Full History Of WeWork In Timeline From 2008

May 2008: GreenDesk Established

In May 2008, Adam Neumann and Miguel McKelvey established GreenDesk, an "eco-friendly coworking space" in Brooklyn.

2010: WeWork Founded

In 2010, Adam Neumann and Miguel McKelvey sold GreenDesk and founded WeWork.

2010: WeWork Raised $12.8 Billion Since 2010

Since 2010, WeWork had raised $12.8 billion, before the company faced challenges in 2019.

2010: Capital Raised Since 2010

Since 2010, WeWork has raised $12.8 billion.

April 2011: First WeWork Location Opens

In April 2011, WeWork opened its first location in SoHo, Manhattan.

2011: Startup Incubator

In 2011, PepsiCo placed employees in a WeWork location to act as advisors to smaller member companies, effectively turning it into a startup incubator.

2013: Customer Base Growth

By 2013, WeWork's customer base included 350 startups like Fitocracy and HackHands.

2014: Rapid Expansion and Investor Interest

By 2014, WeWork was considered "the fastest-growing lessee of new office space in New York" and on track to be so in America, attracting investors such as J.P. Morgan Chase & Co, T. Rowe Price, and Goldman Sachs.

2014: Boston Office

In 2014, WeWork opened offices in Boston's Leather District and Fort Point.

February 2015: Named One of the Most Innovative Companies

In February 2015, WeWork was recognized as one of Fast Company's 50 Most Innovative Companies.

June 1, 2015: Artie Minson Joins WeWork

On June 1, 2015, Artie Minson, former chief financial officer of Time Warner Cable, became the president and chief operating officer of WeWork.

August 2015: Acquisition of CASE

In August 2015, WeWork made its first acquisition by purchasing CASE, a real estate and construction technology company. However, this acquisition reportedly damaged CASE's organizational culture.

March 2016: Financing Round

In March 2016, WeWork secured $430 million in financing from Legend Holdings and Hony Capital, valuing the company at $16 billion.

June 2016: Layoffs and Hiring Freeze

In June 2016, WeWork laid off 7% of its staff and implemented a temporary hiring freeze.

July 2016: Employee Lawsuit

In July 2016, WeWork fired and sued Joanna Strange, an employee who leaked information to the press about the company missing its financial goals.

October 2016: Capital Raised and Expansion Plans

By October 2016, WeWork had raised $1.7 billion in private capital. The company also announced plans to open a fourth location in Central Square, Cambridge, with space for 550 desks, adding to their existing presence in Boston's Leather District and Fort Point since 2014. Additionally, they planned a location in Lincoln Square in Bellevue, Washington.

2016: WeLive Venture Launched

In 2016, WeWork launched WeLive, a co-living venture, with locations in New York City and Crystal City, Virginia.

April 2017: Online Store Launched

In April 2017, WeWork introduced an online store offering services and software to its members.

May 2017: Luxury Health Club Opened

In May 2017, WeWork opened a luxury health club at its Broad Street, Manhattan location, offering exercise equipment, a spa, and fitness classes.

June 2017: WeWork India Launch

In June 2017, WeWork, in partnership with Embassy Group, launched WeWork India with its first space in Bangalore, named WeWork Galaxy.

July 2017: Series G Financing and Expansion into China

In July 2017, WeWork raised $760 million in a Series G financing round, valuing the company at $20 billion. They also announced expansion plans into China with a $500 million investment.

August 2017: SoftBank Investment

In August 2017, WeWork secured $4.4 billion from the SoftBank Vision Fund, maintaining a valuation of approximately $20 billion.

August 2017: Incident of Alleged Sexual Harassment

In August 2017, a WeWork employee allegedly grabbed Ruby Anaya from behind in a "sexual manner".

September 2017: Expansion into Southeast Asia

In September 2017, WeWork expanded into Southeast Asia through the acquisition of SpaceMob and allocated $500 million for growth in the region.

October 2017: Acquisition of Lord & Taylor Building

In late October 2017, WeWork agreed to purchase the Lord & Taylor Building on Fifth Avenue in Manhattan for $850 million. They also acquired Flatiron School, a coding school.

November 2017: Investments and WeGrow Announcement

In November 2017, WeWork invested in The Wing and acquired Meetup. They also announced the launch of WeGrow, a private school, for the fall of 2018.

December 2017: Singapore Location Opens

In December 2017, WeWork opened its first location in Singapore.

January 2018: Incident of Alleged Sexual Harassment

At a company event in January 2018, a male employee allegedly grabbed Ruby Anaya by the waist and forcibly kissed her.

