The WeWork IPO fiasco of 2019, explained in 30 seconds

WeWork publicly filed its IPO paperwork on August 14. The We Company was described as an umbrella with three major arms: WeWork, WeLive, and WeGrow. After filing, WeWork faced intense scrutiny from investors and the media over its finances and leadership. There were concerns over WeWork's path to profitability and its leader, CEO Adam Neumann. As a result, investor interest was weak, and the company considered cutting its valuation by more than 50%. Ultimately, WeWork delayed its IPO on September 17. After the IPO delayed, attention shifted to WeWork cofounder Adam Neumann's inappropriate antics, like smoking weed on a private jet, serving employees tequila shots after discussing layoffs, and trademarking the term we and then forcing WeWork buy it for $5.9 million. Neumann stepped down from his role as CEO on September 24. In his stead, Artie Minson and Sebastian Gunningham have stepped into the role of co-CEOs of WeWork, as it attempts to navigate its future. September 26 We just learned about the latest WeWork departures. 2 longtime members of Adam Neumann's inner circle are out. More key exits are likely coming. WeWork is selling the company's $60 million luxurious private jet that Adam Neumann and his family personalized and used to fly all over the world WeWork is reportedly in talks with SoftBank about a $1 billion lifeline WeWork's new CEOs want to sell off 3 of its businesses as the company looks to cut costs September 25 WeWork criticized by some of its tenants in a letter to leadership after 5 cleaning contractors were fired WeWork is reportedly unlikely to go public this year — and thousands of layoffs could be coming September 24 Adam Neumann gives up most of his voting power and steps down as WeWork's CEO, saying intense public scrutiny of him was a 'distraction.' 2 execs will permanently replace him. WeWork will replace Adam Neumann with two new CEOs. Here's everything we know about Sebastian Gunningham and Artie Minson. Adam Neumann tells staff that the spotlight on WeWork provides an 'opportunity to expand our global business to more people than ever before' Cofounder Rebekah Neumann is giving up her roles at WeWork, as her husband Adam Neumann steps down as CEO September 23 WeWork CEO Adam Neumann has started talks about his future role at the company, including the possibility of giving up CEO title The New York Stock Exchange appeared to troll WeWork on Twitter WeWork's board reportedly meets Monday to discuss pushing out Adam Neumann — and his alleged 'self-dealing' and marijuana use may come into play WeWork board members are talking about ousting CEO Adam Neumann amid IPO turmoil September 20 WeWork just lost another executive as the chief investment officer of its real-estate fund resigns Billionaire Oracle cofounder Larry Ellison calls embattled WeWork 'almost worthless' A former WeWork executive who made $300,000 and is now suing describes strange cultlike culture, including endless flows of alcohol at mandatory sleepover camp for employees and the CEO's children on his lap during an all-hands meeting A WeWork tenant found its weak WiFi security exposed bank details, driving licenses, and a virtual birthday card featuring Nicholas Cage as a cat September 19 WeWork cofounders Adam and Rebekah Neumann are close friends with Ivanka Trump and Jared Kushner and invited them to Rebekah's extravagant 40th birthday bash in Italy September 18 WeWork CEO Adam Neumann reportedly smoked weed with friends on a private jet to Israel — and the flight crew later found a 'sizable chunk' in a cereal box and recalled the plane Former Twitter CEO calls out WeWork CEO Adam Neumann amid the company's IPO fiasco: 'This is not the way everybody behaves' WeWork cofounder Rebekah Neumann, cousin of Gwyneth Paltrow, reportedly demanded employees be fired within minutes of meeting them because she disliked their 'energy' WeWork founder Adam Neumann joked about changing the United States Constitution so he could run for president WeWork's collapsed IPO has reportedly tanked a $112 million London property deal WeWork CEO Adam Neumann told employees he's 'humbled' by the collapse of the firm's IPO September 17 WeWork will reportedly shelve its IPO in a 'last-minute decision' after weak investor interest September 16 WeWork is reportedly leaning toward delaying its IPO WeWork's top communications executives are jumping ship as the company struggles to go public Alexandria Ocasio-Cortez warned against opening private companies to everyday investors — if ordinary people had invested in WeWork at a $47 billion valuation, they'd be 'getting fleeced' September 13 WeWork is now considering an IPO valuation as low as $10 billion, down from $47 billion SoftBank reportedly plans to boost its stake in WeWork by $750 million in the coworking giant's IPO WeWork just announced a Nasdaq listing and fresh limits on CEO Adam Neumann September 12 WeWork is debating whether to take power from Adam and Rebekah Neumann, its husband-and-wife cofounders, to get its IPO back on track September 11 WeWork is reportedly considering big governance changes in order to rescue its flailing IPO September 10 WeWork may soldier on with its IPO despite reports that it's slashing its valuation by more than half WeWork is reportedly planning to tap investors via the risky junk-bond market again as its IPO stumbles September 9 WeWork reportedly might slash its valuation below $20 billion, or even postpone its IPO WeWork's biggest outside shareholder, SoftBank, is reportedly asking for the IPO to be put on hold because investors don't seem interested September 6 WeWork could cut its valuation in half to about $20 billion after intense skepticism of its business and CEO — and it might delay its IPO September 4 WeWork paid its own CEO $5.9 million to use the name 'We,' but now he's giving it back after the deal was criticized A former Uber executive hired to clean up ousted founder Travis Kalanick's mess has joined WeWork's board of directors as it gears up for a massive IPO August 27 WeWork has reportedly been bleeding HR managers in the last year, and some are pointing fingers at CEO Adam Neumann WeWork gave out 58 stock awards worth at least $1 million each in February, and 94% of them went to men, according to a lawsuit August 20 WeWork's IPO documents baffled an analyst who specializes in evaluating companies preparing to go public August 15 Morgan Stanley backs out of WeWork's monster IPO after getting snubbed for the lead role WeWork boosted its advertising spend by a whopping 164% on its way to one of the most anticipated IPOs of 2019 A buzzy energy startup raised $30 million from WeWork CEO Adam Neumann, then collapsed the day WeWork filed to go public August 14 WeWork just filed for its IPO, and revealed a lengthy list of risk factors that investors should be aware of WeWork is going public with an extremely weird, complicated structure WeWork files for IPO, revealing spiraling losses of $1.6 billion 'The energy of we': People are roasting WeWork for its cultish IPO filing Adam Neumann has locked up control of The We Company in a jaw-dropping way, even by Silicon Valley standards, by giving himself 20 votes per share WeWork details CEO Adam Neumann's web of loans, real-estate deals, and family involvement with the company WeWork IPO reveals company loaned millions to CEO Adam Neumann and other company execs WeWork lays out its path to profitability – and most of its options involve slowing its breakneck growth Adam Neumann's wife is one of 3 people who would choose WeWork's next CEO if he dies or is unable to work

The WeWork IPO fiasco of 2019, explained in 30 seconds

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See the timeline of events via our past coverage below.