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Is this the end of WeWork? WeWork’s CEO says the company could IPO (again) and break even this year. The financials tell a very different story Getty Images / WIRED WeWork chief executive Sandeep Mathrani is in an exceptionally bullish mood. In the midst of the pandemic, he’s seriously considering a second attempt at an IPO, and has vowed that the serial loss-making business will turn a profit in the final quarter of this year. “My job was to streamline the company and streamline the real estate portfolio so we could go to our path of profitability by Q4
steven36 posted a topic in General NewsWhatever the hell WeWork is—tech company or just a cult-like real estate venture that happens to offer kombucha on tap and desperately wants to be viewed as a tech company—it may not be going public anytime soon. WeWork’s parent company, We Company, is “expected to postpone its initial public offering” amid concerns from investors over how much the company is actually worth and lingering questions about its corporate governance, the Wall Street Journal reported on Monday. While the coworking space firm had expected to go through with the IPO this month, the Journal rep
Goodbye, Mr. WeWork Man Adam Neumann, the co-founder of temporary office space unicorn WeWork, is stepping down as CEO. Let’s remember the good times. The Wall Street Journal and New York Times both report that Neumann is expected to remain on as a chairman of We Company but is vacating his role as head of the firm following the public embarrassment of We’s delayed IPO. As the company made moves to go public, investors began questioning whether what was effectively a real estate venture had earned a valuation reminiscent of a tech firm. (“No,” they d
steven36 posted a topic in General NewsThe recent public mayhem at WeWork, the largest coworking company in the US, has not only left WeWork’s future uncertain, but it’s also prompted questions about the viability of the whole coworking industry. If a company once valued at $47 billion stumbled so spectacularly when investors gave it a closer look, how will it and the rest of the industry, which uses a similar business model, fare if and when a recession hits? While it’s impossible to predict the exact timing or scale of an economic downturn, most economists believe a recession is coming within