WeWork facts for kids

Quick facts for kids
WeWork Inc.

Type	Public
Traded as	OTC Pink: WEWKQ (2023–present) NYSE: WE (2021–2023)
Industry	Commercial real estate
Founded	2010; 15 years ago (2010)
Founders	Adam Neumann Miguel McKelvey
Headquarters	New York City , U.S.
Number of locations	779 locations in 39 countries (2022)
Area served	Worldwide
Key people	John Santora (CEO)
Services	Coworking
Revenue	US$3.245 billion (2022)
Operating income	−US$1.59 billion (2022)
Net income	−US$2.03 billion (2022)
Total assets	US$17.86 billion (2022)
Total equity	−US$3.67 billion (2022)
Members	547,000 (December 2022)
Number of employees	c. 4,300 (December 2022)
Parent	Yardi Systems 60%

WeWork location in Jongno Tower

WeWork location, 1 University Avenue, Toronto

WeWork location on Rhode Island Avenue in Washington, D.C.

The kitchen area at the WeWork location on Broad Street in Manhattan

WeWork location in San Francisco

WeWork Inc. is a company that provides shared office spaces. This idea is called coworking. It means different people or companies can rent desks or offices in the same building. WeWork offers both physical spaces and virtual services. The company's main office is in New York City.

By the end of 2022, WeWork had 779 locations in 39 countries. They managed a huge amount of office space, about 43.9 million square feet. They had 547,000 members who used their spaces.

How WeWork Started and Grew

WeWork was founded in 2010 by Adam Neumann and Miguel McKelvey. Their idea was to create flexible and community-focused workspaces. This allowed small businesses, startups, and even large companies to rent office space without long-term leases.

WeWork grew very quickly, becoming a well-known name in the coworking industry. They offered stylish offices with shared amenities like kitchens and common areas.

Challenges and Changes

In 2019, WeWork's parent company, The We Company, planned to offer its shares to the public. This process is called an initial public offering (IPO). However, the plan faced many problems. People started to question how the company was run and if it could make a profit.

Investors became worried about WeWork's business model. Because of this pressure, co-founder Adam Neumann stepped down as CEO. The company then decided to delay its IPO. At that time, WeWork's value dropped a lot, from $47 billion to about $10 billion.

What Happened Next?

After the IPO was postponed, a major investor named SoftBank gave Adam Neumann money for leaving his role. He also became a consultant for the company.

In August 2023, WeWork announced that it was having serious financial difficulties. They warned that they might not be able to continue operating. On November 6, 2023, the company officially filed for bankruptcy. This means they asked a court for help to reorganize their business and pay their debts. This event was seen by many as a symbol of the ups and downs in the world of new business startups.

Notable Locations Around the World

WeWork has opened offices in many famous buildings. Some of these notable locations include:

WeWork in TV Shows and Documentaries

The story of WeWork has even been featured in television.

• In January 2021, Apple TV+ announced a show called WeCrashed. It tells the story of WeWork's rise and fall. Jared Leto plays Adam Neumann, and Anne Hathaway plays Rebekah Neumann.
• In March 2021, Hulu released a documentary. It was titled WeWork: Or the Making and Breaking of a $47 Billion Unicorn. This documentary came out on April 2, 2021.

Images for kids

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  WeWork Coworking Space in Vancouver