This summer season, WeWork was anticipated to have one of many highest-profile IPOs ever. However then it filed its S-1 paperwork, and all the things got here crashing down.
The S-1 itself was a visit — it started with the phrase “We dedicate this to the power of we,” revealed the myriad methods its personal CEO Adam Neumann was a danger 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 stuffed with weed on a non-public jet to Israel. Underneath continued criticism, Neumann finally stop — and walked away with almost $1.7 billion as a part of a buyout from SoftBank, which has since taken over majority possession of WeWork.
This all occurred in slightly over two months. Now, SoftBank is making an attempt to select up the items of WeWork and transfer ahead — and it could possibly be a tough highway forward. Observe the entire information and updates on 2019’s cleaning soap opera of an organization proper right here.