Why WeWork Thinks It's Worth $20 Billion
7 years, 6 months ago

Why WeWork Thinks It's Worth $20 Billion

Wired  

In the future, you’re going to love going to the office. “But it’s not that far out.” We’re standing in the epicenter of WeWork’s cavernous New York City headquarters, where Fano, the company’s Chief Growth Officer, has set up a demo area to show off new technologies for prospective clients. The smart furniture is just one of many ways that WeWork is wrangling data that it’s collected over the years to quietly reorganize an office around its workers. These offerings include building out custom office interiors, licensing software that companies can use to book conference rooms, analyzing data on how people are using those conference rooms, and providing on-site human community managers indoctrinated in WeWork’s community-minded philosophies. It’s a natural extension of WeWork’s current business, according to Chief Operating Officer Jen Berrent, who explains that the idea of adding a services business is “something that there’s demand for in the market.” Over time, this could be a much bigger opportunity than coworking spaces, one in which everything WeWork has built so far will simply feed an algorithm that will design a perfectly efficient approach to office space.

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History of this topic

WeWork’s multibillion-dollar rescue couldn’t save it from office bust
1 year, 4 months ago

WeWork’s multibillion-dollar rescue couldn’t save it from office bust

LA Times  

Embattled office-sharing firm WeWork on Aug. 8 warned U.S. regulators that it was in financial peril. When WeWork announced a multibillion-dollar rescue package earlier this year, the company’s management hailed it as a fresh start for the long-struggling global network of shared office spaces. “That means the company is likely to reorganize in Chapter 11 and continue operating in order …

WeWork’s future: What to know after the company sounds the alarm on its ability to stay in business
1 year, 7 months ago

WeWork’s future: What to know after the company sounds the alarm on its ability to stay in business

Associated Press  

NEW YORK — WeWork has sounded the alarm on its ability to stay in business, prompting speculation around the future of the troubled workspace-sharing company. Last week, WeWork warned there was “substantial doubt” about the New York-based company’s “ability to continue as a going concern” — which is accounting-speak for having the resources needed to operate and stay in business. …

WeWork sounds the alarm, prompting speculation around the company’s future
1 year, 7 months ago

WeWork sounds the alarm, prompting speculation around the company’s future

Associated Press  

NEW YORK — WeWork has sounded the alarm on its ability to stay in business, prompting speculation around the future of the troubled workspace-sharing company. Last week, WeWork warned there was “substantial doubt” about the New York-based company’s “ability to continue as a going concern” — which is accounting-speak for having the resources needed to operate and stay in business. …

WeWork warns there’s ‘substantial doubt’ about its ability to stay in business
1 year, 7 months ago

WeWork warns there’s ‘substantial doubt’ about its ability to stay in business

Associated Press  

NEW YORK — WeWork is warning there’s “substantial doubt” about its ability to stay in business over the next year because of its financial losses and its need for cash, among other factors. The New York-based workspace-sharing company said Tuesday that its ability to stay in operation is contingent upon improving its liquidity and profitability over the next 12 months. …

WeWork says it has doubts about its future, business may go bust
1 year, 7 months ago

WeWork says it has doubts about its future, business may go bust

India Today  

WeWork, a company that provides flexible workspaces, is seemingly facing some challenges. This uncertainty led WeWork to issue a "going-concern" warning, which is a notice that public companies issue when they are worried about not having enough funds to cover their expenses over the next year. The company attributed its concerns to several factors, including losses it has incurred, the …

WeWork to cut 300 jobs globally as inflation weighs on workspace spending
2 years, 2 months ago

WeWork to cut 300 jobs globally as inflation weighs on workspace spending

Live Mint  

Co-working major WeWork on Thursday said it plans to layoff 300 employees across countries to cut costs as high inflation weighs on office workspace spending. WeWork was downgraded one notch by Fitch Ratings as the office-sharing upstart continues to lose money and struggles to capitalize on a return-to-office push happening at companies globally. Fitch lowered its rating on WeWork to …

Everything’s a WeWork Now
2 years, 10 months ago

Everything’s a WeWork Now

Wired  

The SaksWorks coworking space in Greenwich, Connecticut, tucked inside what was once a Saks Fifth Avenue department store, feels like a well-appointed library where no one reads: fireplace, overstuffed couches, and large potted plants. A survey by CBRE, a commercial real estate company, found that 51 percent of respondents expect flex space to make up a significant portion of their …

Warmer welcome for WeWork 2 years later on Wall Street
3 years, 5 months ago

Warmer welcome for WeWork 2 years later on Wall Street

Associated Press  

WeWork will become a publicly traded company Thursday after a spectacular collapse during its first attempt to do so two years ago. WeWork is emerging more than a year into a pandemic that closed millions of square feet off office space and the hope is that a work environment turned upside down is the ideal time for a company that …

WeWork stock offer comes amid doubtful need for office space
4 years ago

WeWork stock offer comes amid doubtful need for office space

Associated Press  

NEW YORK — Uncertainty about demand for office space in a global pandemic is a big risk that investors will have to weigh as WeWork makes a second run at a public stock offering. A year after the novel coronavirus turned office towers into ghost towns worldwide, the embattled communal work space company said Friday it would merge with special …

