The We Company just filed for its IPO, revealing tons of new details about how the company operates.
Originally founded as WeWork in 2010, The We Company rebranded at the start of the year to more accurately define its business, which has grown to include more than just co-working spaces.
Lead by CEO Adam Neumann, the We Company has been valued at $47 billion.
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WeWork has officially filed its paperwork for its initial public offering, offering the first clear look into how the company’s business operates. WeWork launched in New York City back in 2010 with a single co-working space.
The company’s unique approach to shared work environments and aggressive real estate acquisitions have helped it expand across the globe, opening offices in more than 100 cities worldwide. At the start of 2019 WeWork rebranded to The We Company to more accurately reflect the company’s growing portfolio of businesses, which includes an elementary school program and residential living spaces.
Read more: ‘The energy of we’: People are roasting WeWork for its cultish IPO filing
Despite posting mounting losses in the last three years, The We Company has been valued at $47 billion, and its IPO has been highly anticipated by potential investors.
Here are some impressive facts about The We Company’s global business and its 40-year-old founder and CEO Adam Neumann:
The first WeWork location was a 3,000 square-foot space in New York City’s SoHo neighborhood that opened in 2010.
The small space in Soho reportedly turned a profit one month after launch, starting the company on a path to its current $47 billion valuation.
Check out the company’s full journey from a single building in SoHo to its major IPO
WeWork bought Lord & Taylor’s flagship store building in New York City in October 2017 for $850 million, an example of the company’s aggressive real estate acquisitions.
WeWork now provides co-working desk space in commercial buildings in more than 110 cities and 29 countries.
WeWork’s first international office opened in London in 2014, and by 2016 the company had opened new locations in Tel Aviv, Shanghai, and Mexico City.
The We Company says it currently offers 604,000 workstations around the world.
The We Company was last valued at $47 billion.
The We Company posted a net loss of $1.6 billion in 2018 while generating $1.8 billion in revenue.
Based on its S-1 filing, The We Company has posted increasing losses over the last three years as it expands its real estate portfolio and launches new businesses.
Check out a larger breakdown of WeWork’s annual losses in this story.
WeWork is just one of four businesses under the umbrella of The We Company. The company is also developing elementary school and gym spaces.
WeWork rebranded itself to become the We Company at the start of 2019 and defined the different businesses the company operates. WeWork is dedicated to coworking spaces in commercial buildings, while WeLive focuses on group living spaces in residential areas.
WeGrow is a newer brand launching small “micro-schools” for elementary-level students. Currently the only …read more
Source:: Business Insider – Tech