History of WeWork in Timeline
WeWork is a company that provides shared workspace, including physical and virtual offices. It is headquartered in New York City. WeWork's business model centers around leasing office space and then subletting it to individuals and companies as coworking spaces.
May 2008: Adam Neumann and Miguel McKelvey established GreenDesk
In May 2008, Adam Neumann and Miguel McKelvey founded GreenDesk, an "eco-friendly coworking space" located in Brooklyn.
2010: Neumann and McKelvey sold GreenDesk and founded WeWork
In 2010, Adam Neumann and Miguel McKelvey sold GreenDesk and established WeWork.
2010: Raised $12.8 billion since 2010
Since 2010, The We Company had raised $12.8 billion.
April 2011: WeWork opened its first location in SoHo, Manhattan
In April 2011, WeWork launched its first location in SoHo, Manhattan.
2011: PepsiCo employees act as advisors at WeWork
In 2011, PepsiCo stationed several employees at a WeWork location to advise smaller member companies, transforming the location into a startup incubator.
2013: WeWork customers included 350 startups
By 2013, WeWork's clientele had expanded to include 350 startups, among them Fitocracy and HackHands.
2014: WeWork opened offices in Boston's Leather District and Fort Point
In 2014, WeWork expanded its presence by opening offices in Boston's Leather District and Fort Point.
2014: WeWork considered fastest-growing lessee
In 2014, WeWork gained recognition as 'the fastest-growing lessee of new office space in New York'.
February 2015: WeWork Named to Fast Company’s 50 Most Innovative Companies list
In February 2015, WeWork secured a spot on Fast Company’s 50 Most Innovative Companies list.
June 1, 2015: Artie Minson joined as president and chief operating officer
On June 1, 2015, Artie Minson, previously the chief financial officer of Time Warner Cable, became WeWork's president and chief operating officer.
August 2015: WeWork acquired CASE
In August 2015, WeWork completed its first acquisition by purchasing CASE, a real estate and construction technology company.
March 2016: WeWork raised $430 million in financing
In March 2016, WeWork secured $430 million in funding from Legend Holdings and Hony Capital, placing the company's valuation at $16 billion.
June 2016: WeWork Layoffs
In June 2016, WeWork announced it would be laying off 7% of its staff and implementing a temporary hiring freeze.
July 2016: WeWork fired and sued Joanna Strange
In July 2016, WeWork terminated Joanna Strange, an employee who leaked information to the press and sued her. The leaked information showed that WeWork would miss its financial goals.
October 2016: WeWork had raised $1.7 billion in private capital
By October 2016, WeWork had secured $1.7 billion in private capital.
2016: WeWork launched WeLive
In 2016, WeWork introduced WeLive, a co-living venture, in New York City and Crystal City, Virginia.
April 2017: WeWork launched an online store
In April 2017, WeWork launched an online store offering services and software to its members.
May 2017: WeWork opened a luxury health club
In May 2017, WeWork launched a luxury health club at its Broad Street, Manhattan location, featuring exercise equipment, a boxing area, a spa, and a yoga studio with fitness classes.
July 2017: WeWork raised $760 million in a Series G financing round
In July 2017, WeWork successfully raised $760 million through a Series G financing round, valuing the company at $20 billion. WeWork also announced expansion plans into China with US$500 million invested by SoftBank and Hony Capital.
August 2017: WeWork raised $4.4 billion from the SoftBank Vision Fund
In August 2017, WeWork secured $4.4 billion from the SoftBank Vision Fund, resulting in a valuation of approximately $20 billion.
September 2017: WeWork expanded into Southeast Asia
In September 2017, WeWork expanded into Southeast Asia through the acquisition of SpaceMob, allocating $500 million to grow in Southeast Asia.
October 2017: WeWork acquired the Lord & Taylor Building
In late October 2017, WeWork entered into an agreement to purchase the Lord & Taylor Building on Fifth Avenue in Manhattan from the Hudson's Bay Company for $850 million. Also in October 2017, WeWork acquired Flatiron School, a coding school.
