Tech

The WeWork fiasco of 2019, explained in 30 seconds

WeWork has been in turmoil since it filed its public-offering paperwork in August. In one month, the coworking company cut its valuation down to as low as $US10 billion from $US47 billion, removed Adam Neumann as CEO, and delayed its initial public offering indefinitely. In October, WeWork is being taken […]
The WeWork fiasco of 2019, explained in 30 seconds
Markets

WeWork is selling the company’s $60 million luxurious private jet that Adam Neumann and his family personalised and used to fly all over the world

WeWork is putting the private plane Adam Neumann used up for sale, Business Insider has learned. The company bought the luxurious Gulfstream G650 for $US60 million last year. Some employees told Business Insider that the optics of the Gulfstream upset staff members who couldn’t get promised bonuses and raises while […]
WeWork is selling the company’s $60 million luxurious private jet that Adam Neumann and his family personalised and used to fly all over the world
Markets

WeWork is reportedly in talks with SoftBank about a $1 billion lifeline

WeWork is in talks with SoftBank about a $US1 billion lifeline after shelving its IPO this month, according to the Financial Times. SoftBank, which has plowed more than $US9 billion into the shared workspace group, is considering investing the extra funds on top of $US1.5 billion it has already committed. […]
WeWork is reportedly in talks with SoftBank about a $1 billion lifeline
News

WeWork could cause a disaster for New York City’s real-estate market

Adam Neumann stepped down as WeWork’s CEO on Tuesday, citing public scrutiny after The We Company filed for an initial public offering. But despite Neumann’s antics as CEO and decision to step down, WeWork still has some serious problems with its business. WeWork’s rapid expansion and business issues mean the […]
WeWork could cause a disaster for New York City’s real-estate market
Tech

WeWork has acquired 21 startups in the last four years, from a college messaging service to a real estate investing app. Here’s everything WeWork has bought.

Coworking startup WeWork has acquired at least 21 startups since 2015, according to Pitchbook data. The single largest deal we know about is WeWork’s acquisition of a Singapore-based coworking startup for $US500 million in 2017. Several of the startups it acquired seem to fit right in with WeWork’s business model, […]
WeWork has acquired 21 startups in the last four years, from a college messaging service to a real estate investing app. Here’s everything WeWork has bought.
Markets

Adam Neumann gives up most of his voting power and steps down as WeWork’s CEO, saying intense public scrutiny of him was a ‘distraction.’ 2 execs will permanently replace him.

Adam Neumann is stepping down as WeWork’s CEO, citing intense public scrutiny that has become a distraction in running the firm. WeWork said it would name two current execs, Sebastian Gunningham and Artie Minson, as permanent co-CEOs. Minson, WeWork’s copresident and chief financial officer, joined the company in 2015 from […]
Adam Neumann gives up most of his voting power and steps down as WeWork’s CEO, saying intense public scrutiny of him was a ‘distraction.’ 2 execs will permanently replace him.
Tech

WeWork’s had a terrible 2 months, and now SoftBank is reportedly taking control of the company in a bailout deal — here’s everything that has happened since the embattled company tried to go public

In August, coworking company WeWork publicly filed its IPO paperwork. It was last privately valued at $US47 billion. Since then, WeWork has had an exceptionally bad few months, as potential investors got their first look at WeWork’s financials and people began to dig into the past behaviour and business dealings […]
WeWork’s had a terrible 2 months, and now SoftBank is reportedly taking control of the company in a bailout deal — here’s everything that has happened since the embattled company tried to go public
Tech

WeWork’s biggest investor reportedly urged CEO Adam Neumann to scrap phrases like ‘elevate the world’s consciousness’ in the company’s IPO filing

Softbank, WeWork’s biggest investor, did not want WeWork using touchy-feely language in its IPO paperwork, including phrases like “elevate the world’s consciousness,” CNBC’s Alex Sherman reported on Monday. The infusion of spirituality into WeWork – in the company’s culture and in its IPO filing – has been routinely mocked, and […]
WeWork’s biggest investor reportedly urged CEO Adam Neumann to scrap phrases like ‘elevate the world’s consciousness’ in the company’s IPO filing
Strategy

WeWork’s entire board should be fired before Adam Neumann

WeWork’s IPO is a train wreck, and founder Adam Neumann is being blamed. WeWork’s board of directors is reportedly mulling ways to overthrow him if he doesn’t step down as CEO willingly. Startup boards are broken. Each WeWork board member failed miserably to do their job because they are incentivized […]
WeWork’s entire board should be fired before Adam Neumann
Markets