WeWork revives plans to go public, this time with a SPAC deal
4 years ago

WeWork revives plans to go public, this time with a SPAC deal

Al Jazeera  

Office-sharing firm WeWork, valued as high as $47bn two years ago, will try again to go public, this time through a special purpose acquisition company merger that values the firm at $9bn. WeWork agreed to sell itself to a blank-check company in a deal to take the troubled office-sharing startup public almost two years after a high-profile failed listing. New …

WeWork bullish on prospects of Chinese co-working sector
4 years, 10 months ago

WeWork bullish on prospects of Chinese co-working sector

China Daily  

Pedestrians pass a WeWork building in Beijing on May 6. Although many enterprises have adopted remote working modes during this unprecedented time, the collaborative atmosphere, high work efficiency and convenient devices provided by offline working space are still difficult to be replaced," said Ai. Business consultancy Frost & Sullivan predicted China's co-working sector will witness rapid growth in the next …

WeWork to sell MeetUp, cut jobs in 90-day turnaround plan
5 years, 4 months ago

WeWork to sell MeetUp, cut jobs in 90-day turnaround plan

Associated Press  

NEW YORK — WeWork said Friday it will divest from several side businesses and cut jobs as part of a 90-day plan to turn itself around following its botched attempt to sell stock on Wall Street. The office-sharing company will divest from five non-core businesses, including Meetup, the online community event organizer that WeWork bought in 2017, according to a …

WeWork CEO stepping aside amid questions about company
5 years, 6 months ago

WeWork CEO stepping aside amid questions about company

Associated Press  

WeWork’s charismatic but controversial CEO is stepping aside from the communal office-space company he founded, another moment of reckoning between the fast-growing startup and its disenchanted investors. WeWork’s meteoric growth and carefully designed spaces with cool offerings like free beer and meditation classes gave it the aura of yet another tech company led by a magnetic personality. He also drew …

Boston Fed president warns co-working spaces like WeWork pose a risk to the US economy
5 years, 6 months ago

Boston Fed president warns co-working spaces like WeWork pose a risk to the US economy

CNN  

New York CNN Business — The growing popularity of co-working spaces like WeWork could pose a risk to the US economy in the next economic downturn, a Fed official warned on Friday. Boston Federal Reserve Bank President Eric Rosengren, who has publicly dissented with the Fed’s recent interest rate cuts, said lower rates will boost risk in “unexpected places.” “Evolving …

Column: WeWork carries Silicon Valley’s ‘unicorn’ craze to its absurd limits
5 years, 6 months ago

Column: WeWork carries Silicon Valley’s ‘unicorn’ craze to its absurd limits

LA Times  

A WeWork space in Hollywood. For all you killjoys and Cassandras looking for the apocalyptic end to Silicon Valley’s “unicorn” craze, WeWork is beginning to look like a godsend. That might seem strange for a firm whose core business is subleasing office space, but WeWork dressed up that dull business model in a Cinderella gown of highfalutin rhetoric about how …

WeWork reveals rapid growth and massive losses ahead of IPO
5 years, 7 months ago

WeWork reveals rapid growth and massive losses ahead of IPO

Associated Press  

NEW YORK — WeWork’s parent company gave investors the most detailed look yet at its finances Wednesday, revealing breakneck growth on the back of massive losses as the office-sharing company prepares for a highly anticipated debut on the stock market. Investors are looking for a clearer picture of how the venture capital darling plans to chart a path toward profitability, …

WeWork files for IPO after losing $1.9 billion last year
5 years, 7 months ago

WeWork files for IPO after losing $1.9 billion last year

CNN  

New York CNN Business — Money-losing tech companies like Uber and Lyft have struggled to win over investors since going public earlier this year. The company plans to list under the symbol “WE.” The company is moving forward with its plans to go public despite losing a staggering $1.9 billion last year, according to its IPO prospectus, an unprecedented amount …

WeWork teams up with Alibaba Cloud to further nation's opening-up
5 years, 8 months ago

WeWork teams up with Alibaba Cloud to further nation's opening-up

China Daily  

A man enter the doors of the "WeWork" co-operative co-working space in Washington, DC. China Gateway, as the program is called, will offer cloud services, flexible work spaces and access to the local community and business ecosystem for international firms, the two companies said. While multinational companies made up most of WeWork China's clientele early on, domestic companies now account …

WeWork isn’t just selling desk space. It’s selling a new-age community
5 years, 10 months ago

WeWork isn’t just selling desk space. It’s selling a new-age community

CNN  

New York CNN Business — Office workers who embrace a “Thank God It’s Monday” motto. “As one of the world’s largest physical networks, it is our responsibility to help lead the way and set the global example for people and corporations on how we should take care of each other and of our planet,” CEO Adam Neumann told staff this …

WeWork is all about ping-pong, coffee and trendy startups but is it selling out?
7 years, 10 months ago

WeWork is all about ping-pong, coffee and trendy startups but is it selling out?

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy To WeWork’s fans the company …

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