How The Pandemic Is Hitting Beleaguered Coworking Giant WeWork
Wochit Business
2020-05-16
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After considering a massive valuation cut to drum up investor interest, WeWork pulled its IPO in 2019.
At the time, co-founder Adam Neumann was ousted as CEO and chairman.
In April, investor SoftBank backed out of its plan to buy $3 billion worth of WeWork shares, including nearly $1 billion from Neumann.
The novel coronavirus COVID-19 pandemic has done no favors for the company.
WeWork's revenue growth rate was cut in half in Q1, as the company burned through nearly $500 million in 'free cash outflow.'
As WeWork and its flex-space rivals totter, 18 million square feet of space in NYC is at risk.
At the time, co-founder Adam Neumann was ousted as CEO and chairman.
In April, investor SoftBank backed out of its plan to buy $3 billion worth of WeWork shares, including nearly $1 billion from Neumann.
The novel coronavirus COVID-19 pandemic has done no favors for the company.
WeWork's revenue growth rate was cut in half in Q1, as the company burned through nearly $500 million in 'free cash outflow.'
As WeWork and its flex-space rivals totter, 18 million square feet of space in NYC is at risk.
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