The tech bubble is popping, but not in the way anyone expected. After years of fretting that free-spending start-ups with unrealistic valuations would bring down the start-up economy on its own, a global pandemic is doing it in instead.
Browsing: Adam Neumann
WeWork says it doesn’t expect to hit its 2020 financial targets as it grapples with the coronavirus outbreak.
SoftBank Group told shareholders of WeWork that it could withdraw from an agreement to buy $3-billion of stock in the co-working business, casting doubt on a deal that had been set to close in about two weeks.
SoftBank’s bad year goes well beyond WeWork. Investors are starting to get the feeling that whatever Masayoshi Son brings to the public is troubled.
In a remarkable fall from grace, the office-sharing company that Adam Neumann co-founded in 2010, the one he promised would elevate the world’s consciousness, is no longer his.
WeWork’s plan to go public, in one of the largest stock offerings of the year, has hit a wall. Now the company will see whether sacrificing its divisive leader can save a crucial fundraising effort.
Adam Neumann, the charismatic entrepreneur who led WeWork to become one of the world’s most valuable start-ups, is stepping down as CEO after a plan to take the company public hit a wall.
With the drama of a palace coup, some directors are considering a plan to encourage the brash co-founder of the once high-flying real estate start-up to step down as chief executive.
WeWork pushed back its much-awaited initial public offering, and said it now expects to complete the listing by the end of this year as concerns mount over the company’s governance, valuation and business prospects.
As WeWork continues its stumble to the public markets, some prognosticators see this moment as something more significant: that a WeWork belly-flop portends the end of the unicorn era in Silicon Valley.