IPO not working out so well for WeWork CEO

A WeWork office facility in the Financial District in New York City, New York, the US, September 13 2019. Picture: DREW ANGERER/AFP

We Company is contemplating slashing its valuation to as low as $10bn from the $47bn billing clinched in a private fundraising round in January backed by Japan’s SoftBank Group, people familiar with the matter said. It is by far the biggest crisis Neumann has faced in his career, after arriving in New York at the age of 22 after service in the Israeli military.

“It quickly became apparent that people were ready for a new approach to work, not just their workspace,” Neumann said in a blog post in 2016, marking the launch in Berlin of WeWork’s 100th site. Neumann’s experience on a kibbutz and McKelvey’s growing up in a five-mother commune in Oregon have been cited as a reason the pair hit it off. McKelvey is an architect with the title of chief culture officer at WeWork.

The early success of the shared workspace validated the global community Neumann envisioned where people can achieve more together than alone, or in the words of the company's famous mantra: “To make a life, not just a living.”Neumann arrived in New York in 2001 where he lived with his sister Adi, an Israeli model, and started a handful of businesses that failed, including women’s shoes and a line of baby clothes with knee pads called Krawlers.

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