14 Stories

WeWork's Ousted CEO Offers $500M to Buy It Back: Sources

Sources say Adam Neumann submitted an unsolicited bid

(Newser) - The eccentric, controversial co-founder and erstwhile CEO of WeWork is reportedly trying to buy his former startup back. Sources tell the Wall Street Journal , CNBC , and Reuters that Adam Neumann submitted an offer of more than $500 million to acquire the company out of bankruptcy, and that, pending due diligence,...

Once a Darling, WeWork Has Now Filed for Bankruptcy

Sources had indicated move was imminent

(Newser) - As sources indicated last week that it would, a onetime darling of the startup world on Monday filed for Chapter 11 bankruptcy protections in federal court. The coworking company WeWork, which has long been struggling, isn't quite ready to throw in the towel: "Now is the time for...

'The Clock Is Ticking Down for WeWork'

Once high-flying company warns it might go under

(Newser) - It was once seen as the Next Big Thing. But on Wednesday, WeWork warned that it might cease to exist. The company that leases offices buildings, then rents out the space to businesses, expressed doubt about its ability to stay afloat, reports the Wall Street Journal . "As a result...

Elizabeth Holmes Trial Proves Boys' Club Is Alive and Well

Ellen Pao wonders why male tech execs accused of fraud aren't held to same standard

(Newser) - Ellen Pao thinks Elizabeth Holmes should be held accountable for her actions as CEO of the not-quite-what-it-appeared Theranos blood-testing company. But in an essay at the New York Times , Pao writes that something else is true in regard to Holmes' ongoing trial: It "can be sexist to hold her...

They Had Every Right to Use the Gym. He Didn't Think So

White CEO in Minneapolis loses office lease after video shows him calling 911 on black entrepreneurs

(Newser) - One of the perks of using an office space via WeWork in Minneapolis' MoZaic East complex is that you get to take advantage of the site's amenities, including its gym. But, per the Hill , a group of black entrepreneurs who've owned a business in the building for a...

WeWork Sues Erstwhile Buyer Over 'Buyer's Remorse'

Claims investor worked to ensure conditions of stock takeover wouldn't be met

(Newser) - WeWork is suing the Japanese bank that offered to save it from insolvency before backing out of a $3 billion stock takeover . In a lawsuit filed Tuesday, the special committee of WeWork's board said SoftBank and CEO Masayoshi Son took "desperate" actions to back out of the tender...

WeWork Founder Now an 'Ex-Billionaire'

SoftBank pulls out of $3B stock takeover, a big blow to Adam Nuemann

(Newser) - SoftBank's cold feet apparently became frozen. WeWork's largest investor announced Thursday that it was backing out of a deal to buy $3 billion in shares of the communal office-space startup, including some $970 million worth from founder and former CEO Adam Neumann. SoftBank said it was "fully...

WeWork's Founder May Not Get His Mega Payday

SoftBank is reconsidering $3B stock takeover deal

(Newser) - The co-founder of troubled communal office space startup WeWork may not get his billion-dollar parachute after all. SoftBank, the Japanese conglomerate that was planning to bail out of the company by buying $3 billion in WeWork shares from current shareholders—including almost $1 billion of co-founder Adam Neumann's shares—...

WeWork's CEO Had an 'Exit Plan.' Then the Door Closed

Inside the rise and fall of WeWork

(Newser) - A little more than a year before Adam Neumann was ousted as WeWork's CEO and exited very, very rich , he thought he was about to become very, very, very rich. As Gabriel Sherman writes in a lengthy piece for Vanity Fair , Neumann had what Sherman terms an "escape...

SoftBank Just Took Massive $6.5B Bath Over WeWork, Uber

CEO Masayoshi Son: 'There was a problem with my own judgment' on WeWork, Uber investments

(Newser) - SoftBank took a gamble on WeWork and Uber—and it just took a $6.5 billion quarterly operating loss, Bloomberg reports, its first in 14 years. The Japanese's firm's CEO is coming out of the situation both pensive and "defiant," per the New York Times . "...

WeWork Founder to Get $1.7B Parachute
WeWork Founder
to Get $1.7B Parachute

WeWork Founder to Get $1.7B Parachute

SoftBank will take over the troubled communal office-space startup

(Newser) - The Wall Street Journal reports SoftBank Group Corp. has reached a deal to take control of WeWork, the communal office-space startup recently beset by problems. WeWork's board approved the deal, which would give co-founder Adam Neumann, who stepped down as CEO but remains on the board, $1.7 billion....

WeWork Pulls 2.3K 'Toxic' Phone Booths Out of Service

Insiders say troubled firm plans round of layoffs

(Newser) - The problems are piling up for WeWork: The shared workspace company informed tenants Monday that it has closed 2,300 phone booths at 223 sites in the US and Canada after detecting high levels of a cancer-causing chemical, reports Reuters . The company says it began testing for formaldehyde after a...

WeWork's Controversial CEO Steps Down
WeWork CEO Steps Down

WeWork CEO Steps Down

Adam Neumann will remain on company's board

(Newser) - WeWork's charismatic but controversial CEO is stepping aside from the communal office-space company he founded, another moment of reckoning between the fast-growing startup and its disenchanted investors. The New York-based company said Tuesday that Adam Neumann will be replaced by two co-CEOs: Artie Minson, formerly co-president and chief financial...

Report: WeWork Directors Want to Oust Eccentric CEO

Adam Neumann could be pushed out Monday

(Newser) - Directors at office-sharing company WeWork are considering kicking eccentric co-founder Adam Neumann out of the CEO's office, insiders say. Sources tell the Wall Street Journal that a group of directors—including some linked to Japanese conglomerate SoftBank, the company's biggest investor—want him ousted to salvage an IPO...

14 Stories