November 2017: WeWork invested in The Wing and acquired Meetup
In November 2017, WeWork invested in The Wing, a co-working space for women, and acquired Meetup for approximately $156 million. WeWork also invested in Wavegarden and announced the launch of WeGrow.
December 2017: WeWork opened its first location in Singapore
In December 2017, WeWork inaugurated its first location in Singapore.
January 2018: Students taking online university courses were given access to WeWork common spaces
In January 2018, students enrolled in online university courses from 2U were granted access to WeWork common spaces and meeting rooms.
March 2018: WeWork raised over $400 million
In March 2018, WeWork, alongside Rhône Group, raised over $400 million to initiate a fund for direct property acquisitions. Also in March 2018, WeWork acquired Conductor.
April 2018: WeWork acquired Naked Hub
In April 2018, WeWork acquired Chinese coworking operator Naked Hub for $400 million.
May 2018: WeWork acquired MissionU
In May 2018, WeWork acquired MissionU, a college alternative, for $4 million in stock. MissionU was wound-down shortly afterwards and students were not charged tuition.
July 2018: The company restricted employees globally from being reimbursed by the company for meals that contained pork, poultry, or red meat
In July 2018, WeWork restricted employees globally from being reimbursed by the company for meals that contained pork, poultry, or red meat. The firm also announced that it would not provide meat for events at its locations nor allow meat at self-serve food kiosks in its locations. Also in July 2018, WeWork raised $500 million to expand its business in China, valuing its Chinese subsidiary at $5 billion.
August 2018: WeWork's Flatiron School acquired Designation
In August 2018, WeWork's Flatiron School acquired Designation, a for-profit design school.
September 2018: WeWork acquired Teem
In September 2018, WeWork acquired Teem, an office management software company, for $100 million.
November 2018: SoftBank acquired a warrant to buy up to $3 billion worth of shares
In November 2018, SoftBank secured a warrant to purchase up to $3 billion worth of shares in WeWork by the end of September 2019, valuing the company at $42 billion.
December 2018: WeWork opened its first location on a college campus
In December 2018, WeWork opened its first location on a college campus at the University of Maryland, College Park.
2018: WeGrow launch date
During November 2017, WeWork announced that in the fall of 2018 it would launch WeGrow, a private school for children aged 3 through students in grade 4.
2018: Purchased a Gulfstream G650 business jet
In 2018, WeWork acquired a Gulfstream G650 business jet for over $60 million, highlighting CEO Adam Neumann's excessive spending.
2018: WeWork lost over $2 billion
In 2018, WeWork reported losses exceeding $2 billion.
January 2019: WeWork raised an additional $2 billion from SoftBank
In January 2019, WeWork obtained an additional $2 billion in funding from SoftBank, valuing the company at $47 billion.
February 2019: WeWork transaction closed
In February 2019, the transaction for the Lord & Taylor Building closed.
April 2019: WeWork acquired Managed by Q
In April 2019, WeWork acquired Managed by Q, a platform that office tenants can use to hire service providers.
April 29, 2019: WeWork filed a draft registration statement for a proposed initial public offering
On April 29, 2019, WeWork submitted a draft registration statement for its planned initial public offering.
June 2019: Richard Markel Sues WeWork for Age Discrimination
In June 2019, Richard Markel, a former WeWork executive, sued the company for age discrimination after allegedly being replaced with a younger worker.
July 2019: Adam Neumann had liquidated $700 million of his WeWork stock
By July 2019, Adam Neumann had sold $700 million worth of his WeWork stock.
August 14, 2019: The company filed Form S-1
On August 14, 2019, WeWork submitted Form S-1, which revealed substantial losses, costly lease agreements, and a complicated relationship with founder Adam Neumann. The filing also disclosed $47 billion in future lease obligations and $4 billion in future lease commitments.
