WeWork時隔兩年終上市，被罷免CEO竟成最大功臣
Jessica Mathews
2021-10-26
共享辦公空間WeWork在紐約證券交易所（New York Stock Exchange）上市交易當天，WeWork聯合創始人，也是曾遭罷免的首席執行官亞當·諾依曼穿著印有“終身學生”字樣的T恤，在紐約設計酒店辦了一場聚會。當天是他和聯合創始人米格爾·麥克爾維為公司早期加入的員工舉辦慶祝活動。
諾依曼慶祝有充分的理由。據彭博社（Bloomberg）報道，他仍持有公司約11%的股份，價值約7.22億美元，不過報道稱未來九個月內他無法賣出這些股份。根據彭博億萬富翁指數（Bloomberg Billionaires Index），WeWork與SPAC公司BowX Acquisition Corp.合并后，現在諾依曼持股市值約為23億美元。雖然現在與2019年估算凈值（當時高達140億美元）相差甚遠，但比起去年曾降至10億美元以下的情況好了太多。
即便公司經歷2019年慘敗后終于上市，如今的WeWork其實只是2019年1月價值470億美元的初創公司的外殼。2017年以來，WeWork最大的投資方軟銀投入了170多億美元，公司估值還是降至約90億美元。為完全掌控WeWork，軟銀還向諾依曼支付了數億美元的分手費。
兩年前，投資者質疑WeWork公司治理，以及不惜一切代價實現增長的商業模式，首次公開募股失敗后2000多名員工失業。當時公司披露的信息顯示，諾依曼一直將自己擁有的公司租給WeWork。這位前首席執行官還從投行獲得了5億美元的信貸額度，以提升在公司的持股份額，此外，由于他早早行使了股票期權，還從WeWork獲得了3.62億美元貸款。
后來人們對WeWork股票的興趣下降，諾依曼辭職，公司最終推遲上市，后來徹底取消。此后不久，軟銀出手拯救了WeWork。今年早些時候，軟銀與前創始人諾依曼達成和解。
現在有報道稱，2020年虧損32億美元的WeWork終于以股票代碼“WE.”上市公開交易（10月14日下午該公司股價11.58美元，上漲11.8%，市值約90億美元）。一定程度上是因為報道稱，諾依曼協助了SPAC公司BowX Acquisition Corp.聯合首席執行官維維克·拉納戴夫（Vivek Ranadivé）銷售。10月20日，BowX的股東批準了與WeWork的合并。該筆交易預計可為WeWork注入13億美元。
諾依曼可能正在慶祝WeWork成功上市。但公司經歷了過去兩年過山車般的經歷后，并不是所有人都能歡呼得出來。（財富中文網）
譯者：馮豐
審校：夏林
共享辦公空間WeWork在紐約證券交易所（New York Stock Exchange）上市交易當天，WeWork聯合創始人，也是曾遭罷免的首席執行官亞當·諾依曼穿著印有“終身學生”字樣的T恤，在紐約設計酒店辦了一場聚會。當天是他和聯合創始人米格爾·麥克爾維為公司早期加入的員工舉辦慶祝活動。
諾依曼慶祝有充分的理由。據彭博社（Bloomberg）報道，他仍持有公司約11%的股份，價值約7.22億美元，不過報道稱未來九個月內他無法賣出這些股份。根據彭博億萬富翁指數（Bloomberg Billionaires Index），WeWork與SPAC公司BowX Acquisition Corp.合并后，現在諾依曼持股市值約為23億美元。雖然現在與2019年估算凈值（當時高達140億美元）相差甚遠，但比起去年曾降至10億美元以下的情況好了太多。
即便公司經歷2019年慘敗后終于上市，如今的WeWork其實只是2019年1月價值470億美元的初創公司的外殼。2017年以來，WeWork最大的投資方軟銀投入了170多億美元，公司估值還是降至約90億美元。為完全掌控WeWork，軟銀還向諾依曼支付了數億美元的分手費。
兩年前，投資者質疑WeWork公司治理，以及不惜一切代價實現增長的商業模式，首次公開募股失敗后2000多名員工失業。當時公司披露的信息顯示，諾依曼一直將自己擁有的公司租給WeWork。這位前首席執行官還從投行獲得了5億美元的信貸額度，以提升在公司的持股份額，此外，由于他早早行使了股票期權，還從WeWork獲得了3.62億美元貸款。
后來人們對WeWork股票的興趣下降，諾依曼辭職，公司最終推遲上市，后來徹底取消。此后不久，軟銀出手拯救了WeWork。今年早些時候，軟銀與前創始人諾依曼達成和解。
現在有報道稱，2020年虧損32億美元的WeWork終于以股票代碼“WE.”上市公開交易（10月14日下午該公司股價11.58美元，上漲11.8%，市值約90億美元）。一定程度上是因為報道稱，諾依曼協助了SPAC公司BowX Acquisition Corp.聯合首席執行官維維克·拉納戴夫（Vivek Ranadivé）銷售。10月20日，BowX的股東批準了與WeWork的合并。該筆交易預計可為WeWork注入13億美元。
諾依曼可能正在慶祝WeWork成功上市。但公司經歷了過去兩年過山車般的經歷后，并不是所有人都能歡呼得出來。（財富中文網）
譯者：馮豐
審校：夏林
The day WeWork began trading on the New York Stock Exchange, WeWork cofounder and ousted CEO Adam Neumann was partying at The Standard hotel in New York City, wearing a T-shirt that read “student for life”—at the event he and his cofounder Miguel McKelvey were hosting for the coworking space startup’s earliest employees.