The New York Stock Exchange appeared to troll WeWork on Twitter

New York Stock Exchange tweeted on Sunday about the questions CEOs should answer before going public, and it read like a subtweet of WeWork after it postponed its IPO. The iconic stock exchange listed four questions for executives to ask themselves before taking their companies public, touching on their reasons, […]
The New York Stock Exchange appeared to troll WeWork on Twitter
Markets

WeWork’s board reportedly meets today to discuss pushing out Adam Neumann — and his alleged ‘self-dealing’ and marijuana use may come into play

WeWork’s biggest backer, several other investors, and some board members are reportedly plotting to remove cofounder Adam Neumann as CEO. A meeting on this issue, originally planned for later this week, is now planned for Monday, according to The Information. The uprising comes after the shared-workspace provider postponed its IPO […]
WeWork’s board reportedly meets today to discuss pushing out Adam Neumann — and his alleged ‘self-dealing’ and marijuana use may come into play
Tech

Renovation work on WeWork CEO Adam Neumann’s $10.5 million Manhattan townhome led to disputes with contractors over $1 million in alleged unpaid bills

WeWorkCEO Adam Neumann and his wife, Rebekah Neumann, battled with contractors over bills related to the renovation of their $US10.5 million Manhattan townhome. Between 2017 and 2018, four of the contractors ended up filing legal claims over alleged unpaid bills, and one even sued the couple – even as Neumann […]
Renovation work on WeWork CEO Adam Neumann’s $10.5 million Manhattan townhome led to disputes with contractors over $1 million in alleged unpaid bills
Tech

WeWork CEO Adam Neumann reportedly smoked weed with friends on a private jet to Israel — and the flight crew later found a ‘sizable chunk’ in a cereal box and recalled the plane

WeWork cofounder and CEO Adam Neumann smoked weed with friends on a Gulfstream G650 private jet to Israel last summer, The Wall Street Journal reported. The flight crew found a “sizable chunk” of marijuana “stuffed in a cereal box” on board after Neumann’s squad exited the aircraft. The jet’s concerned […]
WeWork CEO Adam Neumann reportedly smoked weed with friends on a private jet to Israel — and the flight crew later found a ‘sizable chunk’ in a cereal box and recalled the plane
Tech

WeWork CEO Adam Neumann is such a big surfing fan he led the company to invest $13 million into a startup that creates artificial waves — check out how ‘Wavegarden’ works

Before WeWork was plagued with investor concerns and a stalled initial public offering, chief executive Adam Neumann directed the company to invest in an artificial wave startup. Wavegarden offers multi-million-dollar wave installations that have been set up in three countries so far – but its only US location faced roadblocks […]
WeWork CEO Adam Neumann is such a big surfing fan he led the company to invest $13 million into a startup that creates artificial waves — check out how ‘Wavegarden’ works
Markets

WeWork bonds plummet the most on record after the company delays its IPO

WeWork’s delayed IPO effort sent its bonds tumbling Tuesday as the company’s streak of bad news continues. The shared-workspace company’s $US669 million of bonds expiring in 2025 fell as much as 7 cents Tuesday, hitting 95.8 cents. The drop was the biggest since the notes’ April 2018 issuance. WeWork said […]
WeWork bonds plummet the most on record after the company delays its IPO
Tech

WeWork is reportedly leaning toward delaying its IPO

WeWork is leaning toward delaying its initial public offering, The Wall Street Journal reported. The company won’t start its roadshow – its series of meetings with potential investors – this week as planned, The Journal reported. It will likely postpone the offering until at least October, according to the report. […]
WeWork is reportedly leaning toward delaying its IPO
Strategy

Alexandria Ocasio-Cortez warned against opening private companies to everyday investors — if ordinary people had invested in WeWork at a $47 billion valuation, they’d be ‘getting fleeced’

At a congressional hearing last week, Democratic Rep.Alexandria Ocasio-Cortez pointed to WeWork as an example of the dangers of opening up private markets to everyday investors. Unlike public companies, private companies aren’t required to disclose to ordinary investors audited financial statements or other information those investors might need to determine […]
Alexandria Ocasio-Cortez warned against opening private companies to everyday investors — if ordinary people had invested in WeWork at a $47 billion valuation, they’d be ‘getting fleeced’
Tech

