WeWork

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WeWork is an American provider of coworking, flexible-office, meeting-room, and related workplace services.

Last updated October 29, 2026

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Overview

WeWork is an American flexible-workspace brand founded in 2010 by Adam Neumann and Miguel McKelvey. It grew from a single Manhattan location into a global network offering shared offices, dedicated desks, private offices, meeting rooms, virtual-office services, and workplace-management tools. Its central proposition was to make office space more flexible and community-oriented than conventional long-term commercial leases, while allowing businesses and individuals to access professional workplaces with relatively short commitments. The company developed out of GreenDesk, an environmentally oriented coworking business established by Neumann and McKelvey in Brooklyn in 2008. After selling GreenDesk, the founders launched WeWork and opened the first WeWork site in SoHo, Manhattan, in April 2011. Early locations combined shared desks and offices with event programming, communal amenities, and a strong emphasis on member networking. A 2011 arrangement with PepsiCo, whose employees advised smaller member companies, helped reinforce the incubator and community image. During the 2010s, WeWork expanded rapidly through venture financing, new leases, acquisitions, and international joint ventures. It raised approximately $12.8 billion before its attempted initial public offering and reached a private valuation reported as high as $47 billion in early 2019. SoftBank and its Vision Fund became its most important financial backers. The company also pursued adjacent concepts, including WeLive residential co-living, WeGrow education, a fitness club, an online member-services store, property investment, and acquisitions such as Meetup, Flatiron School, Conductor, Teem, Managed by Q, and Naked Hub. WeWork’s growth model required taking on substantial long-term property leases and converting them into shorter-term customer arrangements. That structure created exposure to occupancy, pricing, interest-rate, and real-estate-market changes. The company’s 2019 public-filing process brought scrutiny to its losses, lease obligations, governance arrangements, related-party transactions, founder control, and spending practices. The IPO was withdrawn in September 2019, Adam Neumann resigned as chief executive, and the company adopted a more restrained strategy under new leadership. WeWork later became public through a merger with a special-purpose acquisition company. The COVID-19 pandemic placed additional pressure on office occupancy and finances, leading to temporary closures, layoffs, cost reductions, and renegotiations. The company filed for Chapter 11 bankruptcy protection on November 6, 2023. Its restructuring included reducing its physical footprint, exiting or amending hundreds of leases, and selling owned real estate. In 2024, Cupar Grimmond, an affiliate of Yardi Systems, acquired a 60% stake, while affiliates of SoftBank acquired 20% and other investors acquired the remaining 20%. The post-bankruptcy business continued operating as a smaller flexible-office provider rather than the expansive, high-growth platform envisioned during the company’s peak valuation.

History

WeWork’s immediate predecessor was GreenDesk, an eco-focused coworking business founded in Brooklyn in 2008 by Adam Neumann and Miguel McKelvey. The founders sold GreenDesk and used the experience to establish WeWork in 2010. The first WeWork site opened in SoHo, Manhattan, in April 2011. Its early model paired flexible office access with shared amenities, events, and an explicit community ethos. A PepsiCo arrangement in 2011, under which several employees worked from the location and advised smaller companies, helped establish WeWork as more than a simple desk-rental operation. The company expanded quickly across New York and then the United States. By 2013 its members included hundreds of startups, and by 2014 it was regarded as one of the fastest-growing tenants in the New York office market. Venture investors and institutional funds supplied capital for aggressive leasing and expansion. In 2015 Artie Minson joined as president and chief operating officer, and WeWork completed its first acquisition, CASE, a real-estate and construction-technology company. Expansion accelerated in 2016 and 2017. Financing from Legend Holdings, Hony Capital, and other investors lifted the company’s private valuation, while SoftBank became increasingly influential. WeWork opened or planned locations in North America, Europe, India, China, and Southeast Asia. It launched WeLive, acquired or invested in companies in education, software, networking, and office services, and pursued a broader vision of a workplace-centered lifestyle platform. The Lord & Taylor Building acquisition in New York, announced in 2017 and completed in 2019, illustrated the scale of its real-estate ambitions. Other initiatives included WeGrow, Flatiron School, Meetup, Conductor, Teem, Managed by Q, and a member-services marketplace. The growth strategy depended on signing or acquiring control of office properties and then selling shorter-term access to members. While this created flexibility for customers, it exposed WeWork to fixed lease costs and occupancy risk. The company reported a loss of more than $2 billion in 2018. In early 2019 SoftBank provided additional financing at a reported $47 billion valuation, but market conditions and investor concerns made the planned public offering increasingly difficult. WeWork filed an S-1 registration statement in August 2019. The filing brought public attention to its financial losses, large future lease commitments, governance structure, founder-related transactions, and the influence of Neumann. The company also changed its legal name to We Company and disclosed a payment connected with licensing the We brand from an entity associated with the founders; Neumann later returned the payment and transferred the trademark rights to the company. In September 2019, the IPO was withdrawn. Neumann resigned as chief executive and gave up majority voting control, while Artie Minson and Sebastian Gunningham became interim co-chief executives. SoftBank subsequently supported a restructuring and wrote down most of the value of its investment. Under Sandeep Mathrani, who became chief executive in February 2020, WeWork emphasized cost control, slower expansion, and operational stabilization. The COVID-19 pandemic caused temporary location closures, layoffs, and further pressure on office demand. Several non-core initiatives and acquired businesses were sold or closed. WeWork ultimately became public through a SPAC merger, but its financial difficulties continued as the office market changed and lease obligations remained burdensome. On November 6, 2023, WeWork filed for Chapter 11 bankruptcy protection. The restructuring involved rejecting, renegotiating, or amending hundreds of leases, shrinking the portfolio, and selling owned real estate. In 2024, Cupar Grimmond, an affiliate of Yardi Systems, acquired a 60% interest, SoftBank affiliates acquired 20%, and other investors acquired 20%. The reorganized company continued providing flexible workspace, but on a smaller and more financially conservative basis than during its peak expansion.

