Forbes chronicles the turning points
WeWork, once one of the most valuable startups in the US with a valuation of $47 billion, has filed for bankruptcy. Given its decline in recent years, the result was not very surprising. Forbes has written about the turning points since WeWork's founding.
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Coworking space startup WeWork filed for bankruptcy on Monday following years of losses and turmoil. The company, which saw a sharp decline from its peak valuation of $47 billion in 2019, had become one of the most valuable startups in the US at that time.
2010
Co-founders Adam Neumann and Miguel McKelvey opened the first WeWork in New York's SoHo neighborhood, allowing everyone from freelancers to large businesses to rent office space and desks.
December 2014
According to a report by the Wall Street Journal, WeWork completed a $355 million Series D funding round, which brought the company's valuation to $5 billion.
2016
Neumann met with SoftBank Group CEO Masayoshi Son, which resulted in SoftBank providing $3.1 billion in new funding to WeWork in 2017.
2017
In addition to its global collection of coworking spaces, which included New York, São Paulo, London, and Seoul, WeWork opened its 200th location in Singapore and reached a valuation of $20 billion following a $760 million Series G round.
January 2019
SoftBank led WeWork's Series H funding round, raising $1 billion; this brought SoftBank's total investment in the company to $10 billion and valued WeWork at $47 billion.
August 14, 2019
According to a report by Insider, WeWork filed for an initial public offering (IPO), but according to CNBC, it showed massive losses, such as $1.9 billion in losses on $1.8 billion in revenue in 2018, and $690 million in losses on $1.5 billion in revenue in the first half of 2019.
September 24, 2019
Neumann resigned as CEO following scrutiny from WeWork's board members and investors regarding his leadership and financial issues, including allegations of self-dealing, after the company postponed its IPO the previous week and slashed its estimated market valuation from $47 billion to $10 billion.