Recent events
Recent events tied to this brand in public sources.
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2020
WeWork outlines five-year plan and cash-flow targets
WeWork board chairman Marcelo Claure released the company's five-year plan. The plan set a short-term target of positive free cash flow in 2022 and projected $1 billion in 2024; WeWork also forecast that some 2020 quarters could have losses exceeding $1 billion.
2020
WeWork appoints Sandeep Mathrani as CEO
WeWork announced that Sandeep Mathrani would become its CEO, replacing co-CEOs Artie Minson and Sebastian Gunningham. Mathrani was to begin the role on February 18.
2019
Spacious announced it would close at the end of 2019
Spacious informed customers that it would close on December 31, 2019, as part of WeWork’s renewed focus on its core workspace business.
2019
WeWork reportedly faces layoffs of one-third of its workforce
A report cited in the article said WeWork had recently been reported to be laying off one-third of its workforce; the article does not establish that the layoffs were completed.
2019
WeWork announces executive appointments
WeWork announced Matthew Jahansouz as chief human resources officer, Maurice Lévy as interim chief marketing and communications officer, and Ralf Wenzel as chief product experience officer.
2019
SoftBank launches $3 billion tender offer for WeWork shares
SoftBank launched a $3 billion tender offer for WeWork stock. We Co., WeWork's parent, had agreed to the offer the previous month as part of a $9.5 billion rescue package.
2019
CasaOne raises $16 million in Series B funding
CasaOne raised $16 million in Series B funding led by existing investor Accel Partners, with other investors also participating.
2019
WeWork announces workforce cuts affecting about 2,400 employees
WeWork said its workforce cuts had begun weeks earlier around the world and would continue in the United States that week, affecting about 2,400 employees, or 19% of its workforce. The affected employees would receive severance pay, continued benefits and other assistance.
2019
WeWork says U.S. job cuts will begin in earnest
WeWork said it would begin job cuts in earnest in the United States that week. The process would eliminate or scale back some functions and responsibilities as the company sought to stabilize its business.
2019
WeWork announces planned divestitures
WeWork said it planned to divest several related businesses, including Conductor, The Wing, Managed by Q, Meetup, Space IQ, Teem and Wave Garden.
2019
WeWork announces a restructuring plan
WeWork said it planned to focus on its core shared-office business and divest several related businesses as part of a turnaround plan.
2019
BIPA lawsuits filed against Juul and WeWork
Juul and WeWork were named as defendants in potential class-action lawsuits in Illinois alleging violations of the Biometric Information Privacy Act’s requirements for informing people about biometric-data collection, use and storage and obtaining written consent. The article says no misuse or theft of the information was alleged.
2019
Shareholder sues over Adam Neumann exit package
A WeWork shareholder filed suit over the nearly $1.7 billion exit package approved for former co-founder Adam Neumann. The lawsuit alleges that Neumann and SoftBank abused their control of the company to approve the deal at the expense of smaller shareholders; WeWork called the claims meritless.
2019
Former employee files lawsuit against WeWork and SoftBank
Former WeWork employee Natalie Sojka filed a class-action lawsuit contesting WeWork's alleged breach of workers' stock options and also suing majority stakeholder SoftBank over its purchase of Adam Neumann's stock amid the IPO cancellation. WeWork said it believes the lawsuit is meritless.
2019
WeWork receives $1.5 billion from SoftBank
WeWork announced that it had received $1.5 billion in investment from SoftBank, accelerating SoftBank's fulfillment of an existing payment commitment.
2019
WeWork board and management changes take effect
WeWork's board and management changes took effect, including Marcelo Claure's appointment as executive chairman and Adam Neumann's appointment as a board observer.
2019
WeWork outlines plan to focus on profitability
WeWork executives told employees the company would spend the next month developing a plan to move away from growth and build its bottom line. The report also said mass layoffs loomed.
2019
SoftBank agrees to provide financing to WeWork and make a shareholder offer
SoftBank agreed to provide WeWork with $5 billion in new financing, make an offer of up to $3 billion to existing shareholders, and accelerate an existing $1.5 billion investment commitment. The article reports the agreement and offer, not their completion.
2019
Report says WeWork plans to cut up to 4,000 jobs
Reuters reported that WeWork was planning to cut as many as 4,000 jobs as part of a turnaround plan put in place by SoftBank after it took control of the company. The reported job cuts would amount to just under a third of WeWork’s global workforce; the report attributed the plan to people with direct knowledge.
2019
WeWork employees express outrage over proposed Neumann payout
WeWork employees expressed indignation over a proposed payout to former leader Adam Neumann while employees faced the prospect of mass job cuts. The article reports employee reactions and does not establish a formal determination of wrongdoing.