January 2018: Partnership with 2U

In January 2018, WeWork partnered with 2U, providing students taking online university courses access to WeWork common spaces and meeting rooms.

March 2018: Real Estate Fund and Acquisition of Conductor

In March 2018, WeWork raised over $400 million alongside Rhône Group to start a real estate fund. They also acquired Conductor.

April 2018: Acquisition of Naked Hub

In April 2018, WeWork acquired Chinese coworking operator Naked Hub for $400 million.

May 2018: Acquisition of MissionU

In May 2018, WeWork acquired MissionU, a self-styled college alternative, for $4 million in stock. MissionU was wound-down shortly afterwards.

July 2018: Dietary Restrictions and China Expansion

In July 2018, WeWork restricted employee reimbursements for meals containing certain meats and raised $500 million to expand its business in China.

August 2018: Flatiron School Acquires Designation

In August 2018, WeWork's Flatiron School acquired Designation, a for-profit design school.

September 2018: Acquisition of Teem

In September 2018, WeWork acquired Teem, an office management software company, for $100 million.

September 2018: WeWork Eliminates Non-Compete Clauses

In September 2018, WeWork eliminated broad-based non-compete clauses to settle a lawsuit from the Attorney General of New York.

October 2018: Sexual Harassment Lawsuit Filed Against WeWork

In October 2018, former WeWork director of culture Ruby Anaya filed a sexual harassment lawsuit alleging incidents in January 2018 and August 2017, also highlighting the company's "frat-boy culture".

November 2018: SoftBank Warrant Acquisition

In November 2018, SoftBank acquired a warrant to buy up to $3 billion worth of shares in WeWork by the end of September 2019 at a $42 billion valuation.

December 2018: First College Campus Location Opens

In December 2018, WeWork opened its first location on a college campus at the University of Maryland, College Park.

2018: Launch of WeGrow

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: Financial Losses

In 2018, WeWork incurred losses exceeding $2 billion.

2018: Gulfstream Purchase

In 2018, WeWork purchased a Gulfstream G650 business jet for over $60 million, seen as an example of CEO Adam Neumann's excessive spending.

January 2019: Additional Funding from SoftBank

In January 2019, WeWork secured an additional $2 billion in funding from SoftBank at a $47 billion valuation.

February 2019: Lord & Taylor Building Acquisition Closed

In February 2019, the transaction to acquire the Lord & Taylor Building on Fifth Avenue in Manhattan closed.

April 2019: Acquisition of Managed by Q

In April 2019, WeWork acquired Managed by Q, a platform for office tenants to hire service providers.

April 29, 2019: Draft Registration Statement Filed

On April 29, 2019, WeWork filed a draft registration statement for its proposed initial public offering.

June 2019: Richard Markel Sues WeWork for Age Discrimination

Also, in June 2019, Richard Markel, a former WeWork executive, sued the company for age discrimination after allegedly being replaced with a younger worker.

June 2019: WeWork Sued for Gender-Based Pay Discrimination

In June 2019, WeWork was sued by the former head of compensation, Lisa Bridges, for gender-based pay discrimination, particularly in granting stock options, and alleged wrongful termination.

July 2019: Neumann Liquidates Stock

By July 2019, Adam Neumann had liquidated $700 million of his WeWork stock.

August 14, 2019: Form S-1 Filing

On August 14, 2019, WeWork filed Form S-1, revealing significant losses, expensive lease agreements, and a complex relationship with founder Adam Neumann.

August 2019: Name Change and Licensing Fee

According to the August 2019 Form S-1 filing, WeWork changed its legal name to We Company and paid $5.9 million for brand licensing.

August 2019: Richard Markel Voluntarily Dismisses Age Discrimination Case

In August 2019, Richard Markel voluntarily dismissed his age discrimination case against WeWork.

August 2019: IPO Faces Criticism

In August 2019, The Wall Street Journal reported that WeWork's public prospectus was met with criticism regarding its governance, business model, and profitability.

August 2019: We Company Files for IPO

In August 2019, The We Company filed its Form S-1 for an IPO. Investor pressure mounted due to disclosures in the S-1, leading to significant changes the following month.

August 27, 2019: Acquisition of Spacious

On August 27, 2019, WeWork acquired Spacious, a company that leases unused restaurant space to remote workers.

September 4, 2019: First Female Director Added

On September 4, 2019, WeWork appointed its first female director, Harvard Business School professor Frances Frei, to the company's board.

September 13, 2019: Governance Changes Announced

On September 13, 2019, WeWork announced changes to its corporate governance, including the board's ability to select a new CEO and excluding Adam Neumann's family from the board. Neumann also agreed to transfer real estate profits to the company.

