Is this the worst IPO screw-up in history? Could WeWork bonds lead the stock market?

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How WeWork spiraled from a $47 billion valuation to talk of bankruptcy in just 6 weeks

  • Just six weeks ago, the coworking giant WeWork was the US’s most valuable tech startup.
  • Then it filed its S-1 registration for an initial public offering, disclosing a bevy of conflicts of interest and mismanagement by its magnetic and eccentric cofounder, Adam Neumann.
  • Investors, reporters, and analysts, chastened after seeing Theranos revealed as a massive fraud and watching Uber fail to live up to the hype, didn’t let another visionary founder pull the wool over their eyes.
  • Neumann’s IPO dreams crashed and burned, and now he’s been ousted as CEO and observers are wondering whether WeWork can avoid bankruptcy.
  • Based on reporting from Business Insider and other news outlets, this is the story of the six weeks that almost ended WeWork.

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