This summer season, WeWork was anticipated to have one of many highest-profile IPOs ever. However then it filed its S-1 paperwork, and every thing got here crashing down.
The S-1 itself was a visit — it started with the phrase “We dedicate this to the vitality of we,” revealed the myriad methods its personal CEO Adam Neumann was a threat issue, and outlined a succession plan that, if something occurred to Neumann, let his spouse or a household trustee choose a brand new CEO. The IPO collapsed shortly after. Then, a wild profile of Neumann got here out, with a narrative of how he as soon as introduced a cereal field filled with weed on a non-public jet to Israel. Below continued criticism, Neumann ultimately stop — and walked away with practically $1.7 billion as a part of a buyout from SoftBank, which has since taken over majority possession of WeWork.
This all occurred in a little bit over two months. Now, SoftBank is making an attempt to choose up the items of WeWork and transfer ahead — and it might be a tough highway forward. Comply with all the information and updates on 2019’s cleaning soap opera of an organization proper right here.