The tide has turned against WeWork after a botched IPO attempt — now its trouble is deepening. Here's everything that's going on inside the coworking giant.

Associated Press

• WeWork pulled its IPO in 2019 after mulling a massive valuation cut to drum up investor interest, and cofounder Adam Neumann was ousted as CEO and chairman. WeWork has been slashing jobs and selling or shuttering businesses. 
• New CEO real-estate veteran Sandeep Mathrani started in February, replacing Artie Minson and Sebastian Gunningham, who served as co-CEOs since Neumann was ousted.
• In April, investor SoftBank backed out of its plan to buy $3 billion worth of WeWork shares, including nearly $1 billion from Neumann. Two of WeWork's board members then sued the investor. 
• Here's how we got here, and what's next for WeWork. 
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Here's everything we know about what's going on inside WeWork:

The latest

• WeWork is rolling out global layoffs over Zoom and has kicked off talks to slash jobs in the UK as the coworking giant struggles to cope with coronavirus fallout
• Outsourced WeWork community service associates just lost their jobs — even as the coworking giant keeps offices open and charges members for space they can't use
• WeWork members are getting fed up paying rent while the coworking giant tries to catch a break on its own leases. Here's how 4 entrepreneurs are trying to get out.
• WeWork board members are suing SoftBank for backing out of its plan to buy $3 billion of shares, and former CEO Adam Neumann is still weighing legal options
• SoftBank is backing out of its plan to buy $3 billion worth of WeWork shares, including nearly $1 billion from former CEO Adam Neumann
• Real-estate giant JLL is gaining a key partnership as WeWork unloads its Managed by Q business at a fire-sale price
• WeWork just gave its US tenants guidance on coronavirus outbreak — weeks after the outbreak started
• WeWork paid over $2 million in cash to a woman who threatened to expose claims of sex, illegal drugs, and discrimination in a horrifying 50-page document
• WeWork's new CEO Sandeep Mathrani has to pull off one of the most difficult turnarounds Silicon Valley has ever seen. Insiders explain what he's like, and why he's the guy to do it.

 

See the rest of the story at Business Insider

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