The once-unstoppable WeWork has found itself on shaky grounds.
The co-working giant struggles to maintain its stronghold in the market. Hence, leaving crypto nomads prowling for workspaces that cater to their unique needs.
WeWork Is In Trouble
At its peak, WeWork was heralded as a visionary in shared office spaces. Under the leadership of Adam Neumann, its co-founder and then CEO, the company aimed to redefine traditional workspace environments.
It infused a sense of community through stylish designs and enticing perks that crypto nomads loved, like beer and kombucha on tap.
However, WeWork’s ambitious global expansion took a toll on the company’s finances. While it spent billions on leases and renovations worldwide, the incoming revenue could not keep up with the rent bills.
“As of June 30, 2023, WeWork’s consolidated real estate portfolio consisted of 610 locations across 33 countries, which supported approximately 715,000 workstations and 512,000 physical memberships, equating to physical occupancy of 72%, and a decrease in physical memberships of 3% year-over-year,” reads the quarterly report.
David Tolley, now at the helm as the interim chief execu
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Author: Bary Rahma
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