Get Our Extension
Select Wikiz in another Language
DeutschEspañolSuomiFrançaisעברית
Settings
A
A
Text Highlights
Notes/Citations
Edit on Wikipedia

Share This Article

About Wikiz About Us Cookies Policy Terms & Services Privacy Policy Contact Contact us Enjoying Wikipedia Content? DONATE TO WIKIPEDIA
Enjoying Wikipedia Content? DONATE TO WIKIPEDIA

WeWork

From Wikipedia, in a visual modern way
WeWork Inc.
TypePublic company
IndustryCommercial real estate
Founded2008; 15 years ago (2008)
Founders
HeadquartersManhattan, New York City,
U.S.
Number of locations
756 locations in 38 countries (2022)
Area served
Worldwide
Key people
Marcelo Claure (Executive Chairman)
ServicesCoworking
RevenueDecrease US$2.57 billion (2021)
Decrease US$-3.70 billion (2021)
Decrease US$-4.44 billion (2021)
Total assetsDecrease US$21.76 billion (2021)
Total equityDecrease US$-1.45 billion (2021)
Members590,000 (2021)
Number of employees
4,400 (December 31, 2021)
Websitewework.com
Footnotes / references
[1]
WeWork location in Jongno Tower
WeWork location in Jongno Tower
WeWork location, 1 University Avenue, Toronto
WeWork location, 1 University Avenue, Toronto
WeWork location on Rhode Island Avenue in Washington, D.C.
WeWork location on Rhode Island Avenue in Washington, D.C.
The kitchen area at the WeWork location on Broad Street in Manhattan
The kitchen area at the WeWork location on Broad Street in Manhattan
WeWork location in San Francisco
WeWork location in San Francisco

WeWork Inc. is a provider of coworking spaces, including physical and virtual shared spaces, headquartered in New York City. As of December 31, 2021, the company operated 44.8 million square feet (4,160,000 m2) of space, including 19.8 million square feet (1,840,000 m2) in the United States and Canada, in 756 locations in 38 countries, and had 590,000 members, with a weighted average commitment term of 20 months.[1]

The company gained mainstream media attention in 2019 with its failed initial public offering (IPO) of company stock. The Wall Street Journal noted that, on 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".[2]

In September 2019, following mounting pressure from investors based on disclosures WeWork had made in its S-1 filing for the IPO, company co-founder Adam Neumann resigned from his position as CEO and gave up majority voting control in WeWork. Amid growing investor concerns over its corporate governance, valuation, and outlook for the business, WeWork formally withdrew its S-1 filing and announced the postponing of its IPO. At that time, the reported public valuation of the company was around US$10 billion,[3] a reduction from the $47 billion valuation it had achieved in January and less than the $12.8 billion it had raised since 2010.[4] As of May 2022 the company is traded at a valuation of $5.1 billion.

In October 2019, Neumann received close to US$1.7 billion from stakeholder SoftBank for stepping down from WeWork's board and severing most of his ties to the company.[5] He was retained as a consultant with an annual salary of $46 million.[6]

The New York Times described the company's failed effort to go public, and its related turmoil, as "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.[7]

Discover more about WeWork related topics

Coworking

Coworking

Coworking is an arrangement in which workers for different companies share an office space. It allows cost savings and convenience through the use of common infrastructures, such as equipment, utilities and receptionist and custodial services, and in some cases refreshments and parcel acceptance services. It is attractive to independent contractors, independent scientists, remote workers, digital nomads, and people who travel frequently. Additionally, coworking helps workers avoid the feeling of social isolation they may experience while remote working or traveling and eliminate distractions in home office. Most coworking spaces charge membership dues. Major companies that provide coworking space and serviced offices include WeWork and IWG plc.

New York City

New York City

New York, often called New York City or NYC, is the most populous city in the United States. With a 2020 population of 8,804,190 distributed over 300.46 square miles (778.2 km2), New York City is the most densely populated major city in the United States and more than twice as populous as Los Angeles, the nation's second-largest city. New York City is located at the southern tip of New York State. It constitutes the geographical and demographic center of both the Northeast megalopolis and the New York metropolitan area, the largest metropolitan area in the U.S. by both population and urban area. With over 20.1 million people in its metropolitan statistical area and 23.5 million in its combined statistical area as of 2020, New York is one of the world's most populous megacities, and over 58 million people live within 250 mi (400 km) of the city. New York City is a global cultural, financial, entertainment, and media center with a significant influence on commerce, health care and life sciences, research, technology, education, politics, tourism, dining, art, fashion, and sports. Home to the headquarters of the United Nations, New York is an important center for international diplomacy, and is sometimes described as the capital of the world.

Initial public offering

Initial public offering

An initial public offering (IPO) or stock launch is a public offering in which shares of a company are sold to institutional investors and usually also to retail (individual) investors. An IPO is typically underwritten by one or more investment banks, who also arrange for the shares to be listed on one or more stock exchanges. Through this process, colloquially known as floating, or going public, a privately held company is transformed into a public company. Initial public offerings can be used to raise new equity capital for companies, to monetize the investments of private shareholders such as company founders or private equity investors, and to enable easy trading of existing holdings or future capital raising by becoming publicly traded.

The Wall Street Journal

The Wall Street Journal

The Wall Street Journal is an American business-focused international daily newspaper based in New York City with international editions published in Chinese and Japanese. The Journal and its Asian editions are published six days a week by Dow Jones & Company, a division of News Corp. The newspaper is published in broadsheet format and online. The Journal has been printed continuously since its inception on July 8, 1889. The Journal is regarded as a newspaper of record, particularly in terms of business and financial news. The newspaper has won 38 Pulitzer Prizes, the most recent in 2019.

Public company

Public company

A public company is a company whose ownership is organized via shares of stock which are intended to be freely traded on a stock exchange or in over-the-counter markets. A public company can be listed on a stock exchange, which facilitates the trade of shares, or not. In some jurisdictions, public companies over a certain size must be listed on an exchange. In most cases, public companies are private enterprises in the private sector, and "public" emphasizes their reporting and trading on the public markets.

Form S-1

Form S-1

Form S-1 is an SEC filing used by companies planning on going public to register their securities with the U.S. Securities and Exchange Commission (SEC) as the "registration statement by the Securities Act of 1933". The S-1 contains the basic business and financial information on an issuer with respect to a specific securities offering. Investors may use the prospectus to consider the merits of an offering and make educated investment decisions. A prospectus is one of the main documents used by an investor to research a company prior to an initial public offering (IPO). Other less detailed registration forms, such as Form S-3, may be used for certain registrations.

Adam Neumann

Adam Neumann

Adam Neumann is an Israeli-American billionaire businessman and investor. In 2010, he co-founded WeWork with Miguel McKelvey, where he served as CEO from 2010 to 2019. In 2019, he co-founded a family office dubbed 166 2nd Financial Services with his wife, Rebekah Neumann, to manage their personal wealth, investing over a billion dollars in real estate and venture startups.

The New York Times

The New York Times

The New York Times, also referred to as the Gray Lady, is a daily newspaper based in New York City with a worldwide readership reported in 2022 to comprise 740,000 paid print subscribers, and 8.6 million paid digital subscribers. It also is a producer of popular podcasts such as The Daily. Founded in 1851, it is published by The New York Times Company. The Times has won 132 Pulitzer Prizes, the most of any newspaper, and has long been regarded as a national "newspaper of record". For print, it is ranked 18th in the world by circulation and 3rd in the United States. The newspaper is headquartered at The New York Times Building in Times Square, Manhattan.

Masayoshi Son

Masayoshi Son

Masayoshi Son is a Japanese billionaire technology entrepreneur, investor and philanthropist. A 3rd generation "Zainichi Korean", he naturalized as a Japanese citizen in 1990. He is the founder, chairman and chief executive officer (CEO) of the Japanese holding company SoftBank, CEO of SoftBank Mobile and chairman of UK-based Arm Holdings.

