From R679 billion to zero — WeWork headed for bankruptcy
, operated millions of square feet in dozens of countries and was valued at $47 billion , which made it one of the most prized startups in America.
Neumann was ousted in late 2019, and after thousands of layoffs and a bailout from WeWork’s biggest investor SoftBank Group Corp., the company named Sandeep Mathrani as CEO in the hope of a turnaround.Mathrani was dealt an unenviable hand. Almost immediately upon his arrival, offices worldwide shut down, as the Covid-19 virus sent people into sustained lockdown.
As the pandemic dragged on, WeWork insisted that the shift toward remote and hybrid work would actually favour the company rather than weaken its business. Employers would be more wary of signing long-term leases and would turn to WeWork’s flexible models instead, the company argued.
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