Adam Neumann and WeWork under Investigation
The US Securities and Exchange Commission and the office of the New York State Attorney General have launched preliminary inquiries into WeWork and its former CEO, Adam Neumann. The SEC investigation will determine whetherWeWork violated any financial rules in the run-up to its cancelled IPO. The New York State Attorney General investigation will look into whether Adam Neumann was self-dealing to enrich himself.
myHQ Raises $1.5 Million
Inc42 reported this week that Delhi-based coworking space provider, myHQ, has raised $1.5 million in a pre-series A funding round. The round was led by India Quotient. Co-founders Utkarsh Kawatra and Vinayak Agrawal said in a statement that the funds will be used to expand the company’s operations into Bengaluru and Mumbai, as well as to develop the platform’s technology infrastructure.
Coworking Market in India Expected to Quintuple
During the Workplace trend Conclave that took place November 15th, Cushman & Wakefield released released the report “Redefining Future Workplaces”. The report found that “demand for flexible workspace in India is estimated to grow fivefold to 130-140 million square feet by 2025.” According to C&W number, the coworking market in India would then account for one-third of the global coworking inventory.
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WeWork Lays Off 2,400 Employees
A couple of months ago and following the ousting of Adam Neumann as CEO, WeWork announced that it would be laying off as many as 5,000 employees. This week marked the first big wave of layoffs in the company. The coworking giant is reported to have laid off about 2,400 WeWork employees on Thursday. According to reports, “among the employees laid off include software engineers, designers, recruiters and development staff.” The cuts were largely in the US, however the company is expected to make more cuts in the coming weeks and months.
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