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…
Adam Neumann may be out of the daily flow of WeWork, but he seemingly remains top of mind to some of the company’s bankers. According to a new Business Insider piece, Neumann is working with JPMorgan, UBS, and Credit Suisse to consider new terms for a $500 loan that he took out before WeWork filed…
What’s the lesson of WeWork? Here’s a startup that has been a darling of Silicon Valley investors for years, whose offices and CEO have been stunningly painted across the covers of major trade magazines and strategically deployed across major tech conference stages, including our very own. At its peak, the company commanded a valuation of…
