WeWork Inc is a provider of coworking spaces, including physical and virtual shared spaces, headquartered in New York City.
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33 Facts About WeWork
2.
In September 2019, following mounting pressure from investors based on disclosures WeWork had made in its S-1 filing for the IPO, company co-founder Adam Neumann resigned from his position as CEO and gave up majority voting control in WeWork.
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3.
Amid growing investor concerns over its corporate governance, valuation, and outlook for the business, WeWork formally withdrew its S-1 filing and announced the postponing of its IPO.
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4.
WeWork was retained as a consultant with an annual salary of $46 million.
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5.
In 2010, Neumann and McKelvey sold the business and founded WeWork, renting its first location in SoHo, Manhattan, which opened in April 2011.
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6.
In February 2015, WeWork was named to Fast Company's 50 Most Innovative Companies list.
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7.
In March 2016, WeWork raised $430 million in financing from Legend Holdings and Hony Capital, valuing the company at $16 billion.
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8.
In July 2016, WeWork fired and sued Joanna Strange, an employee who leaked information to the press that showed that WeWork would miss its financial goals.
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9.
In October 2016, WeWork announced plans to open a fourth location in Central Square, Cambridge, with space for 550 desks.
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10.
WeWork opened offices in Boston's Leather District and Fort Point in 2014.
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11.
In 2016, WeWork launched a separate but related co-living venture called WeLive in New York City and in Crystal City, Virginia, near the Ronald Reagan Washington National Airport in the Washington metropolitan area.
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12.
In May 2017, WeWork opened a luxury health club at its Broad Street, Manhattan location.
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14.
In September 2017, WeWork expanded into Southeast Asia via the acquisition of Singapore-based SpaceMob, and it allocated $500 million to grow in Southeast Asia.
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15.
Also in November 2017, WeWork invested in Wavegarden, which designs and manufactures artificial wave devices.
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16.
Also in November 2017, WeWork announced that in the fall 2018, it would launch WeGrow, a private school for children aged 3 through students in grade 4.
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17.
In December 2018, WeWork opened its first location on a college campus at the University of Maryland, College Park.
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18.
In March 2018, WeWork raised over $400 million alongside Rhone Group, a private equity firm to start a fund to purchase properties directly.
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19.
In May 2018, WeWork acquired MissionU, a self-styled college alternative, for $4 million in stock.
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20.
In July 2018, WeWork raised $500 million to expand its business in China, valuing its Chinese subsidiary at $5 billion.
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21.
In September 2018, WeWork acquired Teem, an office management software company, for $100 million.
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22.
In January 2019, WeWork raised an additional $2 billion from SoftBank at a $47 billion valuation.
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24.
WeWork was retained as a consultant with an annual salary of $46 million.
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26.
Also in October 2019, WeWork abandoned plans to open an office in the U S Steel Tower in downtown Pittsburgh.
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27.
WeWork said another 700 phone booths would possibly be taken out of service as a precautionary measure.
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28.
In January 2020, WeWork began phasing out free beer at all North American co-working locations and announced plans for a slower growth rate.
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29.
In late March 2020, WeWork laid off 250 employees in an effort to lower expenses, followed by another round of employee layoffs at the end of April 2020.
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30.
WeWork replaced Benjamin Dunham, who departed after 18 months at the company.
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31.
In June 2019, WeWork was sued by the former head of compensation, Lisa Bridges, for gender-based pay discrimination, particularly in granting stock options.
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32.
WeWork's alleged that she was fired after discussing the issue.
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33.
WeWork was sued by several landlords for breach of contract when it failed to pay rent or for closing locations.
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