WeWork Lost $2.1 Billion on Closings, Neumann Deal
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WeWork lost $2.06 billion in the first quarter, overwhelmed by effects of the coronavirus pandemic and a settlement with the ousted co-founder Adam Neumann, according to a person familiar with the financials.
The mounting loss was due largely to a variety of one-time costs, which also include office closings and other restructuring, said the person, who asked not to be identified because the details are private. The settlement with Neumann resulted in a non-cash writedown of nearly $500 million, the person said.