Previously: The We Company Is A Dumpster Fire
Since then, they fired Adam Neumann, their founder and CEO. They had to pull their IPO. The new CEO’s (co-CEO’s are a terrible idea, so of course that’s what WeWork would do) are trying to sell the corporate jet and all the side projects, including an education unit called WeGrow, and a fitness club called Rise by We. Fitch downgraded their bonds, putting them deep into junk territory; those bonds are trading at about 84 cents on the dollar.
It now appears that WeWork will run out of cash in November. At this pace the company will crash from a $47 billion valuation to insolvent in less than 6 months.
I’ll give them the sandwich wrapper I previously withheld: they are going to need it for toilet paper.