WeWork is a global co-working space provider that was founded in 2010 by Adam Neumann and Miguel McKelvey. The company's concept was to provide shared office spaces that catered to the needs of freelancers, entrepreneurs, and small businesses, creating a community that fosters collaboration and productivity.
WeWork's story is one of explosive growth, with the company experiencing a meteoric rise in popularity and success in just a few short years. In 2019, WeWork was valued at $47 billion, making it one of the most valuable startups in the world. However, the company's rapid expansion and ambitious plans for growth led to some controversies, including questions about its financial viability, management practices, and the leadership of its co-founder and former CEO, Adam Neumann.
In 2019, WeWork's planned initial public offering (IPO) was delayed and eventually withdrawn, leading to a significant restructuring of the company's operations and leadership. Neumann stepped down as CEO, and WeWork underwent significant cost-cutting measures and restructuring to streamline its operations and focus on profitability.
Despite the challenges, WeWork remains a significant player in the co-working space industry, with over 800 locations in over 120 cities worldwide. The company's focus on community and collaboration, combined with its innovative and modern approach to office space, has transformed the way people work and created a new standard for workplace culture.