- US business 2019 style Archived Message
Posted by Mary
on October 2, 2019, 11:03 pm
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'WeWork designs and builds physical and virtual shared spaces and office services for entrepreneurs and companies. WeWork has more than 5,000 employees in over 280 locations, spread across 86 cities in 32 countries. In January 2019, the firm announced it would be rebranding to The We Company and its valuation was stated as $47 billion. The Wall Street Journal noted that since the release of their public prospectus in 2019, the company "has been besieged with criticism over its governance, business model and ability to turn a profit."WeWork lost over $2 billion in 2018. Following mounting pressure from investors based on disclosures made in its S-1 filing, Adam Neumann resigned from his position as CEO and gave up majority voting control in WeWork as of 26 September 2019. WeWork also delayed its planned stock market listing until the end of 2019 amid growing investor concerns over its corporate governance, valuation and the outlook for the business. On September 30, 2019, WeWork formally withdrew their S-1 filing and will postpone the IPO. The reported public valuation of the company is currently around $10 billion,less than the $12.8 billion it had raised since 2010.' https://en.wikipedia.org/wiki/WeWork Smoke and mirrors. The parties hosted by Neuman were wild and lavish. |
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