Crisis office landlord Wework makes it onto the stock exchange

Released on 21. 10 . 2021

  • Office space broker Wework has made it onto the stock exchange. Photo: Mary Altaffer

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Two years after the failed IPO, the office broker Wework has now made it through the back door to the Nyse.

New York (dpa) – The office space broker Wework has found a way to the public stock market about two years after its spectacularly failed IPO.

The ailing US company went to Nyse through the back door on Thursday via a merger with the special purpose vehicle BowX Acquisition Corp. The stock rose more than five percent in early trading.

Wework actually had 2019 want to make its stock market debut with great hype, but the plans of the Japanese tech investor Softbank upgraded and at the time with enormous 47 Billion dollar valued startups ended in a major debacle. Doubts about the loss-making business model, but above all the antics and abundance of power of the controversial co-founder Adam Neumann, deterred investors.

The mammoth project had to be called off in the end, Neumann take his hat off and write off Softbank billions. Since then, things have become relatively quiet around Wework. The pandemic made the business model, which is only partially lucrative anyway, of providing companies with office space in long-term rented properties, and 2020 for deep red numbers. In the now completed merger with BowX, Wework was only valued at $ 9.0 billion.

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