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By Staff Reporters
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WeWork, the co-working company that was valued at $47 billion four years ago just warned that there was “substantial doubt about our ability to continue as a going concern,” which means it could soon file for bankruptcy.
The We Company filed its Form S-1 for the IPO in August 2019. The following month, facing mounting pressure from investors based on disclosures in the S-1, company co-founder Adam Neumann resigned from his position as CEO and gave up majority voting control. Amid growing investor concerns over its corporate governance, valuation, and outlook for the business, the company formally withdrew its S-1 filing and announced the postponing of its IPO. At that time, the reported public valuation of the company was US $10 billion, a reduction from the $47 billion valuation it had achieved in January and less than the $12.8 billion it had raised since 2010.
The gradual return-to-work movement has not benefited WeWork as much as it anticipated: Memberships declined last quarter, and the company posted a net loss of $397 million.
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Filed under: Accounting, Alternative Investments, Breaking News, Investing | Tagged: adam neumann, bankruptcy, IPO, wecompany, WeWork | Leave a comment »
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