Nov 20, 2019 - 0 Comments - Co-Working -

Video: WeWork, the Numbers

Even after hipster charismatic CEO Adam Neumann’s rather spectacular ouster, WeWork continues to be one of the most talked about companies in the business world, particularly in any involved with office properties. This video runs through the most telling statistics of WeWork’s fall from grace. They note WeWork was recently taken over by SoftBank at an eight billion dollar valuation, $39 billion less than they valued the company when previously investing $10 billion in the co-working company. Their lease obligations, as disclosed in their S-1 filing in anticipation of going public, apparently totaled $47 billion. They paid $60 million for a private jet used by the now former CEO Neumann, who also received a billion in personal loans from WeWork and its lenders (One can Seinfeld; “Neumann!”). Of the $6.5 billion in the company’s rescure package, a cool billion went for Neumann (again, hearing Seinfeld). The company is also facing layoffs, and had a bunch of phone booths removed for a formaldehyde scare (once more, Seinfeld, exclaiming).