From Reuters, June 14:
WeWork CEO says revenue runs at $1 billion a year, no IPO details yet
The chief executive of WeWork Cos Inc said on Wednesday the co-working space startup he co-founded is now generating $1 billion a year in revenue at current rates and will launch an initial public offering, but did not say where or when.
Adam Neumann, whose company is now valued at some $17 billion, said the exchange where WeWork will list its shares is undecided, addressing a lunch event at the Economic Club of New York, held at the New York Stock Exchange.
He praised NYSE Group President Tom Farley, who runs the exchange, for his persistence in seeking WeWork's listing. NYSE Group is owned by Intercontinental Exchange Inc (ICE.N).
Neumann, who was quizzed by Farley in front of almost 200 people at the lunch, said his company will conduct an IPO, but did not say when that might occur.
The company, which operates 149 locations in 15 countries, now has about 120,000 members who pay on average $650 a month each, Neumann said. Five to 10 new sites open every month.
WeWork has raised about $1.8 billion from investors and venture capital funds since it began operations six years ago.Previously:
SoftBank Group Corp (9984.T) invested $300 million in WeWork in March, the first of a much larger funding round that could total up to $3 billion, according to a person familiar with the matter who spoke on condition of anonymity.
Two years ago, less than 1 percent of WeWork's business was generated by Fortune 500-type companies. That figure is now about 30 percent and growing, Neumann said, interpreting that as a sign of a viable business model....MORE
August 2016
To Hedge Against Downturn, $16 Billion Mega-Unicorn WeWork Pushes for Longer Leases, Established Companies
What you have here is a real estate company trying to justify a tech company valuation.July 2016
$16 Billion Unicorn: "WeWork evicted a startup after it published a negative blog post about WeWork..."
July 12916
$16 Billion Valuation WeWork Cut Forecasts as CEO Asked Employees to Change ‘Spending Culture’
It has been a long cherished dream to figure out a way to bet against this one, links below.March 2016
Whoa: Silicon Valley's Santa Clara County Falls From Ranks Of Hottest Job Markets
It might be time to dust off that list of San Francisco office REITS. And try to find a way to short WeWork.*November 2015
"LivingSocial Offers a Cautionary Tale to Today’s Unicorns"
October 2015
How To Convince Investors Your Startup Is Worth $10 Billion
There has got to be a way to short this.December 2014
WeWork Worth $5Bil., Weally
And the reason for the intro line:
Bloomberg, Feb 10, 2016 "WeWork Is Sharing Economy for Office Space: Neumann".
