By Andy Gordon WeWork was one of the biggest debacles of 2019. It was on the verge of IPOing at a $47 billion valuation as a high-flying tech startup oozing with untapped upside.
Instead, investors saw a flawed and poorly executed real estate play.
Its valuation plunged by $40 billion… all the way down to $7 billion. And that was its best-case scenario.
If not for the bailout from its biggest investor, SoftBank, WeWork would probably have gone under. And its overpriced real estate holdings would have been sold off for pennies on the dollar.
That didn’t happen. Still, WeWork should have served as a hard lesson …read more