History

2008–2015

In May 2008, Israeli-born Adam Neumann and United States-born Miguel McKelvey established GreenDesk, an "eco-friendly coworking space" in Brooklyn.[8] In 2010, Neumann and McKelvey sold the business and founded WeWork, renting its first location in SoHo, Manhattan, which opened in April 2011.[8] Manhattan real estate developer Joel Schreiber purchased a 33% interest in the company for $15 million.[9]

In 2011, PepsiCo placed a few employees in the location, who acted as advisors to smaller WeWork member companies, making the location a startup incubator.[10][11][12]

By 2013, WeWork customers included 350 startups such as Fitocracy and HackHands.[13]

By 2014, WeWork was considered "the fastest-growing lessee of new office space in New York" and was on track to become "the fastest-growing lessee [lessor] of new space in America."[10] WeWork investors as of 2014 included J.P. Morgan Chase & Co, T. Rowe Price, Wellington Management, Goldman Sachs, the Harvard Corporation, Benchmark, and Mortimer Zuckerman, former CEO of Boston Properties.[14][10]

In February 2015, WeWork was named to Fast Company’s 50 Most Innovative Companies list.[15] On June 1, 2015, Artie Minson, former chief financial officer of Time Warner Cable, joined the company as president and chief operating officer.[16] In August 2015, the company acquired CASE, a real estate and construction technology company, in its first acquisition.[17][18] According to its founder, the speed of the transaction damaged the organizational culture of CASE.[19]

2016

In March 2016, WeWork raised $430 million in financing from Legend Holdings and Hony Capital, valuing the company at $16 billion.[20][21][22][23] In June 2016, the company announced layoffs of 7% of its staff and implemented a temporary hiring freeze.[24] In July 2016, WeWork fired and sued Joanna Strange, an employee who leaked information to the press that showed that WeWork would miss its financial goals.[25] By October 2016, the company had raised $1.7 billion in private capital.[26] In October 2016, WeWork announced plans to open a fourth location in Central Square, Cambridge, with space for 550 desks. WeWork opened offices in Boston's Leather District and Fort Point in 2014.[27] It also announced plans to open a location in Lincoln Square in Bellevue, Washington.[28]

In 2016, WeWork launched a separate but related co-living venture called WeLive in New York City and in Crystal City, Virginia, near the Ronald Reagan Washington National Airport in the Washington metropolitan area.[29][30][31] A third WeLive location in Seattle was planned in the new Third and Lenora building in 2020, but the lease was terminated in October 2019.[32] In July 2021, WeWork terminated this business line.[33]

2017

In April 2017, WeWork launched an online store for services and software for its members.[34][35][36] In May 2017, WeWork opened a luxury health club at its Broad Street, Manhattan location.[37] The space includes exercise equipment and a boxing area, general workout area, spa, and a yoga studio with fitness classes.[38][39][40][41] In June 2017, in partnership with Embassy Group, WeWork India, led by then 25-year old Karan Virwani, son of the Embassy Group owner Jitu Virwani, opened its first space in Bangalore, India, named WeWork Galaxy, with capacity for 2,200 members.[42][43][44] In July 2017, the company raised $760 million in a Series G financing round valuing the company at $20 billion.[45][46] Also in July 2017, WeWork announced expansion plans into China, with US$500 million invested by SoftBank and Hony Capital.[47] [48] In August 2017, the company raised $4.4 billion from the SoftBank Vision Fund at a valuation of approximately $20 billion.[49][50][51][52] In September 2017, WeWork expanded into Southeast Asia via the acquisition of Singapore-based SpaceMob, and it allocated $500 million to grow in Southeast Asia.[53] In late October 2017, WeWork signed a contract to acquire the Lord & Taylor Building on Fifth Avenue in Manhattan from the Hudson's Bay Company for $850 million.[54] The deal also included the use of floors of certain HBC owned department stores in Germany, New York, Toronto, and Vancouver as WeWork's shared office workspaces.[55][56] The transaction closed in February 2019.[57][58] In October 2017, WeWork acquired Flatiron School, a coding school.[59][60] It was sold in June 2020.[61] In November 2017, WeWork invested in The Wing, a co-working space for women.[62] It sold the stake in January 2020.[63] Also in November 2017, WeWork acquired Meetup for approximately $156 million.[64][65] It was sold at a loss in 2020.[66] Also in November 2017, WeWork invested in Wavegarden, which designs and manufactures artificial wave devices.[67][68] Also in November 2017, WeWork announced that in the fall 2018, it would launch WeGrow, a private school for children aged 3 through students in grade 4.[69] The first permanent location was in WeWork's New York headquarters.[70] In September 2019, Rebekah Neumann resigned as CEO of WeGrow.[71] The WeGrow school closed at the end of the 2019 academic year.[72] In December 2017, the company opened its first location in Singapore.[73]

2018

In January 2018, students taking online university courses from 2U were given access to WeWork common spaces and meeting rooms.[74] In December 2018, WeWork opened its first location on a college campus at the University of Maryland, College Park.[75][76] In March 2018, WeWork raised over $400 million alongside Rhône Group, a private equity firm to start a fund to purchase properties directly.[77] Also in March 2018, WeWork acquired Conductor.[78][79] Conductor executives bought back the company from WeWork in December 2019.[80] In April 2018, WeWork acquired Chinese coworking operator Naked Hub for $400 million.[81][82][83][84] In May 2018, WeWork acquired MissionU, a self-styled college alternative, for $4 million in stock.[85] MissionU was wound-down shortly afterwards and students were not charged tuition. Cash was returned from MissionU to its investors. MissionU's CEO went on to become COO of WeWork's kindergarten program, WeGrow.[86] In July 2018, the company restricted employees globally from being reimbursed by the company for meals that contained pork, poultry, or red meat. The firm also announced that it would not provide meat for events at its locations nor allow meat at self-serve food kiosks in its locations.[87][88][89] In July 2018, WeWork raised $500 million to expand its business in China, valuing its Chinese subsidiary at $5 billion.[90] In August 2018, WeWork's Flatiron School acquired Designation, a for-profit design school.[91][92] In September 2018, WeWork acquired Teem, an office management software company, for $100 million.[93] It was sold to iOffice in 2020.[63] In November 2018, SoftBank acquired a warrant to buy up to $3 billion worth of shares in the company by the end of September 2019 at a $42 billion valuation.[94]

In 2018, the company purchased a Gulfstream G650 business jet for more than $60 million, cited as an example of CEO Adam Neumann's excessive spending.[95]

WeWork lost over $2 billion in 2018.[96]

2019

In January 2019, WeWork raised an additional $2 billion from SoftBank at a $47 billion valuation. SoftBank considered investing as much as $16 billion but downsized plans due to turbulence in financial markets and opposition from investors. The investment brought SoftBank's total funding in WeWork to over $10 billion.[97][98] In late January 2019, WeWork announced that it would open a location on two floors of a building in Tampa Heights in 2020 as part of its expansion into Tampa, Florida.[99] In April 2019, WeWork acquired Managed by Q, a platform that office tenants can use to hire service providers.[100] It was sold at a loss in March 2020.[101] On April 29, 2019, WeWork filed a draft registration statement for a proposed initial public offering.[102] By July 2019, Adam Neumann had liquidated $700 million of his WeWork stock.[103] On August 14, 2019, the company filed Form S-1.[7][104] The filing revealed significant losses, expensive lease agreements, and a complex relationship with founder Adam Neumann.[105][106] It also disclosed $47 billion of future lease obligations and only $4 billion of future lease commitments.[107][108] The company was then "besieged with criticism over its governance, business model, and ability to turn a profit."[95]

The company changed the legal name of WeWork to We Company and, according to the August 2019 Form S-1 filing, the firm paid $5.9 million to an entity owned by Adam Neumann and other WeWork founders for brand licensing the name.[109][110] In early September 2019, Neumann returned the $5.9 million to the company for the use of the trademark and gave the company all of the trademark rights for the "We" family trademarks.[111]

On August 27, 2019, WeWork acquired Spacious, a company that leases unused space from restaurants during daytime hours and then rents this space to remote workers.[112] Spacious was shut down 4 months later, in December 2019.[113]

On September 4, 2019, WeWork added its first female director, Harvard Business School professor Frances Frei, to the company's board of directors.[111]

On September 13, 2019, the company announced changes to its corporate governance to include the ability for the board of directors to pick a new CEO and not having CEO Adam Neumann's family members on the board. Neumann also agreed to transfer to the company any profits from his real estate deals with the company.[114][115]

