The rise and fall of WeWork

Once a poster child of the modern workplace, WeWork 's business model was based on leasing office spaces long-term and renting them out short-term. The company offered flexible office spaces, free-flowing alcohol, and a vibrant atmosphere. It was founded in 2010 by Adam Neumann and rose rapidly in the startup world. It achieved a valuation of close to $50 billion within a short span of time. Yet, by November 1, 2023, the company faced the reality of filing for Chapter 11 bankruptcy, reflecting its turbulent journey. WeWork's ascent, with its cutting-edge co-working spaces, was remarkable. It epitomises the gig economy's spirit. However, the company's path turned bleak when it tried to launch an IPO in 2019. A mismanaged IPO attempt coupled with concerns about its financials and corporate governance led to the ousting of Adam Neumann and an exodus o