WeWork Goes Public, Receiving a Warmer Reception This Time

Bloomberg2021-10-21

A lot has changed since WeWork Inc. first tried to go public: a new leader, fewer employees, a global pandemic. One thing that remains the same: It still loses money. In fact, at $2.98 billion, the ...

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One thing that remains the same: It still loses money.\nIn fact, at $2.98 billion, the ...</p>\n\n<a href=\"https://finance.yahoo.com/news/wework-goes-public-receiving-warmer-133123565.html\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":null,"symbol_name":null,"start_time":0,"source_url":"https://finance.yahoo.com/news/wework-goes-public-receiving-warmer-133123565.html","article_id":"1132932133","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=1132932133","pubTimestamp":1634826065,"columns":[],"sourceInfo":{"source_id":"lsy1584095487587","name":"Bloomberg"},"weMediaInfo":null,"summary":"A lot has changed since WeWork Inc. first tried to go public: a new leader, fewer employees, a globa","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{},"translate_title":"WeWork上市，这次受到更热烈的欢迎","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"WE":0.9},"content_text":"A lot has changed since WeWork Inc. first tried to go public: a new leader, fewer employees, a global pandemic. One thing that remains the same: It still loses money.\nIn fact, at $2.98 billion, the loss in the first half of this year is three times wider than in the same period in 2019. Still, investors were more welcoming this time around, sending the stock up 8% in the first minute of trading Thursday.\nThis week’s deal is the culmination of a two-year saga to take WeWork public. When it last tried in 2019, WeWork was a giant in real estate and technology. The company, which rents office space, was one of the world’s most richly valued startups and the largest office tenant in its hometown of New York City, with locations around the globe.\nAdam Neumann, the towering co-founder, had carefully polished the company’s image over nearly a decade, but the prospectus for WeWork’s initial public offering peeled the veneer right off. The filing for the company laid out a series of personal and professional conflicts for Neumann -- apparent cases of nepotism, questionable loans and other controversial transactions -- and mounting losses.\nThe company’s loss of $905 million in the first half of 2019 would have been even worse if not for a one-time accounting gain from a modified loan at the time. Yet, it was enough to contribute to WeWork’s near-collapse. Within months, Neumann was out of a job, WeWork almost ran out of cash, and a major shareholder, SoftBank Group Corp., agreed to bail the company out.\nThe current chief executive officer is Sandeep Mathrani, a longtime real estate executive. Neumann, whose name was referenced 169 times in the 2019 IPO prospectus, still looms large. 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