WeWork confidentially files for IPO
The We Company, formerly (and commonly) known as WeWork, announced its launch in the UAE market by the end of 2019. Now we learn that it has quietly filed to go public.
Clearly, its rebranding is not working very well. Remember how “The Facebook” didn’t catch on? Perhaps The We Company could take a page out of that book.
The company that began renting out office spaces, changing the industry by providing services and community atmosphere, has also been buying real estate to increase profit margins, and experimenting with communal living spaces with its WeLive branch.
Its revenues have climbed 100% from 2017 to 2018. It reported $1.8 billion revenue last year, with a $1.9 billion loss. In 2017, Forbes reported an estimated value of WeWork to be $45 billion. Its current valuation is not known, but rumoured to be $47 billion. Read more about its plans to go public here.