The story of WeWork is a cautionary tale of epic proportions. It’s a fiasco of corporate failures, a CEO doing whatever he wanted despite obvious conflicts of interest, and cashing out before his co-working empire came crashing down.
WeWork’s former founding CEO Adam Neumann, described by those in the industry as “messianic” with an “enormous ego,” was everywhere. In 2018, WeWork was reportedly the biggest office tenant in Manhattan, overtaking JP Morgan, the investment bank. During peak WeWork hype, it was valued at US$47 billion. Then documents filed with U.S. regulators pointed to the unsettling concentration of CEO power, and, in less than two months, the company imploded...
RSK: I think the established players will make it. Regus, Serendipity etc. The sell services as well as space.
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- - Volume: 7 - WEEK: 41 Date: 10/8/2019 7:13:59 AM -