On September 17, 2019, amid growing investor concerns over its corporate governance, valuation, and outlook for the business, WeWork formally withdrew its S-1 filing and announced the postponing of its IPO until late 2019.[116] At that time, the reported public valuation of the company was around $10 billion,[117] a reduction from the $47 billion valuation it achieved in January and less than the $12.8 billion it had raised since 2010.[118] In mid-September 2019, unrelated to the company's delayed initial public offering, Wendy Silverstein, the co-head of WeWork's real estate investment fund ARK, departed the company.[119] By September 23, 2019 SoftBank wanted Neumann removed as chief executive.[120] On September 24, 2019, following mounting pressure from investors, company co-founder Adam Neumann resigned as CEO and gave up majority voting control in WeWork. Artie Minson and Sebastian Gunningham were named co-CEOs of the company.[121] On September 24, 2019, WeWork put its Gulfstream G650 aircraft up for sale. Critics said the plane had become a "red flag in the leadup to the company's IPO" and had created problems with employees who didn't receive promised bonuses or raises.[122] In October 2019, Neumann received close to $1.7 billion from SoftBank for resigning from WeWork's board of directors and severing most of his ties to the company.[123] The $1.7 billion was in addition to $970 million for his remaining shares, a $185 million consulting fee, and a $500 million credit to assist him to repay his loans to J.P. Morgan Chase.[124] He was retained as a consultant with an annual salary of $46 million.[125] In October 2019, WeWork announced the opening of new co-working locations in Singapore and Manila.[126] Also in October 2019, WeWork abandoned plans to open an office in the U.S. Steel Tower in downtown Pittsburgh. The company had planned to build out as much as 105,000 square feet in the building.[127][128] On October 14, 2019, WeWork warned clients that approximately 1,600 office phone booths at some of its offices in Canada and the United States were tainted with formaldehyde. The company said another 700 phone booths would possibly be taken out of service as a precautionary measure. This situation came to the attention of the company after some members reported eye irritation and a strong odor.[129][130][131][132] On November 6, 2019, SoftBank Group reported $9.2 billion in write-downs on its investments in WeWork. This amount was approximately 90% of the $10.3 billion SoftBank invested in WeWork over the previous few years.[133] On November 21, 2019, WeWork announced layoffs of 2,400 employees, almost 20% of its workforce globally.[134]

2020

In January 2020, WeWork began phasing out free beer at all North American co-working locations and announced plans for a slower growth rate.[135][136] On February 1, 2020, WeWork announced that Sandeep Mathrani, a former senior executive at GGP Inc. and Brookfield Property Partners, would become CEO of the company, effective February 18, 2020.[137] On February 3, 2020, WeWork opened its first location in the Middle East outside of Israel[138] in Abu-Dhabi's technology park Hub 71 under the name WeWork x Hub 71.[139] On February 10, 2020, WeWork announced the temporary closure of 100 buildings in China due to the COVID-19 pandemic.[140] In late March 2020, WeWork laid off 250 employees in an effort to lower expenses, followed by another round of employee layoffs at the end of April 2020.[141][142] On June 5, 2020, McKelvey announced that he would be leaving WeWork at the end of the month.[143]

In 2020, the company vacated 66 locations and re-negotiated lower rent, deferrals, or other lease changes at more than 150 others.[144]

2021

In March 2021, the company reached a deal to become a public company via a special-purpose acquisition company with a $9 billion valuation and merge with BowX Acquisition Corp.[145][146] Post merger, Mathrani would continue to remain CEO but Vivek Ranadivé from BowX and Deven Parekh from Insight Partners would join the new board.[147] The merger was consummated in October 2021 and shares of WeWork began trading on the New York Stock Exchange.[148] In August 2021, WeWork was one of five coworking providers selected by the General Services Administration to provide services for the Federal government of the United States.[149] In October 2021, WeWork announced a partnership with Cushman & Wakefield that included a $150 million investment in WeWork.[150][151]

2022

In January 2022, WeWork announced the acquisition of Common Desk.[152][153] During the 2022 Russian invasion of Ukraine, in March 2022, WeWork closed its offices in Russia.[154] Later in 2022, the company announced that it was developing a software product with Yardi Systems called WeWork Workplace.[155]

In May of 2022, WeWork named Andre Fernandez as its new CFO. He replaced Benjamin Dunham, who departed after 18 months at the company.[156]

Discover more about History related topics

Israel

Israel

Israel, officially the State of Israel, is a country in Western Asia. Situated in the Southern Levant, it is bordered by Lebanon to the north, by Syria to the northeast, by Jordan to the east, by the Red Sea to the south, by Egypt to the southwest, by the Mediterranean Sea to the west, and by the Palestinian territories — the West Bank along the east and the Gaza Strip along the southwest. Tel Aviv is the economic and technological center of the country, while its seat of government is in its proclaimed capital of Jerusalem, although Israeli sovereignty over East Jerusalem is unrecognized internationally.

Adam Neumann

Adam Neumann

Adam Neumann is an Israeli-American billionaire businessman and investor. In 2010, he co-founded WeWork with Miguel McKelvey, where he served as CEO from 2010 to 2019. In 2019, he co-founded a family office dubbed 166 2nd Financial Services with his wife, Rebekah Neumann, to manage their personal wealth, investing over a billion dollars in real estate and venture startups.

Miguel McKelvey

Miguel McKelvey

Miguel McKelvey is an American businessman, and the co-founder and former chief culture officer of WeWork.

Brooklyn

Brooklyn

Brooklyn is a borough of New York City, coextensive with Kings County, in the U.S. state of New York. Kings County is the most populous county in the State of New York, and the second-most densely populated county in the United States, behind New York County (Manhattan). Brooklyn is also New York City's most populous borough, with 2,736,074 residents in 2020.

Joel Schreiber

Joel Schreiber

Joel Schreiber is a British-born American real estate developer, investor, and founder of Waterbridge Capital.

Fitocracy

Fitocracy

Fitocracy is an online game and social network that aims to use gamification to help users improve their fitness. It has received coverage from mainstream media sources.

HackHands

HackHands

HackHands ) is an online technology mentoring platform for computer programmers and coders, serviced by a global network of subject-matter experts.

Goldman Sachs

Goldman Sachs

Goldman Sachs is an American multinational investment bank and financial services company. Founded in 1869, Goldman Sachs is headquartered at 200 West Street in Lower Manhattan, with regional headquarters in London, Warsaw, Bangalore, Hong Kong, Tokyo, Dallas and Salt Lake City, and additional offices in other international financial centers. Goldman Sachs is the second largest investment bank in the world by revenue and is ranked 57th on the Fortune 500 list of the largest United States corporations by total revenue. It is considered a systemically important financial institution by the Financial Stability Board.

Benchmark (venture capital firm)

Benchmark (venture capital firm)

Benchmark is a venture capital firm founded in 1995 by Bob Kagle, Bruce Dunlevie, Andy Rachleff, Kevin Harvey, and Val Vaden. It is headquartered at 140 New Montgomery in San Francisco.

Mortimer Zuckerman

Mortimer Zuckerman

Mortimer Benjamin Zuckerman is a Canadian-American billionaire media proprietor, magazine editor, and investor. He is the co-founder, executive chairman and former CEO of Boston Properties, one of the largest real estate investment trusts in the US. Zuckerman is also the owner and publisher of U.S. News & World Report, where he serves as editor-in-chief. He formerly owned the New York Daily News, The Atlantic, and Fast Company. On the Forbes 2016 list of the world's billionaires, he was ranked No. 688 with a net worth of US$2.5 billion. As of January 2020, his net worth is estimated at US$3.0 billion.

Boston Properties

Boston Properties

Boston Properties, Inc. is a publicly traded real estate investment trust that invests in premier workplaces in Boston, Los Angeles, New York City, San Francisco, Seattle, and Washington, D.C. As of June 30, 2022, the company owned or had interests in 193 commercial real estate properties, aggregating approximately 53.7 million square feet.

Fast Company

Fast Company

Fast Company is a monthly American business magazine published in print and online that focuses on technology, business, and design. It publishes six print issues per year.

Legal issues

In September 2018, the company eliminated broad-based non-compete clauses to settle a lawsuit from the Attorney General of New York.[157]

In October 2018, former WeWork director of culture Ruby Anaya filed a sexual harassment lawsuit claiming that at a company event in January 2018, a male employee grabbed her by the waist and forcibly kissed her and that in August 2017, a different employee grabbed Anaya from behind in a "sexual manner".[158] The suit highlighting the company's "frat-boy culture" also alleged that co-founder Neumann "plied [her] with tequila shots during her interview with the company."[159][160] Shortly after this claim was made, WeWork put an end to its unlimited beer for employees and implemented a policy of only four beers per day in the New York office.[161]

In June 2019, WeWork was sued by the former head of compensation, Lisa Bridges, for gender-based pay discrimination, particularly in granting stock options. She alleged that she was fired after discussing the issue.[162][163]

Also, in June 2019, Richard Markel, a former WeWork executive making $300,000 per year, sued the company for age discrimination after allegedly being replaced with a younger worker.[164] Markel voluntarily dismissed the case in August 2019.[165]

In October 2019, Medina Bardhi, the former chief of staff for Adam Neumann, represented by Douglas Wigdor, sued the company over various allegations including a gender pay gap, marijuana use by company executives, and pregnancy discrimination.[166][167]

In February 2020, Ayesha Whyte, former director of employee relations, sued WeWork for gender and race discrimination, "saying she was promised a well-paying job that never materialized, all while less-qualified white people were promoted."[168] In June 2020, the lawsuit was forced into arbitration.[169]

In April 2020, SoftBank, then the largest shareholder of WeWork, cancelled its $3 billion tender offer to buy shares directly from some of WeWork's major stockholders, citing failure by WeWork to obtain certain regulatory approvals, new criminal and civil investigations, and government actions due to the COVID-19 pandemic as reasons for withdrawing the offer.[170] WeWork then sued SoftBank.[171] On May 4, 2020, former CEO Adam Neumann separately sued SoftBank for withdrawing the $3 billion tender offer.[172] The lawsuits were settled in February 2021.[173]

On July 8, 2020, former WeWork stock plan administrator Diane Allen, and former head of diversity & inclusion Christopher Clermont, filed separate complaints against WeWork. Both alleged race discrimination, while Allen also alleged gender discrimination and lack of action over a sexual harassment claim.[174]

WeWork was also sued by several landlords for breach of contract when it failed to pay rent or for closing locations.[175][176][177]

Discover more about Legal issues related topics

Non-compete clause

Non-compete clause

In contract law, a non-compete clause, restrictive covenant, or covenant not to compete (CNC), is a clause under which one party agrees not to enter into or start a similar profession or trade in competition against another party. Some courts refer to these as "restrictive covenants". As a contract provision, a CNC is bound by traditional contract requirements including the consideration doctrine.