August 2019: Paid $5.9 million to an entity owned by Adam Neumann
According to the August 2019 Form S-1 filing, the firm paid $5.9 million to an entity owned by Adam Neumann and other WeWork founders for brand licensing the name.
August 2019: Markel Voluntarily Dismisses Age Discrimination Case
In August 2019, Richard Markel voluntarily dismissed his age discrimination case against WeWork.
August 2019: Criticism over governance, business model, and ability to turn a profit
In August 2019, The Wall Street Journal reported that after releasing its public prospectus, The We Company faced criticism regarding its governance, business model, and ability to generate profits.
August 2019: The We Company filed its Form S-1 for the IPO
In August 2019, The We Company submitted its Form S-1 for its initial public offering (IPO).
August 27, 2019: WeWork acquired Spacious
On August 27, 2019, WeWork acquired Spacious, a company that leases unused space from restaurants during daytime hours.
September 4, 2019: WeWork added its first female director
On September 4, 2019, WeWork appointed its first female director, Harvard Business School professor Frances Frei, to the company's board.
September 13, 2019: The company announced changes to its corporate governance
On September 13, 2019, WeWork announced revisions to its corporate governance, granting the board of directors the authority to select a new CEO. Neumann also agreed to transfer to the company any profits from his real estate deals with the company.
September 2019: SoftBank acquired a warrant to buy up to $3 billion worth of shares
In November 2018, SoftBank secured a warrant to purchase up to $3 billion worth of shares in WeWork by the end of September 2019, valuing the company at $42 billion.
September 2019: Rebekah Neumann resigned as CEO of WeGrow
In September 2019, Rebekah Neumann stepped down as CEO of WeGrow. The WeGrow school closed at the end of the 2019 academic year.
September 2019: Neumann returned the $5.9 million
In early September 2019, Neumann returned the $5.9 million to the company for the use of the trademark and gave the company all of the trademark rights for the "We" family trademarks.
September 17, 2019: WeWork Withdraws S-1 Filing, Postpones IPO
On September 17, 2019, WeWork formally withdrew its S-1 filing and announced the postponement of its IPO until late 2019 due to growing investor concerns over its corporate governance, valuation, and business outlook. At that time, the reported public valuation of the company was around $10 billion, a significant reduction from its earlier valuation.
September 23, 2019: SoftBank Seeks Neumann's Removal as CEO
On September 23, 2019, SoftBank sought to remove Adam Neumann as chief executive of WeWork. Mounting pressure from investors led to his resignation the following day.
October 14, 2019: WeWork Warns Clients of Formaldehyde Contamination in Phone Booths
On October 14, 2019, WeWork warned clients that approximately 1,600 office phone booths at some of its offices in Canada and the United States were tainted with formaldehyde, leading to eye irritation and a strong odor among members.
October 2019: Neumann steps down with US$1.7 billion payout
In October 2019, Adam Neumann received approximately US$1.7 billion from SoftBank for resigning from WeWork's board. He remained a consultant with a $46 million annual salary.
October 2019: Neumann Receives $1.7 Billion from SoftBank for Resignation
In October 2019, Adam Neumann received close to $1.7 billion from SoftBank for resigning from WeWork's board of directors and severing most of his ties to the company. This included payments for his remaining shares, a consulting fee, and credit to repay his loans.
October 2019: Medina Bardhi Sues WeWork Over Gender Pay and Pregnancy Discrimination
In October 2019, Medina Bardhi, former chief of staff for Adam Neumann, sued WeWork over allegations including a gender pay gap, marijuana use by company executives, and pregnancy discrimination.
October 2019: WeWork Announces New Locations and Abandoned Plans
In October 2019, WeWork announced the opening of new co-working locations in Singapore and Manila. Also in October 2019, WeWork abandoned plans to open an office in the U.S. Steel Tower in downtown Pittsburgh.
