WeWork names Mathrani as its new CEO
Office sharing-space company, WeWork has appointed Sandeep Mathrani as its new CEO. Mathrani will step into the shoes of former co-founder and leader, Adam Neumann. He will also replace Artie Minson and Sebastian Gunningham, who have been acting as interim CEOs since Neumann’s departure. Mathrani’s new role begins Feb. 18. He will be reporting to […]
WeWork planning to layoff at least 4000 employees
WeWork is planning to make redundant at least a third of its staff, according to The New York Times. Additionally, a source told The Times that WeWork was planning to slash 2,000 to 2,5000 employees from its global ventures. The source added that around 1,000 maintenance workers will be transferred to an outside contractor and […]
Adam Neumann in line for a $1.7b payout
WeWork co-founder Adam Neumann will be walking away with $1.7b payout as investors seize control of the company. Apart from Neumann, no one seems to benefit as thousands of employees wait to hear if they will lose their jobs, reports The Guardian. Neumann used to describe the company as the “largest physical social network in […]
Goldman Sachs loses $80 million in WeWork investment
Goldman Sachs has lost out on an $80 million investment in WeWork, reports The Guardian. Initially, the bank refused to announce on its losses regarding its investment in the financially troubled office-sharing space. However, according to Stephen Scherr, the chief financial officer, the bank had to make the announcement public as it had “got quite […]
SoftBank to control WeWork operations
WeWork is desperate to find a solution to shore up its financial status after its New York parent company, We Co. pulled back on its decision for an initial public offering (IPO) and the company’s founder, Adam Neumann decided to step down. Amid this financial crunch, WeWork sought negotiations with its largest shareholder SoftBank. In […]
WeWork may go bankrupt by November
WeWork ‘s downward spiral continues. The company reported a loss of $900 million for the first half of 2019 in regulatory documents ahead of its planned initial public offering which the company later canceled. WeWork CEO Adam Neumann also stepped down in light of the given financial crunch situation that the company was in. Initially, […]
WeWork’s parent company unveils papers for IPO
WeWork’s parent company unveiled the papers for its initial public offering Wednesday, taking the next step toward the office-space firm’s high-profile debut as soon as September, reports Maureen Farrell of the Wall Street Journal. The filing gives the most detailed financial picture to date of We Co., which was known as WeWork Cos. until recently. […]
