WeWork is a big pile of fail, and an example that venture capital is not as smart as the VCs think. We work once had a $47 billion valuation before the IPO. The company is now worth $337 million.
WeWork’s founder a Adam Neumann behaved like an unstable god, who smoked piles of cash like a drug. For the company’s investors the IPO was a chance to pawn off a shit asset on a main street they don’t respect. It didn’t work.
“WeWork Inc. (NYSE: WE) (the “Company”), the leading global flexible space provider, today announced that on April 12, 2023, it received a notice (the “Notice”) from the New York Stock Exchange (the “NYSE”) notifying the Company that it is not in compliance with the NYSE’s continued listing standards because as of April 11, 2023, the average closing price of the Company’s Class A Common Stock (the “Common Stock”) was less than $1.00 per share over a consecutive 30 trading-day period. The Notice does not result in the immediate delisting of the Company’s Common Stock from the NYSE.”