Following WeWork's warning that it could be headed for bankruptcy, FOX Business gives a timeline of the long-suffering co-working company's years of troubles.
In the beginning, WeWork definitely was about renting to smaller companies (or individuals) at reasonable prices, providing decent (if not upscale) accomodations. That’s probably a decent little business.
But their CEO had (or at least, promoted) delusions about WeWork providing a fundamentally different experience. Some of those delusions were IIRC software projects he claimed would allow renters to automate and improve their network and electricity use. He sold this bullshit on talk shows, and gave this as a reason that WeWork wasn’t just another renter of office space. In reality, they didn’t have the expertise to do anything like he claimed, and it all came to nought.
Maybe if he hadn’t been spending money like a fleet of drunken sailors, much of it on himself or vanity projects, they might’ve not cratered as badly, or at least as quickly.
In the beginning, WeWork definitely was about renting to smaller companies (or individuals) at reasonable prices, providing decent (if not upscale) accomodations. That’s probably a decent little business.
But their CEO had (or at least, promoted) delusions about WeWork providing a fundamentally different experience. Some of those delusions were IIRC software projects he claimed would allow renters to automate and improve their network and electricity use. He sold this bullshit on talk shows, and gave this as a reason that WeWork wasn’t just another renter of office space. In reality, they didn’t have the expertise to do anything like he claimed, and it all came to nought.
Maybe if he hadn’t been spending money like a fleet of drunken sailors, much of it on himself or vanity projects, they might’ve not cratered as badly, or at least as quickly.