Releasing its financial information ahead of an IP, WeWork reported a $1.9bn pre-tax loss in 2018, up from a $939m loss in 2017 and of $430m in 2016.
Things were slightly, but not much, better in the first six months of this year, with revenues of $1.5 billion on losses of $904.6 million.
But securities law experts said that investors in the upcoming initial public offering (IPO) are being asked to lower their standards for corporate governance beyond what other technology start-ups have demanded. Neumann will control enough shares to have a majority vote, the company said in its prospectus, giving shareholders little influence over decision-making.
WeWork's been valued at $47 billion privately, but the country's most valuable startup is taking a winding path to long-term viability. WeWork also said that its sales were growing quickly, and that it expected them to total $3.3 billion this year. When a monetary crisis hit in Argentina, WeWork's offices there stayed above a break-even point as the company continued to add more space.
We company previously reported it lost almost $2bn in 2018, as it invested heavily to grow its business.
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WeWork's announcement for its IPO comes at a time when coworking is poised to overtake tech as the top office leasing sector in 2019, according to JLL.
'I think my favourite WeWork thing is that it rents buildings owned by the CEO, who bought the buildings by borrowing against WeWork stock.
In Britain, where most WeWork locations are concentrated in London, revenue during the first half rose 70% to 210.8 million dollars (£174.6 million). The company offers services for enterprises to set up large offices with flexible terms in WeWork locations. This includes a future successor of the soon-to-be public corporation, in which a clause dictates that a new leader would be handpicked by Rebekah Neumann along with "two or three" others, in case of Adam Neumann's death or incapacitation.
Earlier this year, The Wall Street Journal reported its CEO Adam Neumann reportedly made millions of dollars in the process of leasing properties back to the company. By comparison, another tech titan that went public this year, Uber, had a loss of $5 billion in the second quarter, largely due to stock based compensation from the IPO. As he won't want to take the risk of losing final say over the company's activities, his favorite charities can look forward to plenty more checks in the mail. In India, WeWork ended past year with 35,000 desks across 17 locations. It had $17.92 billion USA in long-term lease obligations as of June 30.
WeWork was already drawing fire when it was worth $20 billion. The We Company said: "If our pricing and related promotional and marketing plans are not successful, or are not as successful as those of competitors, our revenue, membership base and market share could decrease - thereby adversely impacting our results of operations".