This summer, WeWork was expected to have one of the highest-profile IPOs ever. But then it filed its S-1 paperwork, and everything came crashing down.
The S-1 itself was a trip — it began with the phrase “We dedicate this to the energy of we,” revealed the myriad ways its own CEO Adam Neumann was a risk factor, and outlined a succession plan that, if anything happened to Neumann, let his wife or a family trustee pick a new CEO. The IPO collapsed shortly after. Then, a wild profile of Neumann came out, with a story of how he once brought a cereal box full of weed on a private jet to Israel. Under continued criticism, Neumann eventually quit — and walked away with nearly $1.7 billion as part of a buyout from SoftBank, which has since taken over majority ownership of WeWork.
This all happened in a little over two months. Now, SoftBank is trying to pick up the pieces of WeWork and move forward — and it could be a difficult road ahead. Follow all of the news and updates on 2019’s soap opera of a company right here.
WeWork will focus on office space
The WeWorkers Coalition announced its existence this morning
“My judgement in investment was not right in many ways.”
But who knows if it will actually launch
Former Sprint CEO elected executive chairman
Forget golden parachutes; this is a golden escape pod
Will We miss Adam Neumann? I will, anywaySeptember 24
We saw that coming
What is the founder of WeWork smoking? Weed — a lot of weed
I dedicate this to the energy of We
A hell of beans