October 2019: WeLive lease terminated
In October 2019, the lease for a third WeLive location in Seattle was terminated.
November 6, 2019: SoftBank Reports $9.2 Billion Write-Downs on WeWork Investments
On November 6, 2019, SoftBank Group reported $9.2 billion in write-downs on its investments in WeWork, representing approximately 90% of their total investment over the previous few years.
November 21, 2019: WeWork Announces Layoffs of 2,400 Employees
On November 21, 2019, WeWork announced layoffs of 2,400 employees, which constituted almost 20% of its workforce globally.
December 2019: Conductor executives bought back the company from WeWork
In December 2019, Conductor executives repurchased the company from WeWork.
December 2019: Spacious was shut down
Spacious, which WeWork acquired in August 2019, was shut down 4 months later, in December 2019.
January 2020: WeWork Phasing Out Free Beer, Slowing Growth Rate
In January 2020, WeWork began phasing out free beer at all North American co-working locations and announced plans for a slower growth rate.
January 2020: WeWork sold the stake in The Wing
In January 2020, WeWork sold its stake in The Wing.
February 1, 2020: Sandeep Mathrani Announced as New CEO
On February 1, 2020, WeWork announced that Sandeep Mathrani would become CEO of the company, effective February 18, 2020.
February 3, 2020: WeWork Opens First Location in the Middle East
On February 3, 2020, WeWork opened its first location in the Middle East outside of Israel, in Abu Dhabi's technology park Hub 71, branded as WeWork x Hub 71.
February 10, 2020: WeWork Temporarily Closes 100 Buildings in China Due to COVID-19
On February 10, 2020, WeWork announced the temporary closure of 100 buildings in China due to the COVID-19 pandemic.
February 2020: Ayesha Whyte Sues WeWork for Gender and Race Discrimination
In February 2020, Ayesha Whyte, former director of employee relations, sued WeWork for gender and race discrimination, alleging she was promised a well-paying job that never materialized.
February 18, 2020: Sandeep Mathrani Becomes CEO
On February 18, 2020, Sandeep Mathrani officially became the CEO of WeWork.
March 2020: WeWork Sold Managed by Q
In March 2020, WeWork divested Managed by Q at a loss.
March 2020: WeWork Lays Off 250 Employees
In late March 2020, WeWork laid off 250 employees in an effort to lower expenses.
April 2020: WeWork Lays Off More Employees
At the end of April 2020, WeWork conducted another round of employee layoffs.
April 2020: SoftBank Cancels $3 Billion Tender Offer, WeWork Sues
In April 2020, SoftBank canceled its $3 billion tender offer to buy shares from major WeWork stockholders, citing regulatory issues and investigations. WeWork subsequently sued SoftBank.
May 4, 2020: Adam Neumann Sues SoftBank for Withdrawing Tender Offer
On May 4, 2020, former CEO Adam Neumann separately sued SoftBank for withdrawing the $3 billion tender offer.
June 5, 2020: McKelvey Announces Departure from WeWork
On June 5, 2020, McKelvey announced that he would be leaving WeWork at the end of the month.
June 2020: Whyte's Discrimination Lawsuit Forced into Arbitration
In June 2020, Ayesha Whyte's gender and race discrimination lawsuit against WeWork was forced into arbitration.
June 2020: WeWork sold Flatiron School
In June 2020, WeWork divested Flatiron School.
July 8, 2020: Former WeWork Employees File Complaints Alleging Race and Gender Discrimination
On July 8, 2020, former WeWork stock plan administrator Diane Allen, and former head of diversity & inclusion Christopher Clermont, filed separate complaints against WeWork. Both alleged race discrimination, while Allen also alleged gender discrimination and lack of action over a sexual harassment claim.
2020: WeWork sold Teem to iOffice
In 2020, WeWork divested Teem to iOffice.
2020: Third WeLive location in Seattle was planned
In 2020, WeWork planned a third WeLive location in Seattle.