Sexual harassment

Sexual harassment

Sexual harassment is a type of harassment involving the use of explicit or implicit sexual overtones, including the unwelcome and inappropriate promises of rewards in exchange for sexual favors. Sexual harassment includes a range of actions from verbal transgressions to sexual abuse or assault. Harassment can occur in many different social settings such as the workplace, the home, school, or religious institutions. Harassers or victims may be of any sex or gender.

Chief of staff

Chief of staff

The title chief of staff identifies the leader of a complex organization such as the armed forces, institution, or body of persons and it also may identify a principal staff officer (PSO), who is the coordinator of the supporting staff or a primary aide-de-camp to an important individual, such as a president, or a senior military officer, or leader of a large organization.

Douglas Wigdor

Douglas Wigdor

Douglas Holden Wigdor is a founding partner of the law firm Wigdor LLP, and works as a litigator in New York City, specializing in anti-discrimination law. Wigdor is best known for representing seven victims of alleged sexual abuse by Harvey Weinstein, the hotel maid in the Dominique Strauss-Kahn sexual assault case, over twenty employees at Fox News in sexual harassment and discrimination cases, and former Miami Dolphins head coach Brian Flores in a 2022 class action lawsuit against the National Football League alleging racist and discriminatory practices against Black coaches.

Gender pay gap

Gender pay gap

The gender pay gap or gender wage gap is the average difference between the remuneration for men and women who are working. Women are generally found to be paid less than men. There are two distinct numbers regarding the pay gap: non-adjusted versus adjusted pay gap. The latter typically takes into account differences in hours worked, occupations chosen, education and job experience. In the United States, for example, the non-adjusted average woman's annual salary is 79% of the average man's salary, compared to 95% for the adjusted average salary.

Pregnancy discrimination

Pregnancy discrimination

Pregnancy discrimination is a type of employment discrimination that occurs when expectant women are fired, not hired, or otherwise discriminated against due to their pregnancy or intention to become pregnant. Common forms of pregnancy discrimination include not being hired due to visible pregnancy or likelihood of becoming pregnant, being fired after informing an employer of one's pregnancy, being fired after maternity leave, and receiving a pay dock due to pregnancy. Pregnancy discrimination may also take the form of denying reasonable accommodations to workers based on pregnancy, childbirth, and related medical conditions. Pregnancy discrimination has also been examined to have an indirect relationship with the decline of a mother's physical and mental health. Convention on the Elimination of All Forms of Discrimination against Women prohibits dismissal on the grounds of maternity or pregnancy and ensures right to maternity leave or comparable social benefits. The Maternity Protection Convention C 183 proclaims adequate protection for pregnancy as well. Though women have some protection in the United States because of the Pregnancy Discrimination Act of 1978, it has not completely curbed the incidence of pregnancy discrimination. The Equal Rights Amendment could ensure more robust sex equality ensuring that women and men could both work and have children at the same time.

Arbitration

Arbitration

Arbitration is a form of alternative dispute resolution (ADR) that resolves disputes outside the judiciary courts. The dispute will be decided by one or more persons, which renders the 'arbitration award'. An arbitration decision or award is legally binding on both sides and enforceable in the courts, unless all parties stipulate that the arbitration process and decision are non-binding.

Tender offer

Tender offer

In corporate finance, a tender offer is a type of public takeover bid. The tender offer is a public, open offer or invitation by a prospective acquirer to all stockholders of a publicly traded corporation to tender their stock for sale at a specified price during a specified time, subject to the tendering of a minimum and maximum number of shares. In a tender offer, the bidder contacts shareholders directly; the directors of the company may or may not have endorsed the tender offer proposal.

COVID-19 pandemic

COVID-19 pandemic

The COVID-19 pandemic, also known as the coronavirus pandemic, is an ongoing global pandemic of coronavirus disease 2019 (COVID-19) caused by severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2). The novel virus was first identified in an outbreak in the Chinese city of Wuhan in December 2019. Attempts to contain it there failed, allowing the virus to spread to other areas of Asia and later worldwide. The World Health Organization (WHO) declared the outbreak a public health emergency of international concern on 30 January 2020, and a pandemic on 11 March 2020. As of 10 March 2023, the pandemic had caused more than 676 million cases and 6.88 million confirmed deaths, making it one of the deadliest in history.

Breach of contract

Breach of contract

Breach of contract is a legal cause of action and a type of civil wrong, in which a binding agreement or bargained-for exchange is not honored by one or more of the parties to the contract by non-performance or interference with the other party's performance. Breach occurs when a party to a contract fails to fulfill its obligation(s), whether partially or wholly, as described in the contract, or communicates an intent to fail the obligation or otherwise appears not to be able to perform its obligation under the contract. Where there is breach of contract, the resulting damages have to be paid to the aggrieved party by the party breaching the contract.

Notable locations

Notable WeWork locations include:

Discover more about Notable locations related topics

1600 Seventh Avenue

1600 Seventh Avenue

1600 Seventh is a 32-story, 498 ft (152 m) skyscraper in Seattle, Washington, United States. Designed by John Graham & Company, it was completed in 1976; as of 2022, it is the 22nd-tallest building in the city. Originally built as the headquarters of Pacific Northwest Bell, it was first known as the Pacific Northwest Bell Building during construction and subsequently as 1600 Bell Plaza upon opening; it was later known as Bell Plaza and Qwest Plaza under US West and Qwest ownership.

330 North Wabash

330 North Wabash

330 North Wabash is a skyscraper in downtown Chicago, Illinois, United States, at 330 N. Wabash Avenue, designed by the architect Ludwig Mies van der Rohe. A small bust of the architect by sculptor Marino Marini is displayed in the lobby. The 52-story building is situated on a plaza overlooking the Chicago River. At 695 feet, 330 North Wabash is the second-tallest building by Mies van der Rohe, the tallest being the Toronto-Dominion Bank Tower at Toronto-Dominion Centre. It was his last American building.

Bentall Centre (Vancouver)

Bentall Centre (Vancouver)

The Bentall Centre is a 1.5 million square foot office complex and underground shopping mall, located in Downtown Vancouver's financial district. It is owned and managed by Hudson Pacific Properties. The shopping mall under the complex is known as "The Shops at Bentall Centre", and includes approximately 50 stores and a food court. The mall has a direct connection to Burrard Station of the SkyTrain network.

Bush Tower

Bush Tower

The Bush Tower is a skyscraper in the Midtown Manhattan neighborhood of New York City, just east of Times Square. Designed by Frank J. Helmle and Harvey Wiley Corbett of the firm Helmle & Corbett, the building occupies a plot at 130–132 West 42nd Street between Broadway and Sixth Avenue.

Constellation Place

Constellation Place

Constellation Place is a 35-story, 492-foot (150 m) skyscraper in Los Angeles, California, located in the community of Century City. It houses the headquarters of Houlihan Lokey, ICM Partners, Knight Law Group, and International Lease Finance Corporation (ILFC). The tower was built to house the corporate headquarters of Metro-Goldwyn-Mayer (MGM), but after its bankruptcy, MGM moved to Beverly Hills, California in 2011.

Five Penn Center

Five Penn Center

Five Penn Center is a 36-story highrise in Center City Philadelphia. It is part of the Penn Center complex designed by Edmund Bacon. The building was one of the tallest in the city until the high rise building boom of the late 1980s and early 1990s and is connected via underground concourse to Suburban Station, as are all buildings in the complex.

Holyoke Building

Holyoke Building

The Holyoke Building is a historic building located in downtown Seattle, Washington. It is a substantial five story brick structure with stone trimmings. Construction began at the corner of First Avenue and Spring Streets just before the Great Seattle fire of 1889. Completed in early 1890, it was among the first permanent buildings completed and ready for occupancy in downtown Seattle following the fire. Today the Holyoke Building is one of the very few such buildings still standing in Seattle outside of the Pioneer Square district and is a historic remnant of the northward expansion of Seattle's business district between the time of the great fire and the Yukon Gold Rush in 1897.

