High level clouds. Mild.
The embattled real-estate company has a target to become cash flow positive by 2023 and adjusted ebitda positive by 2021, management told employees today, according to a person with knowledge of the matter.
WeWork has started a search for a new chief executive following the departure of co-founder Adam Neumann, as the US office-sharing start-up seeks to reverse its widening losses.
Jimmy Asci, who had joined the New York-based co-working company in April, resigned last Wednesday, according to a person familiar with the matter who wasn’t authorised to discuss the move publicly and asked not to be identified.
In short order Neumann's office-sharing company has gone from a get-rich story to a you've-got-to-be-joking melodrama – from WeWork to WeWait to, now, WeWorry.
Shared office space manager WeWork looks to raise up to $4bn in debt before it goes public, a source said. As Fred Katayama reports, the move is aimed at fuelling investor confidence in the startup.
WeWork will occupy a brand-new building in Rosebank.
WeWork announced Thursday it is letting go of around 2 400 employees in the biggest step yet by major investor Softbank to put the once Silicon Valley darling on the road to profitability.
SoftBank has made a $5bn debt financing offer to keep WeWork afloat as part of a deal that would make the Japanese technology conglomerate the majority owner of the struggling US office-space sharing start-up, people familiar with the matter
With the drama of a palace coup, Neumann has found himself at odds with WeWork’s largest investor, SoftBank.
WeWork isn’t backing down from its embattled listing, announcing a series of governance changes to assuage investor concerns in an effort to bolster its flailing valuation.
In a statement from the company, WeWork said it will take four of the 11 floors at a property on 80 Strand on a long lease agreement. It is set to open in the fourth quarter of 2019.
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