Recent events
Recent events tied to this brand in public sources.
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2021
WeWork reports first quarterly results as a public company
WeWork reported its third-quarter results in its first earnings report as a publicly traded company, including a net loss of $802 million and revenue of $661 million.
2021
WeWork begins public trading
WeWork became a publicly traded company on the New York Stock Exchange through its merger with BowX Acquisition Corp. Its shares began trading under ticker symbol WE and closed the first trading day up 13.5 percent.
2021
Volopay partners with WeWork on business spend management
Volopay announced a partnership with WeWork to offer an integrated business spend management solution in Singapore and Australia to WeWork members.
2021
WeWork agrees to merge with BowX Acquisition Corp.
According to people familiar with the matter, WeWork agreed to merge with SPAC BowX Acquisition Corp. in a transaction intended to take WeWork public and valuing it at about $9 billion including debt. WeWork had not commented on the proposed merger.
2021
SoftBank settles legal dispute with WeWork committee and Adam Neumann
SoftBank said it reached a settlement with WeWork's special committee and former CEO Adam Neumann, ending a legal battle dating back to 2019. The settlement terms were not disclosed.
2021
WeWork sues over Midtown lease and letter of credit
WeWork claims in a complaint filed in New York State Supreme Court that the Chetrit Group threatened to draw down on a letter of credit tied to its 404 Fifth Avenue lease, and alleges that Chetrit wrongfully drew down a letter of credit for another lease the previous month. The claims are allegations; the article reports no court determination.
2020
WeWork reduces US office rental prices
Audeff Research data cited in the report says WeWork lowered prices for most US rental units in early November 2020 and lowered them again in January; the overall average decrease was about 10%. This event records the November reduction.
2020
WeWork China receives $200 million in funding
WeWork said its China division received $200 million in funding from existing investors concurrent with the control-sale deal.
2020
WeWork announces sale of control of its China business
WeWork said it would give up operational control of its China subsidiary after Trustbridge Partners invested an additional $200 million and acquired more than half of its shares; WeWork would continue to receive service fees and license its brand to the subsidiary.
2020
Zhixin Capital to invest an additional $200 million in WeWork China
WeWork announced that Zhixin Capital would make an additional $200 million investment in WeWork China; the article says Zhixin Capital would become its controlling shareholder after the investment was completed.
2020
Upflex launches Safe Spaces workplace re-entry program
Upflex launched Safe Spaces, a global workplace re-entry program that gives businesses access to approved workspaces following health and safety guidelines. The article says more than 1,300 flex locations were participating.
2020
Parkmerced investor sues WeWork over development deal
Parkmerced Investors LLC is suing WeWork, alleging that WeWork abandoned its development plans and backed out of a pledge to invest $450 million. The plaintiff is seeking at least $100 million in damages.
2020
Adam Neumann sues SoftBank over canceled WeWork stock deal
WeWork co-founder Adam Neumann sued SoftBank over its decision to abandon a $3-billion deal to buy stock from employees and other shareholders. SoftBank's chief legal officer described the claims as meritless and said the agreement did not require SoftBank to complete the tender offer.
2020
WeWork special committee sues SoftBank over failed acquisition offer
WeWork's special committee sued SoftBank and its affiliates, alleging they breached the Master Transaction Agreement by failing to complete the planned tender offer and breached fiduciary duties to WeWork's minority shareholders.
2020
WeWork sues SoftBank over terminated rescue plan
WeWork sued SoftBank in a Delaware court, claiming that SoftBank breached its contractual obligations by backing out of a $3 billion rescue plan. The complaint alleges that SoftBank acted after receiving most of the benefits under the deal; these are allegations reported in the source, not a court determination.
2020
SoftBank abandons its WeWork tender offer
SoftBank notified WeWork's special committee that it would not complete the tender offer for WeWork that it had agreed to in October 2019. The committee said it was considering legal options, including a possible lawsuit; the source reports the withdrawal in an article published on April 2, 2020.
2020
WeWork offers rent discounts tied to long-term leases
WeWork reportedly offered some U.S. customers rent discounts if they agreed to sign long-term lease agreements. The offers were reported as an effort to reduce cancellations during the pandemic.
2020
WeWork committee challenges SoftBank over tender offer
WeWork’s board special committee said it was taking steps to ensure SoftBank completed its promised tender offer for employee and shareholder shares, and called failure to complete the purchase unethical. SoftBank responded that it continued to meet its agreement obligations but that conditions required for closing had not been met.
2020
WeWork lays off most remaining Managed by Q staff
More than 75 of Managed by Q’s roughly 100 employees were laid off as WeWork unloaded the business; the report said employees would receive severance packages from WeWork.
2020
Lawsuit filed against WeWork alleging discrimination
Ayesha Whyte sued WeWork, alleging gender and racial discrimination after the company demoted her and cut her pay. WeWork refuted the allegations and said it believed the claims were without merit.