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Jeremy Fennema – Tech Innovation Alchemist
WeWork reportedly lost $2.06 billion during the first quarter due to the impact of the pandemic and a settlement with former CEO Adam Neumann.
According to a person familiar with the company’s financials, the loss came from one-time costs that included office closures and restructuring. Additionally, the Neumann settlement led to a non-cash writedown of around $500 million.
The losses during this quarter were four times larger than this time one year ago.
After Neumann was ousted as CEO and Sandeep Mathrani took over, WeWork focused on its core business of office space rentals and shedding its excessive acquisitions and mergers.
Despite this news, WeWork Executive Chairman Marcelo Claure recently said the company is seeing demand exceed pre-pandemic levels. According to the anonymous person who revealed the financial details, customers have committed $1.9 billion in sales so far.
