WeWork’s ‘Substantial Doubt’ About Its Future Marks a Stunning Fall
- Company raised serious concern it could go out of business
- Almost $9 billion has been wiped from market value since IPO
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For the past four years, WeWork Inc. has been trying to deliver a turnaround story — one in which the rowdy co-working startup transforms into a stable, profitable public company. It sloughed off Adam Neumann, its rambunctious co-founder and former chief executive officer, and replaced him with an industry veteran boasting a reputation of saving troubled real estate companies.
WeWork was not saved, and the co-working company now says there’s “substantial doubt” it will even be able to stay in business.