September 2019: SoftBank Share Acquisition

In November 2018, SoftBank acquired a warrant to buy up to $3 billion worth of shares in WeWork by the end of September 2019 at a $42 billion valuation.

September 2019: Rebekah Neumann Resigns from WeGrow

In September 2019, Rebekah Neumann resigned as CEO of WeGrow, and the school closed at the end of the 2019 academic year.

September 2019: Neumann Returns Licensing Fee

In early September 2019, Adam 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 2019: Wendy Silverstein Departs WeWork

In mid-September 2019, Wendy Silverstein, co-head of WeWork's real estate investment fund ARK, departed the company. This event was unrelated to the delayed initial public offering.

September 17, 2019: WeWork Withdraws S-1 Filing

On September 17, 2019, WeWork formally withdrew its S-1 filing due to investor concerns and postponed its IPO until late 2019. The company's valuation was reported around $10 billion, significantly lower than its earlier valuation.

September 23, 2019: SoftBank Seeks Neumann's Removal and Neumann Resigns

On September 23, 2019, SoftBank sought to remove Adam Neumann as chief executive. The following day, amid investor pressure, Adam Neumann resigned as CEO and relinquished majority voting control in WeWork. Artie Minson and Sebastian Gunningham were appointed as co-CEOs.

October 14, 2019: Formaldehyde Found in WeWork Phone Booths

On October 14, 2019, WeWork warned clients about formaldehyde contamination in approximately 1,600 office phone booths in Canada and the United States, leading to their removal from service after reports of eye irritation and odors.

October 2019: Neumann Receives $1.7 Billion from SoftBank

In October 2019, Adam Neumann received approximately $1.7 billion from SoftBank for resigning from WeWork's board and severing most ties to the company. This included payment for shares, a consulting fee, and credit to repay loans.

October 2019: Neumann Steps Down

In October 2019, Adam Neumann received approximately $1.7 billion from SoftBank for stepping down from WeWork's board. He remained as a consultant with a $46 million annual salary.

October 2019: Medina Bardhi Sues WeWork Over Allegations

In October 2019, Medina Bardhi, the former chief of staff for Adam Neumann, sued WeWork over various 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 new co-working locations in Singapore and Manila. Also in October 2019, plans to open an office in the U.S. Steel Tower in downtown Pittsburgh were abandoned.

October 2019: WeLive Seattle Lease Terminated

In October 2019, the lease for a planned WeLive location in Seattle was terminated.

November 6, 2019: SoftBank Reports $9.2 Billion Write-Downs

On November 6, 2019, SoftBank Group reported $9.2 billion in write-downs on its investments in WeWork, representing approximately 90% of its total investment in the company.

November 21, 2019: WeWork Announces Layoffs

On November 21, 2019, WeWork announced layoffs of 2,400 employees, representing almost 20% of its global workforce.

December 2019: Conductor Bought Back

In December 2019, Conductor executives bought back the company from WeWork.

December 2019: Spacious Shut Down

Spacious was shut down 4 months later, in December 2019.

2019: WeWork Valuation in 2019

In 2019, WeWork was valued at $47 billion. By April 2023, the company's valuation dropped to $360.9 million.

January 2020: WeWork Phasing Out Free Beer

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: The Wing Stake Sold

In January 2020, WeWork sold its stake in The Wing.

February 1, 2020: Sandeep Mathrani to Become CEO of WeWork

On February 1, 2020, WeWork announced that Sandeep Mathrani would become CEO of the company, effective February 18, 2020.

February 3, 2020: WeWork Opens Location in Abu Dhabi

On February 3, 2020, WeWork opened its first location in the Middle East outside of Israel, in Abu-Dhabi's technology park Hub 71, under the name WeWork x Hub 71.

February 10, 2020: WeWork Temporarily Closes Buildings in China

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 Discrimination

In February 2020, Ayesha Whyte, former director of employee relations, sued WeWork for gender and race discrimination.

February 18, 2020: Sandeep Mathrani Becomes CEO of WeWork

On February 18, 2020, Sandeep Mathrani became CEO of WeWork.

March 2020: WeWork Lays Off Employees

In late March 2020, WeWork laid off 250 employees in an effort to lower expenses.

March 2020: Sale of Managed by Q

Managed by Q was sold at a loss in March 2020.

April 2020: Another Round of WeWork Layoffs

At the end of April 2020, WeWork conducted another round of employee layoffs.