2024
Ownership changes after restructuring
[1]WeWorken.wikipedia.org
Cupar Grimmond acquires a 60% stake, with SoftBank affiliates and other investors holding the remaining equity.
2023
Chapter 11 filing
[1]WeWorken.wikipedia.org
WeWork files for bankruptcy protection and begins a major lease and capital restructuring.
2021
WeLive is discontinued
[1]WeWorken.wikipedia.org
WeWork terminates its WeLive co-living business line.
2020
Sandeep Mathrani becomes CEO
[1]WeWorken.wikipedia.org
Mathrani takes over as chief executive while the company responds to the pandemic and begins a cost-reduction program.
2019
IPO is withdrawn and Neumann resigns
[1]WeWorken.wikipedia.org
Public scrutiny leads to the cancellation of the IPO, Neumann’s resignation, and a change in corporate governance.
2017
International expansion accelerates
[1]WeWorken.wikipedia.org
WeWork expands into India, China, Southeast Asia, and Singapore while launching or acquiring several adjacent businesses.
2015
Artie Minson joins the company
[1]WeWorken.wikipedia.org
Artie Minson becomes president and chief operating officer.
2011
First WeWork location opens
[1]WeWorken.wikipedia.org
The first WeWork site opens in SoHo, Manhattan, and the company begins developing its community and incubator model.
2010
WeWork is founded
[1]WeWorken.wikipedia.org
Neumann and McKelvey sell GreenDesk and found WeWork.
2008
GreenDesk is established
[1]WeWorken.wikipedia.org
Adam Neumann and Miguel McKelvey establish GreenDesk, an eco-oriented coworking business in Brooklyn.

Products and positioning

Flexible, hospitality-oriented workspace for startups, freelancers, enterprises, and distributed teams, positioned between conventional leased offices and informal work-from-home arrangements.

Coworking · 2011
WeWork coworking spaces
Shared workspaces located in converted or purpose-designed office buildings. Customers may use communal areas, hot desks, private offices, meeting rooms, event facilities, internet access, and workplace amenities under flexible membership arrangements.
Flexible office · 2011
Private offices
Enclosed offices and suites for individuals, startups, and larger teams. The offering combines dedicated workspace with access to shared building services and the wider WeWork network, providing an alternative to conventional long-term office leases.
Workspace services · 2011
Meeting rooms and event spaces
Bookable rooms and larger spaces for meetings, workshops, presentations, and events. These facilities are offered to members and, in some markets, to external customers.
Co-living · 2016
WeLive
A related residential co-living concept launched in New York City and Crystal City, Virginia. The business was later discontinued as WeWork narrowed its focus to workspace services.
Education · 2018
WeGrow
A private-school concept associated with WeWork and led by Rebekah Neumann. Its first permanent location operated from WeWork’s New York headquarters, but the program closed after the 2019 academic year.
Business services · 2017
WeWork member-services marketplace
An online store and service platform intended to give members access to software, professional services, and other resources connected with running a business.

