WeWork, once a darling of startup culture that became a high-flying office-sharing behemoth worth $47 billion in 2019, has filed for Chapter 11 bankruptcy protection. Now, the company will fight to restructure its business and stay alive.
Former WeWork CEO and co-founder Adam Neumann is attempting to make a comeback in the form of a residential real-estate venture that has already lined up funding and is valued at more than $1 billion.
Softbank has warned about deeper losses for the year due to a whopping $6.6 billion write-down on its WeWork investment.
Japanese investment powerhouse SoftBank has confirmed that it will not be purchasing $3 billion worth of WeWork shares, citing multiple “significant” criminal and civil investigations into WeWork and its finances among other factors.
The ongoing collapse of the office-sharing company WeWork is the result of derelict board members and greedy financiers who failed to rein in the erratic behavior of former CEO Adam Neumann, according to a new investigative report.
Embattled co-founder and CEO of WeWork Adam Neumann is reportedly leaving following a rocky tenure that has been plagued by allegations of outrageous conduct, including alleged drug use and his copyrighting of the word “We” which he charged his own company to use.