April 2020: SoftBank Cancels Tender Offer

In April 2020, SoftBank cancelled its $3 billion tender offer to buy shares directly from some of WeWork's major stockholders, citing various reasons.

May 4, 2020: Adam Neumann Sues SoftBank

On May 4, 2020, former CEO Adam Neumann 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: Flatiron School Sold

Flatiron School was sold in June 2020.

June 2020: Whyte Lawsuit Forced Into Arbitration

In June 2020, Ayesha Whyte's lawsuit against WeWork was forced into arbitration.

July 8, 2020: Former Employees File Complaints Against WeWork

On July 8, 2020, former WeWork employees Diane Allen and Christopher Clermont filed separate complaints against WeWork, alleging discrimination.

2020: Seattle Location

A third WeLive location in Seattle was planned for 2020.

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.

2020: Teem Sold

Teem was sold to iOffice in 2020.

January 2021: Apple TV+ Announces WeCrashed

In January 2021, Apple TV+ announced a new show called WeCrashed about WeWork, starring Jared Leto and Anne Hathaway.

February 2021: SoftBank and WeWork Settle Lawsuits

In February 2021, SoftBank and WeWork settled their lawsuits related to the cancelled tender offer.

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.

March 2021: WeWork to Go Public Via SPAC Merger

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.

April 2, 2021: Hulu Releases WeWork Documentary

On April 2, 2021, Hulu released its documentary titled WeWork: Or the Making and Breaking of a $47 Billion Unicorn.

July 2021: WeLive Business Line Terminated

In July 2021, WeWork terminated its co-living venture, WeLive.

August 2021: WeWork Selected by GSA to Provide Services

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 Completes Merger and Partners with Cushman & Wakefield

In October 2021, WeWork consummated its merger and shares began trading on the New York Stock Exchange. Also in October 2021, WeWork announced a partnership with Cushman & Wakefield that included a $150 million investment.

January 2022: WeWork Acquires Common Desk

In January 2022, WeWork announced the acquisition of Common Desk.

March 2022: WeWork Closes Russian Offices

During the 2022 Russian invasion of Ukraine, in March 2022, WeWork closed its offices in Russia.

May 2022: Andre Fernandez Named WeWork CFO

In May 2022, WeWork named Andre Fernandez as its new CFO, replacing Benjamin Dunham.

December 31, 2022: WeWork Operations Update

As of December 31, 2022, WeWork operated 43.9 million square feet of coworking space across 779 locations in 39 countries, including 18.3 million square feet in the United States and Canada, serving 547,000 members with an average commitment term of 19 months.

April 2023: WeWork Faced Delisting from NYSE

In April 2023, WeWork faced delisting on the New York Stock Exchange as its stock price had fallen below a $1.00 threshold.

June 2023: WeWork's Locations and Expenses

At the end of June 2023, WeWork had more than 700 locations in 39 countries and spent over 80% of its revenue on rent and interest, paying over $2.7 billion a year.

June 2023: WeWork's Net Loss in June 2023

Between April and June 2023, WeWork made a net loss of $397 million, an improvement from the same period a year earlier.

August 8, 2023: WeWork Warns of Potential Bankruptcy

On August 8, 2023, WeWork warned of "substantial doubt" about its ability to stay in business and announced it may need to file for Chapter 11 bankruptcy protection.

August 2023: Bankruptcy Warning

In August 2023, WeWork issued a warning about 'substantial doubt' regarding its ability to remain in business and potential 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, lending cash to WeWork announced they were exploring options to save the company, including a potential Chapter 11 bankruptcy reorganization.

October 2023: Negotiations for Control of WeWork and Bankruptcy Preparation

In October 2023, negotiations took place among investors and creditors, including SoftBank and King Street Capital Management, to gain control of WeWork. On October 31, 2023, WeWork announced preparations to file for Chapter 11 bankruptcy.

October 31, 2023: WeWork Bankruptcy Filing

On October 31, 2023, reports emerged that WeWork would imminently file for bankruptcy, causing a 37% drop in its share value.

December 2023: Market Capitalization Update

As of December 2023, WeWork had a market capitalization of $21 million, significantly lower than its previous valuations.

April 2024: WeWork Reaches Deal with Creditors

On 29 April 2024, a court-approved deal was reached between WeWork and its senior creditors outlining the company's financial restructuring.

May 2024: Deal Approved and Anant Yardi Added to Board

On 30 May 2024 the deal was approved and Anant Yardi was added to the board of WeWork.

2024: WeWork Exits Indian Market

In 2024, WeWork decided to exit the Indian market and sold its stake in WeWork India to Embassy Group.

History of WeWork in Timeline