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11 mind-blowing facts about WeWork's global business as it prepares for a massive IPO
11 mind-blowing facts about WeWork's global business as it prepares for a massive IPO
Kevin WebbAug 14, 2019, 22:39 IST
WeWork cofounders Miguel McKelvey and Adam NeumannWeWork
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The We Company just filed for its IPO, revealing tons of new details about how the company operates.
Originally founded as WeWork in 2010, The We Company rebranded at the start of the year to more accurately define its business, which has grown to include more than just co-working spaces.
Lead by CEO Adam Neumann, the We Company has been valued at $47 billion.
WeWork has officially filed its paperwork for its initial public offering, offering the first clear look into how the company's business operates. WeWork launched in New York City back in 2010 with a single co-working space.
The company's unique approach to shared work environments and aggressive real estate acquisitions have helped it expand across the globe, opening offices in more than 100 cities worldwide. At the start of 2019 WeWork rebranded to The We Company to more accurately reflect the company's growing portfolio of businesses, which includes an elementary school program and residential living spaces.
Despite posting mounting losses in the last three years, The We Company has been valued at $47 billion, and its IPO has been highly anticipated by potential investors.
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Here are some impressive facts about The We Company's global business and its 40-year-old founder and CEO Adam Neumann:
WeWork bought Lord & Taylor's flagship store building in New York City in October 2017 for $850 million, an example of the company's aggressive real estate acquisitions.
WeWork now provides co-working desk space in commercial buildings in more than 110 cities and 29 countries.
WeWork's first international office opened in London in 2014, and by 2016 the company had opened new locations in Tel Aviv, Shanghai, and Mexico City.
The We Company says it currently offers 604,000 workstations around the world.
The We Company was last valued at $47 billion.
The We Company posted a net loss of $1.6 billion in 2018 while generating $1.8 billion in revenue.
Based on its S-1 filing, The We Company has posted increasing losses over the last three years as it expands its real estate portfolio and launches new businesses.
WeWork is just one of four businesses under the umbrella of The We Company. The company is also developing elementary school and gym spaces.
WeWork rebranded itself to become the We Company at the start of 2019 and defined the different businesses the company operates. WeWork is dedicated to coworking spaces in commercial buildings, while WeLive focuses on group living spaces in residential areas.
WeGrow is a newer brand launching small "micro-schools" for elementary-level students. Currently the only WeGrow school operates out of New York City's Chelsea neighborhood. Rise by We is a luxury gym and wellness brand.
We Company cofounder and CEO Adam Neumann immigrated to the United States from Israel in 2001. Since then he's amassed an estimated net worth of $4.1 billion.
Neumann moved to New York City after spending five years in the Israel Defense Force and had a key role in several startups before launching WeWork.
Neumann declined to take a salary during 2018, and in 2017 he was paid just $1.
Though Neumann has declined a regular salary during the past two years, he will retain a majority interest in the company as it goes public. That means he will keep voting control over the company after investors buy stock in the IPO.
Rebekah Paltrow Neuman is the CEO of WeGrow, and would have a say in The We Company's next CEO if Neumann dies or can no longer work.
Japanese conglomerate SoftBank has invested more than $10 billion in The We Company. Neumann said he has a close relationship with SoftBank CEO Masayoshi Son.
While SoftBank is one of The We Company's biggest investors, The We Company has attracted interest from a variety of other big investors.
