This summer, WeWork was expected to have one of the most prominent IPOs ever. But then it submitted its S-1 paperwork and everything crashed.
The S-1 itself was a journey – it began with the phrase "We dedicate this to the energy of us", revealed the countless ways in which its own CEO Adam Neumann was a risk factor, and outlined a succession plan that if something happened Neumann, let his wife or a family manager choose a new CEO. The IPO collapsed shortly thereafter. Then a wild profile of Neumann appeared, with a story about how he once brought a grain box full of weed to Israel on a private jet. Under constant criticism, Neumann finally stopped – and walked away with nearly $ 1.7 billion as part of a buy-out from SoftBank, which has since taken over the majority stake in WeWork.
This all happened in just over two months. Now SoftBank is trying to pick up the WeWork pieces and move on – and it can be a difficult path. Follow here all the news and updates about the soap of 2019 from a company.