Neumann had good reason to celebrate: He still holds an approximate 11% stake in the company—worth about $722 million, per Bloomberg—though he reportedly won’t be able to sell his shares for another nine months. Following WeWork’s merger with BowX Acquisition Corp., a SPAC, Neumann is now worth around $2.3 billion, according to the Bloomberg Billionaires Index. While that’s still a far cry from his estimated net worth in 2019 (a whopping $14 billion), Neumann’s net worth had fallen below the $1 billion mark last year.
But even as the company finally goes public after its debauched efforts in 2019, WeWork is a mere shell of the $47 billion–valued startup it was in January of that year. WeWork’s largest investor, SoftBank, had put more than $17 billion into the firm since 2017, only to see WeWork’s valuation dwindle down to around $9 billion. SoftBank and WeWork have paid hundreds of millions to formally sever its ties with Neumann.
More than 2,000 employees lost their jobs when WeWork’s IPO fell apart two years ago after investors called into question its governance policies as well as growth-at-all-costs business model that was reeling in steep losses. The company’s disclosures at the time revealed that Neumann had been leasing companies he owned back to the company. The ex-CEO had also taken a $500 million line of credit from investment banks to boost his own stake in the company, plus a $362 million loan from WeWork itself owing to his early exercise of a stock option.
Interest in WeWork’s shares dwindled, Neumann resigned, and the company ultimately delayed its offering, then withdrew it altogether. SoftBank ended up bailing out WeWork shortly after. SoftBank settled with the former founder earlier this year.
Now, with reported losses of $3.2 billion in 2020, WeWork is finally trading publicly, under the ticker “WE.” (Its stock was trading at $11.58, up 11.8% midafternoon Thursday, with a market cap of about $9 billion.) That’s, in part, because Neumann reportedly helped sell Vivek Ranadivé, co-CEO of the SPAC, BowX Acquisition Corp., on the deal. BowX’s stockholders approved the merger with WeWork on Oct. 20. The deal is expected to funnel $1.3 billion into WeWork.
Neumann may be celebrating as WeWork begins its trading debut. But after the roller-coaster ride the company has faced in the past two years, not everyone has as much of a reason to cheer.
