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Sam Zell Criticizes WeWork Ahead Of Its Initial Public Offering

Sam Zell, the founder and chairman of Equity International, has criticized WeWork ahead of its IPO, stating that the company is not doing anything new. Click To Tweet

“I had the privilege of investing in this kind of company once before,” said Zell. “As a matter of fact, this kind of company began in 1956.”

Zell also claimed that every company within the coworking sector has gone broke, citing WeWork’s recent pre-IPO filing last month that revealed the company had experienced net losses of over $900 million in the first half of 2019.

WeWork has yet to respond as it is in the mandatory quiet period ahead of its initial public offering.

Further driving his point, Zell said that the real estate industry has “committed suicide” by letting WeWork buy so many properties.

ABOUT Aayat Ali
Aayat Ali

Aayat is an editor for the Daily Digest based out of Kentucky. She has worked with local coworking spaces since August of 2017 and enjoys taking her firsthand knowledge to write about the fascinating, constantly evolving world of flexible workspaces. Feel free to reach out to her at [email protected] View all posts by Aayat Ali

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