Stay updated with breaking news from Wework Inc. Get real-time updates on events, politics, business, and more. Visit us for reliable news and exclusive interviews.
Spaces in Toronto, Vancouver and Burnaby are to be closed as WeWork files for creditor protection under the Companies’ Creditors Arrangement Act
The reluctance of workers to return to offices — particularly in the US — has created a surfeit of downtown commercial property. But demand for hybrid working is stronger than ever, which opens possibilities for WeWork that has pared down debt. Rival IWG reported a 7% increase in quarterly revenue and falling net debt
Son overrode his lieutenants objections and handed WeWork founder Adam Neumann billions of dollars from both SoftBank Group Corp. and the Vision Fund, lifting the co-working office spaces valuation to an astronomical $47 billion in early 2019. Just months later, investors balked at the deep losses and conflicts of interest WeWorks IPO filings revealed.
In WeWork India, Embassy Group holds 73 per cent stake, while WeWork Global has a 27 per cent shareholding.
WeWork Inc.'s bankruptcy filing exposes flaws in Masayoshi Son's investment style, damaging his reputation as a shrewd investor.