Not too long ago, WeWork was the talk of the metaphorical town, as one of the most highly valued start-ups of all time.
Then, in what seemed like a moment, the entire empire came tumbling down, and the company has spent the last few months dealing with both a PR and financial crisis.
Japanese conglomerate SoftBank has had to step in to save the day with a massive bailout that just about keeps the lights on, and the company is now being held up as an example of how quickly it can all come tumbling down.
If you’re keen to understand how the unravelling occurred, here’s Bloomberg:
In less than one year, WeWork went from having a $47 billion valuation and being the darling of the venture capital world to needing an $8 billion infusion to avoid running out of money.
This is the story of Adam Neumann, SoftBank’s risky investment, a failed IPO and how we got here.
Adam Neumann is one interesting character, so get comfy and watch it all fall apart:
[source:bloomberg]