Controversies

2021
WeWork sues over Midtown lease and letter of credit
In a complaint filed in New York State Supreme Court, WeWork claimed that the Chetrit Group threatened to draw down on a letter of credit tied to its 404 Fifth Avenue lease. WeWork also alleged that Chetrit wrongfully drew down a letter of credit for another lease the previous month. These are allegations made in the complaint; the source article reports no court determination on the claims.
Source
2020
WeWork sues SoftBank over terminated rescue plan
WeWork sued SoftBank in a Delaware court, alleging that SoftBank breached its contractual obligations by withdrawing from a $3 billion rescue plan. According to the complaint, SoftBank acted after receiving most of the benefits under the deal. These are allegations reported in the source and do not constitute a court determination.
Source
2020
WeWork special committee sues SoftBank over failed acquisition offer
In April 2020, WeWork's special committee filed a lawsuit against SoftBank and its affiliates. The committee alleged that the defendants breached the Master Transaction Agreement by failing to complete the planned tender offer. It further alleged that the defendants breached fiduciary duties owed to WeWork's minority shareholders. The dispute centered on the acquisition offer that was not completed.
Source
2020
WeWork committee challenges SoftBank over tender offer
WeWork’s board special committee said it was taking steps to ensure SoftBank completed its promised tender offer for employee and shareholder shares, and called failure to complete the purchase unethical. SoftBank responded that it continued to meet its agreement obligations but that conditions required for closing had not been met.
Source
2020
Lawsuit filed against WeWork alleging discrimination
Ayesha Whyte sued WeWork, alleging gender and racial discrimination after the company demoted her and cut her pay. WeWork refuted the allegations and said it believed the claims were without merit.
Source
2019
Failed IPO and governance controversy
WeWork’s proposed IPO exposed large losses, extensive lease obligations, founder control, related-party transactions, and governance weaknesses. Investor criticism led to the withdrawal of the offering and Adam Neumann’s resignation as CEO.
Source
2019
Workplace phone booths recalled over formaldehyde concerns
The company warned that approximately 1,600 phone booths in the United States and Canada might contain formaldehyde contamination after members reported irritation and strong odors; additional booths were considered for precautionary removal.
Source
2019
Former employee files lawsuit against WeWork and SoftBank
Former WeWork employee Natalie Sojka filed a class-action lawsuit contesting WeWork's alleged breach of workers' stock options. The suit also targets majority stakeholder SoftBank over its purchase of Adam Neumann's stock amid the cancellation of the company's IPO. WeWork stated that it believes the lawsuit is meritless.
Source
2019
Shareholder sues over Adam Neumann exit package
A WeWork shareholder filed a lawsuit over the nearly $1.7 billion exit package approved for former co-founder Adam Neumann. The lawsuit alleges that Neumann and SoftBank abused their control of the company to approve the deal at the expense of smaller shareholders. WeWork called the claims meritless.
Source
2019
BIPA lawsuits filed against Juul and WeWork
Juul and WeWork were named as defendants in potential class-action lawsuits in Illinois alleging violations of the Biometric Information Privacy Act's requirements for informing people about biometric-data collection, use and storage and obtaining written consent. The article says no misuse or theft of the information was alleged.
Source

Brand decisions

2023
Enter Chapter 11 restructuringOther
Background
Persistent financial pressure, changing office demand, and burdensome lease commitments made a comprehensive reorganization necessary.
Action taken
WeWork filed for Chapter 11 protection and sought to reject, amend, or renegotiate leases and reorganize its capital structure.
Aftermath
The reorganized business emerged with a smaller portfolio and new ownership arrangements in 2024.
Source
2020
Slow expansion and reduce costs during the pandemicStrategy
Background
COVID-19 closures and weaker office demand increased pressure on WeWork’s expenses and occupancy.
Action taken
The company temporarily closed locations, reduced staff, curtailed growth, and pursued operating-cost reductions.
Aftermath
WeWork continued to reduce its footprint and dispose of non-core businesses while adapting to changing office-use patterns.
Source
2019
Withdraw the initial public offeringStrategy
Background
Investor opposition focused on valuation, losses, governance, founder influence, and the mismatch between long-term lease commitments and shorter-term customer contracts.
Action taken
WeWork withdrew its S-1 filing and postponed the IPO, followed by a leadership transition and a shift toward cost control.
Aftermath
The company’s reported valuation fell sharply from its private-market peak, and SoftBank became central to its restructuring.
Source

Recent events

2024
Cupar Grimmond acquires a controlling stake in WeWork[1]WeWorken.wikipedia.org
M&A
The bankruptcy reorganization transferred 60% of the company to Cupar Grimmond, with SoftBank affiliates and other investors receiving the remainder.
2023
WeWork files for Chapter 11 bankruptcy protection[1]WeWorken.wikipedia.org
Bankruptcy
WeWork entered Chapter 11 proceedings while seeking to restructure debt, reduce its lease obligations, and reorganize its operations.
2019
WeWork files for an initial public offering[1]WeWorken.wikipedia.org
Other
The company’s filing exposed substantial losses, long-term lease obligations, governance concerns, and related-party arrangements, triggering intense investor scrutiny.
2019
WeWork withdraws its IPO[1]WeWorken.wikipedia.org
Other
After criticism of its valuation, governance, and business model, WeWork postponed and then withdrew its planned initial public offering.
2019
WeWork announces global layoffs[1]WeWorken.wikipedia.org
Other
The company announced a reduction of approximately 2,400 employees as it moved toward slower growth and lower expenses.

Sources115 sources

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