WeWork Loses $219,000 Every Hour
WeWork is a company that provides shared workspace. They may have an enormous valuation of $47 billion but the company is hemorrhaging money.
Since the last 12 Months from March 2018 to March 2019 the company has lost $219,000 every hour of every day.
The company was started in 2010 and now almost has 743 co-working sites in 105 cities in 36 countries per WeWork website.
At present, the company has 12,000 employees working in 485 offices according to NewYork magazine and has a plan to reach 124 cities.
In 2018, the company has doubled its loss and revenue at $1.9 billion and $1.8 billion respectively.
WeWork has the largest private office tenant in Manhattan with a workspace of 10,000,000 square feet.
In January 2019, the company announced to rebrand it as ‘The We Company’ from WeWork.