WeWork is an American real estate
company that designs and builds shared workspaces for entrepreneurs and companies particularly technology startups.
It also provides services
to other enterprises.
It is headquartered in New York City.
History
WeWork was co-founded
by Adam Neumann and Miguel McKelvey in 2010.
After starting with just two locations the company made steady and impressive growth
and reached up to 178 locations in 18 countries in 2017.
In August 2017 WeWork got a massive $4.4 billion funding
from Japanese giant SoftBank which took its valuation to $20 billion.
Later that year
, WeWork started its operations in China and South-East Asia.
In 2018, WeWork had about 47 million sq. feet of space
with it.
In Jan. 2019, the company decided to change the legal name
of WeWork to We Company.
‘Going gets tough’
We Work’s valuation zoomed up
to $47 billion when SoftBank invested a further $2 billion in it in January.
Being high on confidence
, WeWork planned an Initial Public Offer (IPO) in September, but it had to be postponed after investors raised questions
over the company’s worth.
They also had concerns
about the company’s governance.
Due to this backlash, Adam Neumann decided to step down
as CEO of the company earlier this week.
We Work’s current valuation is now down
to just $10-12 billion.