The jolts shaking SoftBank’s Silicon Valley empire

Hello, Welcome to Trending, the weekly newsletter highlighting the best of BI Prime’s tech coverage. This is Alexei Oreskovic, Business Insider’s West Coast Bureau Chief and Global Tech Editor. If you’re not already subscribed to the newsletter, you can sign up here. This week: SoftBank’s Silicon Valley empire is feeling […]
The jolts shaking SoftBank’s Silicon Valley empire
Tech

WeWork reportedly hired the parents of a high-ranking exec as real estate brokers for a Miami lease, among other potential conflicts of interest

WeWork, in its public offering documents, disclosed a slew of related-party transactions involving CEO Adam Neumann, his wife, and various family members. But the company didn’t disclose a collection of deals involving the family members of other company officials, according to a report in the Wall Street Journal. The deals […]
WeWork reportedly hired the parents of a high-ranking exec as real estate brokers for a Miami lease, among other potential conflicts of interest
Tech

WeWork could cut its valuation in half to about $20 billion after intense scepticism of its business and CEO — and it might delay its IPO

WeWork’s parent company is considering a valuation of about $US20 billion for its initial public offering, according to reports from The Wall Street Journal and Bloomberg. That would amount to roughly half of WeWork’s $US47 billion valuation from its most recent private round of funding. SoftBank, one of the company’s […]
WeWork could cut its valuation in half to about $20 billion after intense scepticism of its business and CEO — and it might delay its IPO
Tech

Here’s who gets rich if WeWork has a successful IPO

If investors buy into WeWork’s ambitious vision when it sells shares to the public in its IPO, a handful of people and investors stand to make a killing. The IPO paperwork reveals who the company’s biggest backers are. We won’t know how much their stakes will be worth until the […]
Here’s who gets rich if WeWork has a successful IPO
Lifestyle

WeWork cofounder Rebekah Paltrow Neumann’s in-house school is closing. Meet the former actress, who is former CEO Adam Neumann’s ‘strategic thought partner.’

Rebekah Paltrow Neumann cofounded WeWork in 2010 alongside her husband, Adam Neumann, and Miguel McKelvey. WeGrow, the private primary school run by Paltrow Neumann inside WeWork’s headquarters, will close after the 2018-2019 school year, The Huffington Post’s Rebecca Klein reported October 11. Investor pushback led both Paltrow Neumann and Adam […]
WeWork cofounder Rebekah Paltrow Neumann’s in-house school is closing. Meet the former actress, who is former CEO Adam Neumann’s ‘strategic thought partner.’
Tech

WeWork files for IPO, revealing spiraling losses of $1.6 billion

WeWork on Wednesday publicly released its paperwork for its initial public offering. The filing provides the first in-depth look at WeWork’s financial results. It shows spiraling losses over the past three years, with the firm posting a net loss of $US1.6 billion in 2018 on revenue of $US1.8 billion. Read […]
WeWork files for IPO, revealing spiraling losses of $1.6 billion
Tech

WeWork is going public with an extremely weird, complicated structure

WeWork is going public with a weird corporate structure that would give tax benefits to early insiders but not to those who buy in later. WeWork confirmed in its S-1 filing that it has adopted something similar to the so-called “Up-C” structure, where investors can only buy into a holding […]
WeWork is going public with an extremely weird, complicated structure
Lifestyle

WeWork cofounder Adam Neumann is selling off more real estate after losing his billionaire status. Here’s how the ousted CEO has spent his fortune, which once amounted to as much as $14 billion.

WeWork cofounder Adam Neumann lost his billionaire status in April, according to Bloomberg. The ousted CEO is now worth between $US450 million and $US750 million, based on estimates from Forbes and Bloomberg. Neumann has spent over $US80 million on at least five homes since he founded WeWork in 2010, but […]
WeWork cofounder Adam Neumann is selling off more real estate after losing his billionaire status. Here’s how the ousted CEO has spent his fortune, which once amounted to as much as $14 billion.
Lifestyle

Before he was a billionaire, WeWork CEO Adam Neumann was broke. Here’s the NYC building where he and his wife lived in a tiny apartment before he built a $47 billion company

WeWork CEO Adam Neumann’s coworking company is worth $US47 billion. Neumann himself is worth an estimated $US4.1 billion, according to Forbes, but the WeWork CEO hasn’t always been rich. In July 2019, The Wall Street Journal reported that Neumann had cashed out $US700 million from his stake in the coworking […]
Before he was a billionaire, WeWork CEO Adam Neumann was broke. Here’s the NYC building where he and his wife lived in a tiny apartment before he built a $47 billion company