WeWork co-founder Adam Neumann accused SoftBank Group of abusing its power in a new lawsuit filed Monday that alleges breach of contract and breach of fiduciary duty for pulling a $3 billion tender offer for WeWork shares. The lawsuit, filed in Delaware Court of Chancery, included a motion to consolidate his case with a lawsuit…
At the peak of the Covid-19 pandemic, WeWork is charging full rent to its members but is seeking rent relief from its landlords. Such unforgivable behavior during the pandemic is lowering clients’ faith in WeWork’s working. With no more cash coming from Softbank and reduced consumer confidence, WeWork’s doomsday is near. WeWork became a $3…
WeWork burned $1.4 billion in cash in the final quarter of 2019, on top of the $1.25 billion it lost in the previous quarter. Its main investor, SoftBank, is set to withdraw further funding, meaning that WeWork could run out of cash. WeWork’s business prospects will be damaged by people’s reduced appetite for working in…
If WeWork wanted to cement the impression that it no longer strives to be viewed as a tech company but rather as a real estate giant focused on leasing space, it would probably choose a veteran from the real estate world. That’s just what it has done, too, according to a new story from the…
In the wake of WeWork’s embarrassing IPO rout, you might imagine that startups working in similar markets would cool it for a bit. Perhaps they could work on cutting spending, improving their gross margins, and, say, shooting for profitability. Not so, at least in one case. Instead of doing those things, China-based Ucommune filed to go…
Ben Horowitz, the co-founder of the venture firm Andreessen Horowitz, has a new book coming out this coming Monday titled “What You Do is Who You Are,” that takes a look at how to create “culture” at a company. It’s a word that’s thrown around a lot but that’s very hard to grasp, let alone…
Two very different ‘unicorns’ aim to go public in 2020 Airbnb may be another overvalued “unicorn,” but it’s no WeWork. The Information this morning reported new Airbnb financials — indicating a massive increase in operating losses — that immediately call Airbnb’s future into question. Precisely, Airbnb lost $306 million on operations on $839 million in…
WeWork, the co-working empire once valued at $47 billion before reality struck, plunging the business and its investors into crisis, has another problem to add to its growing pile — one which doesn’t exactly reflect well on its core business of kitting out and maintaining modern working environments. The problem is a safety concern affecting…
Yesterday, we had a chance to talk with longtime venture investor Brad Feld of Foundry Group, whose book “Venture Deals” was recently republished for the fourth time for good reason. It’s a storehouse of knowledge, from how venture funds really work to term sheet terms, from negotiation tactics to how to choose (and pay for)…
The WeWork saga continues this week with new reports the company may slash as many as 500 tech roles. The co-working business, whose eccentric co-founder and chief executive officer Adam Neumann stepped down two weeks ago, is expected to let go of 350 employees within its corporate division, The Information reports. Initial cuts will be…