2020: WeWork Vacates Locations and Renegotiates Leases
In 2020, WeWork vacated 66 locations and renegotiated lower rent, deferrals, or other lease changes at more than 150 others.
January 2021: Apple TV+ Announces "WeCrashed" Show
In January 2021, Apple TV+ announced a new show called WeCrashed that follows the launching and fall of WeWork, starring Jared Leto as Adam Neumann and Anne Hathaway as Rebekah Neumann.
February 2021: Lawsuits Between WeWork, Neumann, and SoftBank Settled
In February 2021, the lawsuits between WeWork, Adam Neumann, and SoftBank were settled.
March 2021: Hulu Unveils WeWork Documentary
In March 2021, Hulu unveiled a documentary titled WeWork: Or the Making and Breaking of a $47 Billion Unicorn, set to be released April 2, 2021.
March 2021: WeWork Reaches Deal to Go Public via SPAC
In March 2021, WeWork reached a deal to become a public company via a special-purpose acquisition company with a $9 billion valuation, merging with BowX Acquisition Corp. Sandeep Mathrani would continue as CEO.
April 2, 2021: Hulu Releases WeWork Documentary
On April 2, 2021, Hulu released a documentary titled WeWork: Or the Making and Breaking of a $47 Billion Unicorn.
July 2021: WeWork terminated WeLive business line
In July 2021, WeWork discontinued its co-living venture, WeLive.
August 2021: WeWork Selected by GSA to Provide Services for Federal Government
In August 2021, WeWork was one of five co-working providers selected by the General Services Administration to provide services for the Federal government of the United States.
October 2021: WeWork Announces Partnership with Cushman & Wakefield
In October 2021, WeWork announced a partnership with Cushman & Wakefield that included a $150 million investment in WeWork.
January 2022: WeWork Acquires Common Desk
In January 2022, WeWork announced the acquisition of Common Desk.
May 2022: WeWork Names Andre Fernandez as New CFO
In May 2022, WeWork named Andre Fernandez as its new CFO, replacing Benjamin Dunham, who departed after 18 months at the company.
April 2023: WeWork Faces Delisting from New York Stock Exchange
In April 2023, WeWork faced potential delisting on the New York Stock Exchange as its stock price had fallen below a $1.00 threshold.
June 2023: WeWork's Financials at the End of June 2023
At the end of June 2023, WeWork had more than 700 locations in 39 countries. The company spent more than 80% of its revenue on rent and interest, exceeding $2.7 billion annually.
June 2023: WeWork Reports Net Loss
Between April and June 2023, WeWork made a net loss of $397 million, an improvement from the same period the previous year.
August 8, 2023: WeWork Warns of Potential Bankruptcy
On August 8, 2023, WeWork warned that it had "substantial doubt" about its ability to stay in business and announced it may need to file for Chapter 11 bankruptcy protection.
August 2023: WeWork warns it may not stay in business
In August 2023, WeWork issued a warning, stating there was 'substantial doubt' about its ability to continue operations and suggesting it might seek Chapter 11 bankruptcy protection.
August 24, 2023: Investment Management Companies Explore Options to Save WeWork
On August 24, 2023, a group of investment management companies, including BlackRock, King Street Capital Management, and Brigade Capital, announced they were exploring options to save WeWork, including a potential Chapter 11 bankruptcy reorganization.
October 2023: WeWork Prepares for Potential Chapter 11 Bankruptcy Filing
In October 2023, negotiations were underway for investors and creditors to gain control of WeWork. On October 31, 2023, WeWork announced preparations to file for Chapter 11 bankruptcy as its forbearance agreement with creditors neared termination.
October 31, 2023: Reports circulated that WeWork would be filing for bankruptcy
On October 31, 2023, news emerged that WeWork was expected to file for bankruptcy soon, leading to a 37% decrease in the company's share value.
December 2023: Market capitalization of $21 million
As of December 2023, the company's market capitalization reached $21 million.
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