The Rise and Fall of WeWork

WeWork, a co-working space company, experienced a meteoric rise in the early 2010s, attracting top investors and reaching a valuation of $47 billion. The company, led by charismatic CEO Adam Newman, presented itself as a tech disrupter and promised to revolutionize the way people work. However, as the company planned to go public in 2019, its flawed business model and questionable practices were exposed. The IPO failed, leading to Newman's departure and SoftBank's bailout. Despite restructuring efforts, the impact of the COVID-19 pandemic on office demand proved too severe, and WeWork filed for bankruptcy. While Newman walked away with a significant payout, investors suffered losses. His reputation took a hit, but he has since raised new funds for a real estate venture.