Hôtel de Langeac

Hôtel de Langeac

The Hôtel de Langeac was a residence in Paris, France, located at 92, Avenue des Champs-Élysées, the corner of the Champs-Élysées and the rue de Berri.

Hotel Europejski

Hotel Europejski

Raffles Europejski Warsaw, commonly known as Hotel Europejski, is a historic five-star luxury hotel located in the city centre of Warsaw, Poland. At the time of its opening in 1857 it was one of the most modern and luxurious European hotels.

Madison Belmont Building

Madison Belmont Building

The Madison Belmont Building, also known as 183 Madison Avenue, is a commercial building at the southeast corner of Madison Avenue and 34th Street in Murray Hill, Manhattan, New York. It was designed by Warren & Wetmore in the Neoclassical style and built in 1924–1925. The Madison Belmont Building has a "transitional" design that deviates from Warren & Wetmore's other commissions, combining elements of the Neoclassical style and more modern influences from the Art Deco style.

Manhattan Center

Manhattan Center

The Manhattan Center is a building in Midtown Manhattan, New York City. Built in 1906 and located at 311 West 34th Street, it houses Manhattan Center Studios, the location of two recording studios; its Grand Ballroom; and the Hammerstein Ballroom, a performance venue. In 1976, the building was purchased by its current owner, the Unification Church, for $3 million. Some of the enterprises residing in the building include: Telemundo, Macy's, CFDA, WeWork, Facebook, iHeart Media, Samsung, American Heart Association, Robin Hood, FX Network, Endeavor, MAC Cosmetics, Viacom, SiriusXM, NBA, NBC Universal, Masterbeat, Broadway Cares Equity Fights AIDS.

One Nashville Place

One Nashville Place

One Nashville Place is a skyscraper in Nashville, Tennessee located on Fourth Avenue and Commerce Street. Completed in 1985, this 359-ft. octagonal building with dark glass exterior has 25 floors and has been given the nickname R2-D2 by the people of Nashville after the character in the Star Wars movies. It is currently the fourteenth tallest building in Nashville.

Further viewing

In January 2021, Apple TV+ announced a new show called WeCrashed that follows the launching and fall of WeWork. Jared Leto plays Adam Neumann and Anne Hathaway plays Rebekah Neumann.[178]

In March 2021, Hulu unveiled a documentary titled WeWork: Or the Making and Breaking of a $47 Billion Unicorn, released April 2, 2021.[179]

Discover more about Further viewing related topics

Apple TV+

Apple TV+

Apple TV+ is an American subscription streaming service owned and operated by Apple Inc. Launched on November 1, 2019, it offers a selection of original production film and television series called Apple Originals. The service was announced during the Apple Special Event of March 2019, where entertainers from Apple TV+ projects appeared on-stage, among them Jennifer Aniston, Oprah Winfrey and Steven Spielberg.

WeCrashed

WeCrashed

WeCrashed is an American drama streaming television miniseries that premiered on Apple TV+ on March 18, 2022. The series stars Jared Leto and Anne Hathaway as Adam and Rebekah Neumann, the real-life married couple at the heart of WeWork, a coworking space company whose valuation reached $47 billion in 2019 before crashing as a result of financial revelations. The series is based on the podcast WeCrashed: The Rise and Fall of WeWork by Wondery.

Jared Leto

Jared Leto

Jared Joseph Leto is an American actor and musician. Known for his method acting in a variety of roles, he has received numerous accolades over a career spanning three decades, including an Academy Award and a Golden Globe Award. Additionally, he is recognised for his musicianship and eccentric stage persona as a member of the rock band Thirty Seconds to Mars.

Adam Neumann

Adam Neumann

Adam Neumann is an Israeli-American billionaire businessman and investor. In 2010, he co-founded WeWork with Miguel McKelvey, where he served as CEO from 2010 to 2019. In 2019, he co-founded a family office dubbed 166 2nd Financial Services with his wife, Rebekah Neumann, to manage their personal wealth, investing over a billion dollars in real estate and venture startups.

Anne Hathaway

Anne Hathaway

Anne Jacqueline Hathaway is an American actress. The recipient of various accolades, including an Academy Award, a Golden Globe Award, and a Primetime Emmy Award, she was among the world's highest-paid actresses in 2015. Her films have grossed over $6.8 billion worldwide, and she appeared on the Forbes Celebrity 100 list in 2009.

Rebekah Neumann

Rebekah Neumann

Rebekah Victoria Neumann is an American businesswoman. Until September 22, 2019, she served as chief brand and impact officer at WeWork, a company founded by her husband, Adam Neumann, and oversaw its education program WeGrow.

Hulu

Hulu

Hulu is an American subscription streaming service majority-owned by The Walt Disney Company, with Comcast's NBCUniversal holding a minority stake (1:2). It was launched on October 29, 2007 and it offers a library of films and television series from studios including 20th Century Studios, Searchlight Pictures, Disney Television Studios, ABC, Freeform, and FX Networks among others, as well as Hulu original programming.

WeWork: Or the Making and Breaking of a $47 Billion Unicorn

WeWork: Or the Making and Breaking of a $47 Billion Unicorn

WeWork: Or The Making and Breaking of a $47 Billion Unicorn is a 2021 American documentary film, written and directed by Jed Rothstein. It follows WeWork, a real estate company run by Adam Neumann, who was ultimately forced out of the company.

Source: "WeWork", Wikipedia, Wikimedia Foundation, (2023, February 25th), https://en.wikipedia.org/wiki/WeWork.

Enjoying Wikiz?

Enjoying Wikiz?

Get our FREE extension now!

Download Extension

Further Reading

SoftBank Group

Masayoshi Son

Workday, Inc.

Adyen

Block, Inc.

Marcelo Claure

Paytm

Adam Neumann

Compass, Inc.

