INSUBCONTINENT EXCLUSIVE:
This follows reports the company was looking to slash as many as 5,000 roles, or one-third of its workforce.Now expected to go public in
2020 at a valuation as low as $10 billion, WeWork is also in negotiations with JPMorgan for a last-minute cash infusion to replace the
capital expected from the now-postponed IPO, per reports
The company, now a cautionary tale, has been working with bankers in recent weeks to reduce the sky-high costs of its money-losing
operation.News of potential layoffs come about two weeks after co-founder and chief executive officer Adam Neumann resigned from his post
and the nine-year-old company postponed its highly anticipated initial public offering
acquisitions, including Managed by Q, Conductor and Meetup.Layoffs are a natural next step for the business as it aims to carve out a clear
path to profitability, now a requisite for a 2020 IPO
profits.WeWork revealed an unusual IPO prospectus in August after raising more than $8 billion in equity and debt funding
Despite financials that showed losses of nearly $1 billion in the six months ending June 30, the company still managed to accumulate a
While our business has never been stronger, in recent weeks, the scrutiny directed toward me has become a significant distraction, and I
have decided that it is in the best interest of the company to step down as chief executive
