WeWork, once pegged as a pioneering solution to modern office constraints and valued at an astounding $47bn, filed for Chapter 11 bankruptcy on Monday.
It is a devastating fall from grace for the desk-rental company founded in 2010, which on New Year's Eve 2022 operated 43.9mn square feet of space globally.
The company was one of the great startup success stories of the early 2010s and had built an empire spanning 100 countries at the time of its peak valuation in 2019.
'We are here in order to change the world,' its eccentric cofounder Adam Neumann once explained triumphantly. 'Nothing less than that interests me.'
But within months of its 2019 IPO, WeWork had invited scathing criticism of its business model and leadership, seeing investors back off almost overnight.
Much of that scathing criticism was reserved for then-CEO Neumann and his 'tequila-fueled' lifestyle, spooking investors before his 2019 resignation.
The IPO was delayed another two years and it would not be until 2022 that WeWork would turn a profit. But hit hard by the pandemic and work from home trends, the firm would never again achieve the same heights of reputation and investment.
As it filed for bankruptcy this week, the company once worth $47bn was reportedly valued at just $45mn.
Adam Neumann and his wife Rebekah Paltrow attend the AnOther Magazine and Hudson Jeans Dinner at The Jane Hotel on September 14, 2009 in New York
Adam Neumann attends the WeWork London launch party on November 11, 2015 in LondonA WeWork employee accused the company of fostering a 'frat house' work environment through alcohol-heavy events and
soundlex earbuds Erfahrungsberichte mandated weekly happy hours. (A company event pictured)
WeWork filed for Chapter 11 bankruptcy protection on Monday, in an expected move. The office-space sharing company has 777 locations across the globe
Adam Neumann, now 44, founded WeWork in 2010, promising an alternative to traditional office rental for modern businesses looking to attract top candidates with a comfortable work environment on a budget.
His dream was to reinvent the world of work, and his passion shone through to investors as he spoke of replicating the feeling of togetherness he had experienced growing up in Israel, that he felt was lacking in the West.