SoftBank Vision Fund

One97 Communications
Further reading
  • Wiedeman, Reeves (October 20, 2020). Billion Dollar Loser: The Epic Rise and Fall of WeWork: A Sunday Times Book of the Year. Hodder & Stoughton. ISBN 978-1-5293-8506-9.
  • Brown, Eliot; Farrell, Maureen (July 22, 2021). The Cult of We: WeWork and the Great Start-Up Delusion. HarperCollins Publishers. ISBN 978-0-00-838941-3.
References
  1. ^ a b "WeWork Inc. 2021 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. ^ Brown, Elliot (September 19, 2019). "'This is not the way everybody behaves': How Adam Neumann's over-the-top style built WeWork". MSN. The Wall Street Journal. Archived from the original on February 3, 2021. Retrieved September 19, 2019.
  3. ^ Palmer, Annie (September 30, 2019). "WeWork pulls IPO filing". CNBC. Retrieved September 30, 2019.
  4. ^ Franklin, Joshua (September 16, 2019). "WeWork delays IPO after frosty investor response". Reuters. Archived from the original on September 17, 2019. Retrieved September 17, 2019.
  5. ^ Maureen Farrell, Eliot Brown (October 22, 2019). "SoftBank to Boost Stake in WeWork in Deal That Cuts Most Ties With Neumann". The Wall Street Journal. Retrieved October 23, 2019.
  6. ^ Kimball, Whitney (November 8, 2019). "Swindled WeWorkers Ask for Dignity". Gizmodo. Retrieved March 8, 2020.
  7. ^ a b Chozick, Amy (November 2, 2019). "Adam Neumann and the Art of Failing Up". The New York Times. ISSN 0362-4331. Gale A604582176. Archived from the original on November 2, 2019 – via Cengage.
  8. ^ a b Sheftell, Jason (July 22, 2011). "WeWork gives alternative to working at home with swanky buildings across NYC". New York Daily News. Archived from the original on April 2, 2015.
  9. ^ Putzier, Konrad (October 19, 2017). "The little trick WeWork's Adam Neumann uses to charm investors". The Real Deal.
  10. ^ a b c Konrad, Alex (November 5, 2014). "Inside The Phenomenal Rise Of WeWork". Forbes. Archived from the original on February 7, 2015.
  11. ^ Weintraub, Arlene (April 6, 2011). "WeWork Labs Gives New York Entrepreneurs a Home Before They're Ready For an Office". Xconomy. Archived from the original on February 21, 2015.
  12. ^ Sweeney, Deborah. "Best of 2011: My 5 Favorite Startups". Forbes. Archived from the original on April 2, 2015.
  13. ^ Shontell, Alyson (February 15, 2013). "WeWork Labs, Home To 350 Founders And Startups Like Fitocracy, Is Opening 2 More Locations". Business Insider. Archived from the original on March 3, 2015.
  14. ^ Gellman, Lindsay; Brown, Eliot (December 15, 2014). "WeWork: Now a $5 Billion Co-Working Startup". The Wall Street Journal. Archived from the original on April 2, 2015.
  15. ^ "WeWork named to Fast Company's 50 Most Innovative Companies" (Press release). WeWork. February 9, 2015.
  16. ^ "WeWork Announces Artie Minson as President and Chief Operating Officer". MarketWatch. June 1, 2015. Archived from the original on October 17, 2015.
  17. ^ Lau, Wanda (August 5, 2015). "WeWork Acquires Case Inc". Architect Magazine.
  18. ^ Crook, Jordan (August 5, 2015). "WeWork's First Acquisition Is Building Information Modeling Firm Case". TechCrunch.
  19. ^ Kay, Grace (April 21, 2021). "The founder of a startup bought by WeWork describes how he almost destroyed his 7-year-old company's culture in the span of 24 hours over one simple mistake". Business Insider.
  20. ^ Weinberger, Matt (March 9, 2016). "WeWork is now a $16 billion company". Business Insider.
  21. ^ "WeWork raises $430m for push into Asia". Financial Times. March 9, 2016.
  22. ^ "WeWork Raises Funds at $16 Billion Valuation for Asia Expansion". Bloomberg News. March 9, 2016.
  23. ^ del Castillo, Michael (March 9, 2016). "More like WeRock: WeWork raises up to $780M at a valuation of about $17B". American City Business Journals.
  24. ^ Hall, Gina (June 6, 2016). "WeWork makes plans to cut workforce, temporarily pause hiring". American City Business Journals.
  25. ^ Lash, Herbert (July 16, 2016). "WeWork sues ex-employee for disclosing information to reporters". Reuters.
  26. ^ Farrell, Maureen (October 12, 2016). "WeWork Raises $260 Million, Capping Off $690 Million Funding Round". The Wall Street Journal. ISSN 0099-9660. Archived from the original on October 13, 2016.
  27. ^ Logan, Tim (October 18, 2016). "WeWork comes to Cambridge". The Boston Globe. Archived from the original on October 20, 2016.
  28. ^ Stiles, Marc (October 9, 2016). "WeWork makes it official: co-working giant to open big Bellevue space". American City Business Journals.
  29. ^ Kessler, Sarah (November 1, 2016). "From WeWork To WeLive: Startup Moves Members Into Its First Residential Building". Fast Company. Archived from the original on May 10, 2016.
  30. ^ Widdicombe, Lizzie (May 16, 2016). "Happy Together". The New Yorker. Archived from the original on May 12, 2016.
  31. ^ Griswold, Alison (December 21, 2016). "WeWork is testing how much people will pay to live in its experimental co-living space on Wall Street". Quartz. Archived from the original on April 6, 2017.
  32. ^ Khashimova Long, Katherine (October 15, 2019). "Beleaguered WeWork and Martin Selig dissolve deal for Seattle tower". The Seattle Times.
  33. ^ Banister, Jon (July 21, 2021). "WeWork Has Officially Pulled The Plug On WeLive". Bisnow Media.
  34. ^ Crook, Jordan (April 25, 2017). "WeWork's office takeover continues with the launch of the Services Store". TechCrunch.
  35. ^ Kessler, Sarah (April 25, 2017). "WeWork wants to make its business look more like cable TV than real estate". Quartz.
  36. ^ Gura, Ron (April 25, 2017). "WeWork Services Store is a one-stop shop for business". WeWork.
  37. ^ Eldredge, Barbara (May 31, 2017). "WeWork is opening gyms in its office spaces". Curbed. Vox Media. Archived from the original on December 1, 2017.
  38. ^ Jacobs, Sarah (October 20, 2017). "The most valuable startup in New York City just opened its first gym to compete with Equinox see what it's like inside". Business Insider. Archived from the original on October 25, 2017.
  39. ^ Rosman, Katherine (October 12, 2017). "WeWork. WeLive. We Work Out. Eventually We Die". The New York Times. Archived from the original on December 1, 2017.
  40. ^ Edelson, Zachary (October 20, 2017). "WeWork Opens Its First Gym, "Rise By We" - Metropolis". Metropolis.
  41. ^ "We Tried Out Our New Workout Gear at...WeWork". Goop. January 24, 2018.
  42. ^ MEGHANI, VARSHA (July 6, 2017). "WeWork enters India with a co-working space in Bengaluru". Forbes.
  43. ^ "WeWork India provides 15,700 sq ft office space in Bengaluru to Khaitan & Co". The Economic Times. August 25, 2020.
  44. ^ Karmali, Naazneen (February 23, 2017). "WeWork Gets Going In India With Billionaire Landlord". Forbes.
  45. ^ Bertoni, Steven (July 10, 2017). "WeWork Hits $20 Billion Valuation In New Funding Round". Forbes. Archived from the original on September 25, 2017.
  46. ^ Robinson, Melia (July 10, 2017). "WeWork, the company that simulates startup life, is worth more than Twitter, Box, and Blue Apron combined". Business Insider.
  47. ^ Zhu, Julie; Barreto, Elzio (July 26, 2017). "WeWork launches China unit with $500 million funding from Hony, SoftBank". Reuters. Archived from the original on July 31, 2017.
  48. ^ Russell, Jon (July 26, 2017). "WeWork launches dedicated China business backed by $500M from investors". TechCrunch. Archived from the original on July 29, 2017.
  49. ^ HEMPEL, JESSI (September 6, 2017). "Why WeWork Thinks It's Worth $20 Billion". Wired.
  50. ^ Brown, Eliot (August 25, 2017). "SoftBank Finalizes $4.4 Billion WeWork Investment". The Wall Street Journal.
  51. ^ "WeWork Receives $4.4 Billion Investment from SoftBank Group and SoftBank Vision Fund" (Press release). Business Wire. August 24, 2017.
  52. ^ Kolodny, Lora (August 24, 2017). "SoftBank plows more than $4 billion into commercial real estate start-up WeWork". CNBC.
  53. ^ Russell, Jon. "China's UrWork invests in Indonesia's ReWork via $3M deal as WeWork rivalry heats up". TechCrunch. Archived from the original on December 1, 2017.
  54. ^ Vandaelle, Ian (October 24, 2017). "HBC raising $1.7B in Manhattan property sale and share financing". Business News Network. Archived from the original on November 7, 2017.
  55. ^ Shaw, Hollie (November 1, 2017). "HBC mulls reported 3 billion euro offer for lagging European business". Financial Post. Archived from the original on November 3, 2017.
  56. ^ "Hudson's Bay Company Responds to Land & Buildings Press Release" (Press release). November 2, 2017. Archived from the original on November 7, 2017.
