Tech

WeWork posts the highest sales since the 2019 IPO implosion

WeWork recorded the highest sales in almost two years as it aims to go public, recovering from two pandemic hits and the collapse of its initial public offering attempt in 2019.

News comes as a company supported by Softbank Preparing to publish through SPAC transactions We valued it at $ 9 billion, a significant decrease from the company’s $ 47 billion valuation in January 2019.

WeWork sold 33,000 new desks in April 2021 and 39,000 new desks in May. Said Monday.

Monthly numbers are the highest since WeWork in September 2019. The company withdrew its IPO After investors opposed its unprofitable business model and ownership structure, it gave eccentric founder Adam Neumann an extraordinary amount of control.

After paying Neumann A sweet exit package worth nearly $ 2.5 billion, WeWork says it’s bouncing under CEO Sandeep Mathrani, who took command last February.

The company said its total share of 767 locations rose from 50% in March to 53% in May.

WeWork currently has 505,000 members, up from 490,000 at the end of 2020, well below 662,000 at the end of 2019. Coronavirus pandemic destroyed demand for commercial real estate..

WeWork Building
WeWork says it’s bouncing back under CEO Sandeep Mathrani, who took the lead last February.
Getty Images

Dan Ives, managing director of equity research at Wedbush Securities, said WeWork’s new occupancy could help strengthen unprofitable companies as it prepares to take a second shot of its listing. Stated.

“While commercial real estate and occupancy are clearly a big challenge, WeWork is clearly on a much better path than it was a few years ago,” Ives told The Post. “WeWork is a major” proving me “story from the perspective of the future-looking street. ”

We work Lost more than $ 2 billion The first three months of 2021.

WeWork posts the highest sales since the 2019 IPO implosion

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