space for professional gaming events.
How SoftBank made WeWork an offer it had to accept. WeWork's biggest Chinese rival is reportedly planning to go public in the US this year. Adam Neumann was reportedly too busy surfing in the Maldives to return to New York to go over WeWork's disastrous IPO paperwork, so he flew an employee out to brief him.
Business experts explain why it didn't. Read the email from WeWork's new chairman where he confirms layoffs and says: 'What we are lacking is focus' and 'accountability'. Inside WeWork's all-hands meeting, where the new chairman from SoftBank addressed employee concerns about worthless stock options and Kanye West's 'Flashing Lights' played. The new chairman will address employees on Wednesday. Adam Neumann is expected to step down from WeWork's board of directors — here's who is still leading the office-sharing company.
WeWork's board talked to more than 75 financing sources in a week, the new CEOs told employees in a leaked email. WeWork CEOs tell staff layoffs are coming in leaked email ahead of decision on rescue package. In leaked email, WeWork cofounder Miguel McKelvey tells employees 'it takes fortitude to continue to believe'.
WeWork has reportedly postponed thousands of layoffs because it's too broke to pay workers severance. New WeWork financials show growing debt in its international unit. SoftBank reportedly hired restructuring and bankruptcy bankers to help revive WeWork. WeWork says it has , 'memberships,' but that's not as straightforward as it seems. Leaked messages show WeWork employees internally discussing the toxic phone booth problem in July — and a pregnant tenant is furious.
The Kabbalah Connection: Insiders say a celebrity-centered religious sect deeply influenced how Adam Neumann ran WeWork before its spectacular collapse. WeWork is reportedly cutting 2, jobs as soon as this week, with the staff turning against Adam Neumann. WeWork used massive discounts — in some cases, essentially giving away space for 2 years — to try to poach customers from rivals.
Investors are more worried than ever that WeWork won't be able to pay down its debt. Startups like Glossier and Rent the Runway love throwing Instagrammable 'summer camps' for employees — but WeWork's version has become a cautionary tale. WeWork says thousands of its phone booths could have dangerous levels of formaldehyde after people complained about odor and eye irritation. The commercial real estate tech industry is gathering at a huge WeWork-anchored building in New York.
Here's what everyone will be talking about. JPMorgan has a complex relationship with WeWork. Here's a sneak peak at what Wall Street analysts will be asking when it reports earnings. The WeWork fiasco is making employees wonder if their shares have been set on fire. We talked to experts who said most tech startup workers are in the dark about how much their equity is worth. WeWork's school is closing at the end of the academic year as the company ditches passion projects to stem its huge losses.
WeWork is reportedly rushing to get a new debt-financing deal and could run out of cash next month. Goldman Sachs is setting up a WeWork office in London as an emergency trading floor. Amid a company meltdown and employee revolt, WeWork is sponsoring LinkedIn ads offering to help address 'lagging team morale'. Then the CEO got fired for alleged gross misconduct. WeWork is hitting the brakes after its IPO went up in smoke — and landlords could pay the price.
Here's everything we know about WeWork exec exits, huge layoffs, and more as the co-working giant looks to right itself after a failed IPO. Now that the offering is pulled, banks are scrambling to hammer out a solution. A New York real estate group sounded the alarm on WeWork years before it plunged into chaos. Traders are piling in to short WeWork's 'house of cards' junk bonds — and the cost of the bets are some of the of the priciest on record.
WeWork is on pace to run out of money by mid, Bernstein says. WeWork is reportedly considering selling its stake in women's coworking space The Wing. After WeWork banned employees from expensing meat, Adam Neumann was spotted eating a giant lamb shank at a company dinner.
WeWork's Rebekah Neumann insists that all technology she uses is white-colored, and her assistants once had to break apart her phone, spray paint all the pieces, and put it back together for her. WeWork is planning to sell off 2 more tech companies.
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