It has been a downward spiral of events for WeWork over the past month, as they went from the country’s most valuable startup to a company worth ⅓ of their original valuation and an ousting of their CEO and founder.
Adam Neumann, WeWork CEO and Founder, announced Tuesday that he would step down as Chief Executive Officer and cede majority control of the company. Effective immediately, co-CEOs Artie Minson and Sebastian Gunningham replaced the former CEO and absolved his power. This move is an attempt to alleviate concerns about WeWork as the company postponed its IPO amid concerns about governance.
To make matters worse, a journal was released last week detailing former CEO Adam Neumann’s party filled lifestyle that included use of marijuana in an airplane and unpredictable management decisions.
Things have changed drastically for WeWork in the past month, but a new corporate structure and continued pursuance of an IPO could revitalize the company and all it has to offer.