- Jackal Pan/Reuters
- The We Company, better known as WeWork, is preparing for an initial public offering. Backed by SoftBank, the managed office company was last valued at $47 billion.
- Like other unicorns going public, the company is losing billions – last year, both its revenue and losses doubled.
- CEO and cofounder Adam Neumann has been in the spotlight for his unusual pitches, accounting methods, and potential conflicts of interest, as well as a range of far-flung investments with WeWork money.
- Business Insider reports regularly on the latest developments at WeWork. You can read our stories by subscribing to BI Prime.
Here’s what we know about what’s going on inside of $47 billion WeWork right now, from its path to an initial public offering to CEO and cofounder Adam Neumann’s leadership evolution and investment appetite:
- WeWork’s CFO says it will generate $2 billion in profit on the desks it’s opened this year, and it shows the importance of the ‘space-as-a-service’ model
- WeWork’s ‘entirely new, nonsense’ way of evaluating its profits is eerily similar to the tech bubble
- The past 4 years of WeWork’s pre-IPO financials show just how important cash flow is to the company’s growth
- WeWork reported its financials for 2018 and both its revenue – and losses – doubled
- One of WeWork’s buildings is profitable, and the company says it’s a vindication of its model
- WeWork documents reveal it owes $18 billion in rent and is burning through cash as it seeks more funding
- WeWork’s CEO raised $4.4 billion from a Saudi-backed fund, but said going forward he’d consider declining investments on moral grounds
- How WeWork’s CEO grew a $10 billion relationship with SoftBank CEO Masayoshi Son, whom he calls ‘Yoda’
- It took a day for WeWork’s CEO to recover from the shock of a $16 billion SoftBank investment falling apart
- SoftBank has slashed a planned $16 billion mega-investment in WeWork after facing objections and will now invest $2 billion
- SoftBank is in talks to invest $15B to $20B in WeWork for a majority stake
Road to IPO
- WeWork is setting up a $2.9 billion fund to buy buildings that it will lease to itself
- WeWork confidentially filed to go public
- A top WeWork executive explains why the company doesn’t have the same issues as Airbnb and Uber
- WeWork’s copresident says it’s ‘really just getting started’ on working with Fortune 500 companies, as it files to go public
- WeWork’s CEO says the way it rents out office space makes companies’ financials look better. Some experts aren’t sure how legitimate the pitch is.
- WeWork’s CEO explains why he thinks his $47 billion company is recession-proof and how he keeps his ego in check as a young billionaire
- WeWork CEO Adam Neumann has reportedly made millions of dollars by leasing office space to his own company
- WeWork bans meat at company events and won’t let employees expense meals that include meat because it’s bad for the environment
- WeWork’s tech head explains why the office provider is buying a building access app used by top landlords
- Here are all the wild things, from wave pools to turmeric coffee creamer, that WeWork’s surfing founder has invested in
- WeWork acquires $249 million office-services startup Managed by Q as it goes after larger business customers
- $20 billion startup WeWork continues its shopping spree with $200 million for Meetup
- WeWork just led a $32 million funding round for a female-run startup that’s basically a social club for women
Partnerships and other businesses
- Rent the Runway now has drop-off locations at WeWork offices in 6 major cities – here’s how it works
- A $20 billion startup that rents office space to millennials is opening a grade school inside its offices
- Inside WeWork’s WeLive, where millennials squeeze into tiny apartments to take advantage of perks like Sunday dinner, daily happy hours, and morning yoga
- The most valuable startup in New York City just opened its first gym to compete with Equinox – see what it’s like inside
- Mastercard partners with WeWork to pilot office payments