  57. ^ Noto, Anthony (February 11, 2019). "Lord & Taylor building is officially sold to WeWork". American City Business Journals.
  58. ^ Kim, Betsy (February 11, 2019). "WeWork and HBC Close on $850M Lord & Taylor Building Deal". ALM.
  59. ^ Larson, Selena (October 23, 2017). "WeWork snaps up coding bootcamp Flatiron School". CNN. Archived from the original on October 31, 2017.
  60. ^ Crook, Jordan (October 23, 2017). "WeWork acquires Flatiron School". TechCrunch.
  61. ^ Crook, Jordan (June 30, 2020). "WeWork sells Flatiron School to Carrick Capital Partners". TechCrunch.
  62. ^ Marinova, Polina (November 21, 2017). "Why WeWork Just Invested In This Women-Only Club". Fortune. Archived from the original on December 1, 2017.
  63. ^ a b Palmer, Annie (January 20, 2020). "WeWork sells Teem and its stake in The Wing as it continues to divest non-core businesses". CNBC.
  64. ^ De Vynck, Gerrit (November 28, 2017). "WeWork buys Meetup to bring people together outside of work". Chicago Tribune. Archived from the original on December 7, 2017.
  65. ^ Leswing, Kif (November 28, 2017). "$20 billion startup WeWork continues its shopping spree with $200 million for Meetup". Business Insider.
  66. ^ Perez, Sarah (March 30, 2020). "WeWork sells off social network Meetup to AlleyCorp and other investors". TechCrunch.
  67. ^ Brown, Eliot (November 15, 2017). "WeWork Takes a Dip in the Wave-Pool Business". The Wall Street Journal.
  68. ^ Noto, Anthony (November 15, 2017). "WeWork tests the waters with wave-pool maker". American City Business Journals.
  69. ^ Plagianos, Irene (November 6, 2017). "WeWork Is Launching a Grade School for Budding Entrepreneurs". Bloomberg News. Archived from the original on November 6, 2017.
  70. ^ Bonnington, Christina (November 6, 2017). "WeWork is starting an elementary school for 'young entrepreneurs'". The Daily Dot. Archived from the original on December 1, 2017.
  71. ^ Davis, Michelle F. (September 24, 2019). "WeWork CEO Adam Neumann Stepping Down". Fortune.
  72. ^ Klein, Rebecca (October 11, 2019). "WeWork Is Closing Its Private School In New York City After This Year". HuffPost.
  73. ^ Tegos, Michael (December 14, 2017). "WeWork opens its first Singapore venue but has more co-working spaces coming soon". Tech in Asia.
  74. ^ Zaleski, Olivia (January 22, 2018). "WeWork Is Turning Its Offices Into Study Halls". Bloomberg News. Archived from the original on January 25, 2018.
  75. ^ Babcock, Stephen (December 10, 2018). "WeWork opens at University of Maryland College Park, its first coworking space on a university campus". Technical.ly.
  76. ^ Banister, Jon (February 1, 2019). "Inside WeWork's First Location On A College Campus". Bisnow Media.
  77. ^ Ghosh, Shona (April 25, 2018). "WeWork documents reveal it owes $18 billion in rent and is burning through cash as it seeks more funding". Business Insider – via San Francisco Chronicle.
  78. ^ "WeWork acquires marketing leader Conductor". WeWork. March 6, 2018.
  79. ^ Chernova, Yuliya (March 6, 2018). "WeWork Wades Into Enterprise Software by Buying Conductor". The Wall Street Journal. ISSN 0099-9660.
  80. ^ Ha, Anthony (December 12, 2019). "Conductor execs buy their company back from WeWork". TechCrunch.
  81. ^ "Wework Is Acquiring China's naked Hub for 400 million". Bloomberg News. April 11, 2018.
  82. ^ Russell, Jon (April 11, 2018). "WeWork confirms deal to buy Naked Hub, one of its main competitors in China". TechCrunch.
  83. ^ Pham, Sherisse (April 12, 2018). "WeWork is buying Naked Hub to grow in China". CNN.
  84. ^ Noto, Anthony (April 12, 2018). "WeWork, now a mishmash of businesses, buys China-based Naked Hub". American City Business Journals.
  85. ^ "WeWork was a family affair, until things got complicated". The Economic Times. September 30, 2019.
  86. ^ Wan, Tony (May 30, 2018). "Acquisition Autopsy: Details—and Questions—Behind MissionU's $4M Sale to WeWork". EdSurge.
  87. ^ Hafner, Joshua (July 14, 2014). "WeWork bans meat for employees expensing meals, at company events". Bloomberg News.
  88. ^ Leinfelder, Andrea (July 18, 2018). "Beef lovers call bull on WeWork's meatless edict". Houston Chronicle.
  89. ^ O'Brien, Sara Ashley (July 13, 2018). "WeWork is banning meat". CNN.
  90. ^ Ghaffary, Shirin (July 26, 2018). "WeWork has closed a $500 million funding round for its China subsidiary". Recode.
  91. ^ Grothaus, Michael (August 28, 2018). "WeWork just acquired a Chicago design school". Fast Company.
  92. ^ Rodriguez, Salvador (August 28, 2018). "WeWork's Flatiron School acquires Chicago design school Designation". Reuters.
  93. ^ Hensel, Anna (September 12, 2018). "WeWork acquires Utah software startup Teem for a reported $100 million". VentureBeat.
  94. ^ Evans, Judith (November 13, 2018). "WeWork raises $3bn from SoftBank as losses balloon". Financial Times.
  95. ^ a b Brown, Eliot (September 18, 2019). "'This Is Not the Way Everybody Behaves.' How Adam Neumann's Over-the-Top Style Built WeWork". The Wall Street Journal.
  96. ^ Telford, Taylor (September 23, 2019). "Adam Neumann's chaotic energy built WeWork. Now it might cost him his job as CEO". The Washington Post.
  97. ^ Prang, Allison (January 8, 2019). "WeWork Raises Additional Capital From SoftBank". The Wall Street Journal.
  98. ^ Loizos, Connie (January 7, 2019). "For SoftBank, no majority stake in WeWork as it scales down talks from a new $16 billion investment to $2 billion". TechCrunch.
  99. ^ Carollo, Malena (January 29, 2019). "Coworking company WeWork is coming to Tampa in 2020". Tampa Bay Times. Archived from the original on January 30, 2019.
  100. ^ Geron, Tomio (April 3, 2019). "WeWork Acquires Managed by Q, Seeking to Expand Beyond Office Leases". The Wall Street Journal. ISSN 0099-9660.
  101. ^ Loizos, Connie (March 3, 2020). "Confirmed: Managed by Q sells to rival Eden for what sources say is just 11% of what WeWork paid for it last year". TechCrunch.
  102. ^ "The We Company Announces Confidential Submission of Draft Registration Statement for Proposed Initial Public Offering" (Press release). Business Wire. April 29, 2019.
  103. ^ Brown, Eliot; Farrell, Maureen; Das, Anupreeta (July 18, 2019). "WeWork Co-Founder Has Cashed Out at Least $700 Million Via Sales, Loans". The Wall Street Journal.
  104. ^ Lopatto, Elizabeth (August 5, 2019). "We Work isnt't a Tech Company; It's a Soap Opera". The Verge.
  105. ^ "WeWork's IPO filing reveals heavy losses in Asia". Nikkei Asia. August 15, 2019.
  106. ^ Palmer, Annie (August 17, 2019). "The strangest and most alarming things in WeWork's IPO filing". CNBC.
  107. ^ Wolverton, Troy (August 21, 2019). "2 big numbers — $4 billion and $47 billion — sum up WeWork's business model and the risky reason it could collapse in a recession". Business Insider. Archived from the original on September 13, 2019.
  108. ^ "FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933". U.S. Securities and Exchange Commission. August 24, 2019.
  109. ^ Pressman, Aaron (August 16, 2019). "Inside the Bananas, Bonkers, and Unbelievable WeWork IPO Filing—Data Sheet". Fortune. Archived from the original on August 16, 2019.
  110. ^ "Form S-1: Registration Statement". United States Securities and Exchange Commission. August 15, 2019.
  111. ^ a b Lutz, Eric (September 6, 2019). "Adam Neumann Returns $6 Million He Squeezed From WeWork". Vanity Fair. Archived from the original on September 6, 2019.
  112. ^ Sraders, Anne (August 27, 2019). "WeWork Continues Consolidation Spree with Acquisition of Spacious". Fortune.
  113. ^ Ghaffary, Shirin (December 12, 2019). "WeWork is shutting down a restaurant coworking startup it acquired only 4 months ago". Recode.
  114. ^ Platt, Eric; Fontanella-Khan, James; Samson, Adam (September 13, 2019). "WeWork overhauls corporate governance in bid to save IPO". Financial Times.
  115. ^ Tan, Gillian; Huet, Ellen (September 28, 2019). "WeWork Was a Family Affair, Until Things Got Complicated". Bloomberg News.
  116. ^ "Despite a hot year for IPOs, WeWork's stock sale is delayed". CBS News. September 17, 2019.
  117. ^ Palmer, Annie (September 30, 2019). "WeWork pulls IPO filing". CNBC.
  118. ^ Franklin, Joshua (September 16, 2019). "WeWork delays IPO after frosty investor response". Reuters. Archived from the original on September 17, 2019.
  119. ^ "Wendy Silverstein, co-head of WeWork's real-estate fund, is out". The Real Deal. September 20, 2019.
  120. ^ Telford, Taylor (September 23, 2019). "Adam Neumann's chaotic energy built WeWork. Now it might cost him his job as CEO". The Washington Post.
