WeWork's Rise and Fall 2010: Adam Neumann co-founds WeWork Concept: Trendy coworking spaces 2014-2018: Rapid expansion ⢠Raises billions in funding ⢠Valuation hits $47 billion ⢠Opens locations globally 2019: IPO attempt reveals issues ⢠Massive losses exposed ⢠Neumann's conflicts of interest uncovered ⢠Corporate governance problems highlighted September 2019: Neumann forced out as CE October 2019: SoftBank bailout ⢠$9.5 billion rescue package ⢠Valuation plummets to $8 billion 2020-2021: Pandemic struggles ⢠Empty offices ⢠Lawsuits from investors 2021: SPAC merger ⢠Goes public at $9 billion valuation 2022-2023: Continued challenges ⢠Persistent losses ⢠Multiple CEO changes ⢠Stock price decline Lessons: 1. Sustainable growth trumps rapid expansion 2. Proper governance is crucial 3. Beware of charismatic leaders without checks 4. Profitability matters, not just vision A tale of hype, mismanagement, and the dangers of prioritizing growth over fundamentals Fllw fr more
Download the medial app to read full posts, comements and news.