Tag: Neumann, Adam

‘We Trusted You’: WeWork’s Chair on Adam Neumann and the Future

Marcelo Claure flopped into a chair late this week at WeWork’s headquarters in New York, looking exhausted and exhilarated, his 6-foot-6 frame splayed across the glass meeting room. Mr. Claure, the newly installed executive chairman of the embattled company and a top lieutenant of SoftBank’s Masayoshi Son (who plowed over $10 billion into WeWork), has […]

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WeWork Lost $1.25 Billion in Third Quarter

The rapid expansion of WeWork’s office-space empire caused the company’s losses to balloon in the third quarter, according to a company presentation. WeWork lost $1.25 billion in the three months that ended in September, up from $497 million in the same period a year earlier, according to the document, obtained by The New York Times. […]

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Adam Neumann and the Art of Failing Up

Adam Neumann stood on the 57th floor of the Woolworth Building, the neo-Gothic skyscraper that was once the tallest in the world. It was late on a Friday night in 2013, and the WeWork founder and chief executive had just made a move to add the top 30 floors to his rapidly expanding real estate […]

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‘It’s Definitely Pretty Empty’: Why Saving WeWork Will Be Hard

Even as WeWork was scrambling to secure a financial bailout last week, Sebastian Gunningham, one of its co-chief executives, made time to oversee the opening of Dock 72, an immaculate shiplike building on the Brooklyn waterfront that houses one of the company’s newest shared working spaces. As Mr. Gunningham posed for a ribbon cutting with […]

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WeWork Considers Rescue Plans From SoftBank and JPMorgan

The board of WeWork, the cash-starved purveyor of shared office space, is weighing competing financial rescue packages from SoftBank and a financial consortium led by JPMorgan Chase, according to two people with knowledge of the matter. SoftBank, a Japanese technology giant that is already the largest outside shareholder in WeWork, is offering to take a […]

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WeWork Warns Tenants That 2,300 Phone Booths May Be a Hazard

WeWork, the shared-office company already coping with a failed public offering and a corporate shake-up, disclosed a new problem on Monday: possible formaldehyde contamination of hundreds of phone booths at some of the buildings it leases. In a note to tenants at an unspecified number of its sites in the United States and Canada, the […]

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WeWork Planned a Residential Utopia. It Hasn’t Turned Out That Way.

After first pledging to upend the way people worked, WeWork vowed to change how they lived: WeLive, a sleek dormitory for working professionals with free beer, arcade games in the laundry room and catered Sunday dinners, would spread around the world. It has not quite turned out that way. WeLive has not expanded beyond its […]

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The Twilight of the Tech Idols

The banking industry, which has consistently been one of the wealthiest industries for the last few centuries, has very few leaders one would call “heroes” or “idols.” Most of them are part of a group of men who fought and finessed their way to the top by being good at corporate politics and managing other […]

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WeWork Formally Withdraws Its I.P.O. After Investors Balked

WeWork shelved its plans for an initial public offering on Monday, days after its chief executive resigned under pressure. It was the latest sign of trouble at the fast-growing company, which rents out shared office space, and was until recently considered one of the world’s most valuable start-ups. But investors balked at buying shares in […]

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The Week the C.E.O.s Got Smacked

One wanted to “elevate the world’s consciousness.” Another aspired to “make a bigger difference around the world.” A third, speaking of climate change, said, “We owe it to our children to find the right answers.” This soaring rhetoric did not emanate from motivational speakers or religious leaders. It was uttered by wealthy chief executives hoping […]

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Wall Street Skeptics Poke at Start-Up Bubble

This was supposed to be the year when America’s biggest start-ups would finally make their triumphant debut on the stock market. Billionaire Silicon Valley investors, sneaker-clad founders and button-down bankers all expected enormous stock sales to turn companies like Uber, Lyft and WeWork into a new generation of corporate giants. It hasn’t quite turned out […]

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Open Offices Are a Capitalist Dead End

What was We thinking? That’s the only question worth asking now about the clowncar start-up known as The We Company, the money-burning, co-working behemoth whose best-known brand is WeWork. What’s a WeWork? What WeWork works on is work. The We Company takes out long-term leases on in-demand office buildings in more than 100 cities across […]

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Behind WeWork Leader’s Rise and Fall: A Wall St. Bank Playing Many Angles

By Andrew Ross Sorkin The ouster of WeWork’s co-founder and its botched initial public offering are a remarkable collapse of what was considered, up until weeks ago, one of the most valuable start-ups in the world. This is not simply the failure of a young and capricious founder. Adam Neumann, who helped start the company […]

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WeWork C.E.O., Adam Neumann, Stepping Down Under Pressure

WeWork’s co-founder, Adam Neumann, is stepping down as chief executive of the embattled shared office space business, a person briefed on the decision said on Tuesday, a stunning fall for the entrepreneur who oversaw the meteoric rise of one of the most valuable start-ups to emerge in the last decade. Under pressure to leave from […]

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Some on WeWork’s Board Are Said to Be Discussing Replacing Its C.E.O.

Some board members and large investors in WeWork are privately discussing whether and how to replace the co-working company’s chief executive and co-founder, Adam Neumann, and trimming his power to salvage the company’s fortunes, people involved in the talks said. The discussions have come as some major money managers have said that they would not […]

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WeWork Delays I.P.O. After Chilly Reception From Investors

WeWork, the shared office space giant, was able to gain the backing of some of the world’s top investors, but it received a much colder reception when it tried to pitch its shares on Wall Street. Facing deep skepticism about its business model and corporate governance, the company has delayed its initial public offering by […]

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WeWork Pushes Back I.P.O. After Chilly Reception From Investors

WeWork, the office-space giant whose finances and corporate governance have drawn skepticism from some potential investors, has now suggested that it may not go public for another few months. The company had been expected to hold its initial public offering within weeks. But in a statement released late Monday night, WeWork’s parent, the We Company, […]

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