  121. ^ Levy, Ari; Kim, Eugene (September 24, 2019). "WeWork's new co-CEOs have experience at tech giants like Amazon and AOL". CNBC.
  122. ^ Morris, Meghan (September 26, 2019). "WeWork is selling the company's $60 million luxurious private jet that Adam Neumann and his family personalized and used to fly all over the world". Business Insider.
  123. ^ Farrell, Maureen; Brown, Eliot (October 22, 2019). "SoftBank to Boost Stake in WeWork in Deal That Cuts Most Ties With Neumann". The Wall Street Journal.
  124. ^ Haselton, Todd; Sherman, Alex (October 22, 2019). "WeWork's Adam Neumann offered package worth up to $1.7 billion to step down from board". CNBC.
  125. ^ Kimball, Whitney (November 8, 2019). "Swindled WeWorkers Ask for Dignity". Gizmodo.
  126. ^ Ungku, Fathin (October 10, 2019). "WeWork to open new co-working sites in Singapore and Manila". Reuters.
  127. ^ Belko, Mark (October 16, 2019). "WeWork abandons plans for U.S. Steel Tower office". Pittsburgh Post-Gazette.
  128. ^ Schooley, Tim (October 16, 2019). "WeWork deal at 600 Grant Street falls through". American City Business Journals.
  129. ^ Palmer, Annie (October 14, 2019). "WeWork alerts members that at least 1,600 of its office phone booths are tainted with formaldehyde". CNBC.
  130. ^ Lomas, Natasha (October 14, 2019). "WeWork pulls thousands of phone booths out of service over formaldehyde scare". TechCrunch.
  131. ^ Shanahan, Ed (October 14, 2019). "WeWork Warns Tenants That 2,300 Phone Booths May Be a Hazard". The New York Times.
  132. ^ "Cancer-causing chemical found in WeWork phone booths". The Guardian. Reuters. October 14, 2019.
  133. ^ Sherman, Erik (November 6, 2019). "SoftBank Group Writes Down $9.2 Billion on WeWork—and That's Only the Beginning of the Bad News". Fortune.
  134. ^ Palmer, Annie (November 21, 2019). "WeWork lays off 2,400 employees". CNBC.
  135. ^ Mak, Aaron (January 29, 2020). "Are WeWorks in Revolt Now That the Company Is Taking Away Free Beer?". Slate.
  136. ^ Marinova, Polina (January 22, 2020). "WeWork's other cofounder has a plan to save the company. It's the opposite of what Adam Neumann envisioned". Fortune.
  137. ^ Eavis, Peter (February 1, 2020). "WeWork to Name New Chief". The New York Times.
  138. ^ "WeWork Brings Its New Kind of Office to Israel". December 18, 2014. Retrieved February 20, 2023.
  139. ^ "WeWork comes to the UAE". Mashable. February 3, 2020.
  140. ^ Feuer, William; Lovelace, Berkeley (February 10, 2020). "Coronavirus live updates: WeWork closes 100 buildings, UK confirms new cases". CNBC.
  141. ^ Huet, Ellen; Tan, Gillian (March 28, 2020). "WeWork Cuts Another 250 Jobs in Further Attempt to Trim Costs". Bloomberg News.
  142. ^ Sharf, Samantha (April 30, 2020). "WeWork Unraveling Continues With New Layoff Round". Forbes.
  143. ^ Bosa, Deirdre (June 5, 2020). "WeWork co-founder Miguel McKelvey is leaving at the end of the month". CNBC.
  144. ^ "WeWork's Revenue and Membership Shrink in Third Quarter". Bloomberg News. November 12, 2020.
  145. ^ Dean, Grace; Mohamed, Theron (March 26, 2021). "WeWork has agreed to become a public company via a SPAC merger. The deal values it at $9 billion, less than a quarter of its 2019 valuation". Business Insider.
  146. ^ Farrell, Maureen; Putzier, Konrad (January 28, 2021). "WeWork in Talks to Combine With SPAC or Raise Money Privately". The Wall Street Journal. ISSN 0099-9660.
  147. ^ Turner, Giles (March 26, 2021). "WeWork agrees to $9 billion SPAC deal in new path to go public". Fortune.{{cite news}}: CS1 maint: url-status (link)
  148. ^ Subin, Samantha (October 21, 2021). "WeWork shares jump more than 13% in public markets debut after SPAC merger". CNBC.
  149. ^ Navera, Tristan (August 26, 2021). "GSA picks five coworking providers, WeWork included, to serve the federal workforce". American City Business Journals.
  150. ^ "CUSHMAN & WAKEFIELD MAKES STRATEGIC INVESTMENT OF $150 MILLION IN WEWORK" (Press release). Cushman & Wakefield. October 29, 2021.
  151. ^ Grant, Peter (August 9, 2021). "WeWork and Cushman & Wakefield Are Forming $150 Million Partnership". The Wall Street Journal.
  152. ^ Womack, Brian (January 25, 2022). "WeWork acquiring DFW co-working company Common Desk". American City Business Journals.
  153. ^ Sperling, Maddy (January 25, 2022). "WeWork buys Dallas-based Common Desk in first acquisition since going public". The Real Deal.
  154. ^ Dean, Grace (March 8, 2022). "WeWork says it will close its Moscow offices, a week after its CEO said there were no plans to leave the Russian market". Business Insider.
  155. ^ Huet, Ellen. "WeWork Wants to Be a Tech Company Again, Sort Of". BQ Prime. Retrieved May 7, 2022.
  156. ^ "WeWork Names Andre Fernandez as CFO". The Real Deal New York. May 27, 2022. Retrieved May 27, 2022.
  157. ^ FLEISHMAN, GLENN (September 18, 2018). "WeWork Settles With New York, Drops Broad Employee Non-Compete Clauses". Fortune.
  158. ^ Ghaffary, Shirin (October 12, 2018). "A former WeWork employee is suing the company over alleged sexual assaults fueled by 'frat-boy culture'". Vox Media.
  159. ^ O'Brien, Ashley (October 12, 2018). "Former WeWork employee sues for sexual harassment, retaliation". CNN Business. Retrieved January 10, 2019.
  160. ^ Rajamani, Maya (October 12, 2018). "NYC Woman Assaulted by Two WeWork Employees Amid 'Frat-Boy Culture' That Pervades Coworking Company, Lawsuit Claims". NBC Chicago. Retrieved January 10, 2019.
  161. ^ Small, Eddie (November 2, 2018). "Party foul? Unlimited beer is no longer a thing at WeWork". The Real Deal. Retrieved January 10, 2019.
  162. ^ Jeans, David (June 20, 2019). "Men take risks and women don't: WeWork's former head of compensation accuses company of gender pay discrimination". The Real Deal.
  163. ^ Wolverton, Troy (August 27, 2019). "WeWork gave out 58 stock awards worth at least $1 million each in February, and 94% of them went to men, according to a lawsuit". Business Insider.
  164. ^ O'Brien, Sara Ashley (June 14, 2019). "Former WeWork VP sues the company alleging age discrimination". CNN.
  165. ^ "Markel v. We Work Management LLC". Unicourt.
  166. ^ Feuer, Lauren; Feiner, William (October 31, 2019). "Ex-WeWork CEO accused of gender discrimination, smoking pot in front of pregnant staffer". CNBC.
  167. ^ Yaffe-Bellany, David (October 31, 2019). "WeWork's Ousted C.E.O. Adam Neumann Is Accused of Pregnancy Discrimination". The New York Times. ISSN 0362-4331.
  168. ^ Hall, Miriam (March 1, 2020). "WeWork Hit With Gender, Racial Discrimination Lawsuit". Bisnow Media.
  169. ^ "Whyte v. WeWork Cos.: DECISION AND ORDER DENYING PLAINTIFF'S PETITION FOR CERTIFICATION OF INTERLOCUTORY APPEAL". July 31, 2020.
  170. ^ Lomas, Natasha (April 2, 2020). "SoftBank terminates $3B tender offer for WeWork shares". TechCrunch.
  171. ^ Feiner, Lauren; Sherman, Alex (April 7, 2020). "WeWork board sues SoftBank over withdrawal to buy $3 billion worth of shares". CNBC.
  172. ^ Eavis, Peter (May 5, 2020). "Adam Neumann, WeWork's Former Chief, Sues SoftBank". The New York Times.
  173. ^ Khan, Shariq (February 26, 2021). "SoftBank reaches settlement with former WeWork CEO Neumann". Reuters.
  174. ^ Neubauer, Kelsey (July 9, 2020). "WeWork Hit With 2 More Lawsuits Over Discrimination, Pay Equity". Bisnow Media.
  175. ^ Carlock, Catherine (May 20, 2021). "WeWork sued for $1.8M in back rent after closing South Station coworking space". American City Business Journals.
  176. ^ Matsuda, Akiko (April 23, 2021). "WeWork slapped with $37M lawsuit by Chelsea landlord". The Real Deal.
  177. ^ Hall, Miriam (April 26, 2021). "WeWork Sued For $37M After Landlord Says It Skipped Rent, 'Surreptitiously' Moved Members Elsewhere". Bisnow Media.
  178. ^ Gilblom, Kelly (January 29, 2021). "Apple greenlights TV series 'WeCrashed' about WeWork's rise and fall". Fortune.
  179. ^ Rothstein, Jed. "WeWork: or The Making and Breaking of a $47 Billion Unicorn". Hulu.
External links
Wikimedia Commons has media related to WeWork.
  • Official website
  • Business data for WeWork Inc.:
Categories

The content of this page is based on the Wikipedia article written by contributors..
The text is available under the Creative Commons Attribution-ShareAlike Licence & the media files are available under their respective licenses; additional terms may apply.
By using this site, you agree to the Terms of Use & Privacy Policy.
Wikipedia® is a registered trademark of the Wikimedia Foundation, Inc., a non-profit organization & is not affiliated to WikiZ.com.