WeWork is a flexible workspace company headquartered in New York City. It rents private offices, desks, meeting rooms, and on-demand space to freelancers, startups, and large companies. After a Chapter 11 reorganization it has been privately held since June 2024, with John Santora as CEO.
Key facts
- Founded: 2010 by Adam Neumann and Miguel McKelvey
- Headquarters: New York City
- CEO: John Santora (since June 12, 2024)
- Ownership: Cupar Grimmond, a Yardi Systems affiliate (about 60%); SoftBank affiliates (about 20%); other investors (about 20%)
- Last audited revenue: $3.245 billion (FY2022)
From startup to $47 billion
Neumann and McKelvey opened the first WeWork in SoHo in 2011 after selling their Brooklyn coworking business, GreenDesk. SoftBank's Vision Fund invested $4.4 billion in 2017, and a January 2019 investment valued the company at $47 billion. The August 2019 S-1 showed large losses and governance terms that favored Neumann. The IPO was withdrawn and Neumann resigned as CEO.
SPAC listing and bankruptcy
WeWork listed on the NYSE in October 2021 through a merger with BowX Acquisition Corp. It reported FY2022 revenue of $3.245 billion and a net loss attributable to the company of $2.034 billion, as rent on long-term leases continued to outweigh membership income. It filed for Chapter 11 on November 6, 2023 in New Jersey. The reorganization eliminated about $4 billion of debt, cancelled leases at about 160 locations, and amended more than 170 others. Yardi Systems invested about $337 million for a 60% stake, and WeWork emerged on June 11, 2024.
WeWork since 2024
Santora, a longtime Cushman & Wakefield executive, has focused on enterprise customers and selective growth. WeWork sold its WeWork India stake to Embassy Group in 2024, signed a large Manhattan lease at 330 West 34th Street for Amazon in December 2024, and added Manhattan leases at 245 Fifth Avenue in 2025 and 511 Fifth Avenue in 2026. In April 2026 it launched WeWork Go, a line of private workspace pods. Press reports said it reached break-even EBITDA in Q4 2024, but it no longer publishes full financial statements.
Competition and risks
WeWork competes with IWG brands such as Regus and Spaces, CBRE-owned Industrious, and landlords that run flexible space themselves. Its main risks are uneven office demand, landlord caution after the bankruptcy, and limited public disclosure of its current finances.
