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WeWork

Proptech/CoworkingUSA
💀 Dead / Bankrupt
Peak $47 BillionToday
~-99%
from peak
  1. 🦄
    Became a unicorn
    2014
  2. 📈
    Peak valuation
    $47 Billion ’19
  3. 💔
    Became a Unitard
    Nov 2023
  4. 💸
    Last valuation
    ~$0
Current status
Chapter 11 (Nov 2023); reorganized private

How it happened

WeWork rented and subleased flexible office space under a tech-startup branding, reaching a peak private valuation of ~$47B in early 2019 on SoftBank funding. A failed 2019 IPO exposed mounting losses and governance problems, forcing founder Adam Neumann out and slashing its value. After a 2021 SPAC listing valued it near $9B, it filed for Chapter 11 bankruptcy in November 2023 and reorganized as a private company.

Source: Fortune/Reuters; SPAC value ~$9B 2021