The WeWork IPO fiasco of 2019, explained in 30 seconds

WeWork publicly filed its IPO paperwork on August 14. “ The We Company” was described as an umbrella with three major arms: WeWork, WeLive, and WeGrow.

After filing, WeWork faced intense scrutiny from investors and the media over its finances and leadership. There were concerns over WeWork’s path to profitability and its leader, CEO Adam Neumann. As a result, investor interest was weak, and the company considered cutting its valuation by more than 50%. Ultimately, WeWork delayed its IPO on September 17.

After the IPO delayed, attention shifted to WeWork cofounder Adam Neumann’s inappropriate antics, like smoking weed on a private jet, serving employees tequila shots after discussing layoffs, and trademarking the term “we” and then forcing WeWork buy it for $5.9 million. Neumann stepped down from his role as CEO on September 24. In his stead, Artie Minson and Sebastian Gunningham have stepped into the role of co-CEOs of WeWork, as it attempts to navigate its future.