In case you thought well atleast WeWork got its act together.
> In fact, at $2.98 billion, the loss in the first half of this year is three times wider than in the same period in 2019.
If you were wondering about its founder Adam Nuemann
> he retains a stake in the business of 9% and a net worth of about $2.3 billion. Neumann, 42, was also granted the right to return to WeWork board meetings in about four months as an observer.
So if you think he's a positive force then this is a good signal, if you didn't like how he ran the company before, then well...
If you were wondering it trades at a market cap of about $8.7B now, which is a far cry from the $80B they wanted to go public at back in 2019 and the $47B that softbank valued them at in a 2019 fundraising round.
Having said that, I find WeWork to be an interesting play in the hybrid remote/in person work culture that alot of people are predicting in the post Covid era.
Their buying office space play turned out to be a disaster but the renting out office space play may turn out to be something alot of companies are open to if they want to move to a hybrid model where they downsize their own fixed costs for office space and allow employees to have a budget to work from home part time and go into a WeWork office part time.
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[ 0.16 ms ] story [ 12.4 ms ] thread> In fact, at $2.98 billion, the loss in the first half of this year is three times wider than in the same period in 2019.
If you were wondering about its founder Adam Nuemann
> he retains a stake in the business of 9% and a net worth of about $2.3 billion. Neumann, 42, was also granted the right to return to WeWork board meetings in about four months as an observer.
So if you think he's a positive force then this is a good signal, if you didn't like how he ran the company before, then well...
If you were wondering it trades at a market cap of about $8.7B now, which is a far cry from the $80B they wanted to go public at back in 2019 and the $47B that softbank valued them at in a 2019 fundraising round.
Having said that, I find WeWork to be an interesting play in the hybrid remote/in person work culture that alot of people are predicting in the post Covid era.
Their buying office space play turned out to be a disaster but the renting out office space play may turn out to be something alot of companies are open to if they want to move to a hybrid model where they downsize their own fixed costs for office space and allow employees to have a budget to work from home part time and go into a WeWork office part time.
I imagine it was net-negative since people cancelled their contracts and just WFH.