WeWork, founded in New York in 2010, was valued at US$47 billion by SoftBank in January 2019. Its IPO collapsed that September, it listed via a SPAC at about U…
Adam Neumann and Miguel McKelvey opened one floor of ready-made offices in New York after selling their Brooklyn space, GreenDesk.
WeWork expanded abroad and its private valuation rose tenfold in about two years.
SoftBank and its Vision Fund invested US$4.4B. WeWork India launched the same year with Embassy Group.
One investor, SoftBank, buying US$2B of shares. WeWork renamed itself The We Company.
Big losses, about US$47B of lease obligations, super-voting shares and deals with the founder.
Adam Neumann stepped down as CEO on 24 September and WeWork withdrew its IPO on 30 September.
US$5B of new financing, a US$3B tender and US$1.5B accelerated: SoftBank took about 80%.
It deepened the losses: US$3.83B in 2020, as members left while leases stayed.
A SPAC merger put WeWork on the NYSE as WE on 21 October 2021. The stock then fell more than 99%.
6 November 2023, after a going-concern warning in August and missed interest payments in October.
A Yardi Systems affiliate (~60%) and SoftBank (~20%). John Santora became CEO on 12 June 2024.
No. It is a separate Embassy-controlled licensee. It listed in October 2025 and earned Rs 179 crore in FY26.
WeWork says it had three straight EBITDA-positive quarters and targets operating profit by end-2026.
A great product can still fail if fixed costs cannot survive a downturn.
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