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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.
WeWork's bankruptcy filing caps a yearslong saga that revealed breathtaking flaws in the Japanese billionaire's investment style.
WeWork was once the most valuable U.S. startup, worth $47 billion.
WeWork has filed for Chapter 11 bankruptcy protection. It marks a stunning but anticipated fall for the office sharing company once seen as a Wall Street darling that promised to upend the way people went to work around the world.
Its bankruptcy offers valuable lessons. Startups should have proper governance practices and organisation capital from the onset, be careful about the choice of business model, ensure proper checks and balances around the CEO