Founded by Adam Neumann and Miguel McKelvey in 2010, WeWork had a tumultuous path to develop into a publicly-listed firm. Below is a timeline of notable WeWork developments since mid-2019.
Aug 2019: WeWork filed for an preliminary public providing (IPO) and revealed detailed monetary statements that confirmed it misplaced virtually $700 million within the first half of 2019 whereas doubling its income.
Sept 2019: WeWork mentioned it deliberate to proceed with an investor roadshow for its IPO, regardless of issues over the valuation it might obtain in an inventory.
WeWork mentioned it deliberate to listing its inventory on the Nasdaq and introduced modifications to its company governance, together with curbs within the voting energy of CEO Adam Neumann.
Co-founder Neumann agreed to resign as CEO, bowing to stress from some traders. Sep 2019 WeWork filed to withdraw its IPO because the potential valuation dropped as little as $10 billion, from $47 billion in January 2019.
Discover the tales of your curiosity
Nov 2019: WeWork mentioned it could lay off round 2,400 workers globally, because it sought to drastically lower prices and stabilize its business. Feb 2020: WeWork named actual property trade veteran Sandeep Mathrani as its new CEO.
Mar 2021: WeWork disclosed in a presentation to potential traders that it had misplaced $3.2 billion in 2020. WeWork agreed to go public by a merger with blank-check agency BowX Acquisition Corp
Oct 2021: WeWork went public by way of a SPAC deal. May 2022 WeWork appointed Andre Fernandez as its chief monetary officer, changing Benjamin Dunham.
Nov 2022: WeWork mentioned it could exit about 40 underperforming U.S. areas.
Jan 2023: WeWork mentioned it could lower about 300 roles globally as a part of efforts to chop again on underperforming areas.
Mar 2023: WeWork struck offers to chop debt by about $1.5 billion and prolong the date of some maturities, in a bid to protect money because it felt the warmth of mass layoffs on its business.
Apr 2023: WeWork acquired a non-compliance discover from the New York Stock Exchange, as its inventory closed beneath $1 on common over a consecutive 30 trading-day interval.
May 2023: WeWork mentioned CEO Sandeep Mathrani would step down, efficient May 26. May 2023 CFO Andre Fernandez mentioned he would resign on June 1, lower than a yr into the position.
Aug 2023: WeWork raised “substantial” doubt about its capacity to proceed as a going concern, and mentioned three board members had stepped down. The firm mentioned it could proceed with a one-for-forty reverse inventory cut up to regain compliance with itemizing necessities.
Source: economictimes.indiatimes.com