WeWork has officially filed an IPO, but reactions have been muddled as the company’s reputation of burning through cash rings through. Despite this, the company is valued at $47 million and joins other similar decacorn startups who have recently filed to go public.
Although WeWork’s workforce size has tripled in the last year, its operating costs have led to major losses and some staff cuts.
Still, its hiring has stayed mildly stagnant and even slowed a bit despite its massive expansion. Regardless, it currently has 1,500 job openings listed on its careers page which is down from its 1,600 in April.
Typically, companies who are gearing up for an IPO go on a hiring spree, but WeWork seems to have already established its finance and technology teams at the end of 2018.
WeWork’s growth strategy is as simple as opening offices where spaces are needed and startups are abundant. But places such as mainland China have proven to be blind spots as its business growth has grown rapidly. In the future, we can anticipate to see the company expand beyond its 360 locations in the country.
According to Facebook “Were Here” count, the number of status updates, photos, and check-ins at WeWork locations has also grown tremendously since 2017, which is great news for the company.