WeWork Corporate Governance
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Academic presentation for WeWork as a case study for corporate governance and ethics class at IIM Bangalore MBA
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WeWork Corporate Governance
- 1. group04 wework corporategovernanceðics 06th july 2022 image source: P. L. on Unsplash group 04 Vaibhav Gupta (2214021) Pankaj Jindal (2214023) Avik Munshi (2214042) Sivapriva CS (2214068) Venkata Anish (2214071)
- 2. group04 wework “our mission is to elevate world’s “consciousness.” AdamNeumann FounderCEO&Chairman WeWork image source: bloomberg
- 3. 528 office locations 111 cities worldwide 527,000 subscribers globally image source: Kamal Kant Kosariya on Unsplash
- 4. group04 wework the timeline 2010 Oct 2011 Jul 2012 May 2013 Feb 2014 Dec 2014 Jul 2015 Jan 2016 Oct 2016 WeWork opened its 1st office in NYC DAG Ventures invested $1 million First VC Investment MassMutual, Benchmark, Fidelity invested $17 million Series A Undisclosed $40 million Series B JPMorgan, Harvard, Benchmark invested $150 million Series C T Rowe, Wellington, Goldman Sachs invested $355 million Series D Fidelity invested $434 million Series E Masayoshi Son & Adam Neumann shared the stage at Startup India Event Legend Holdings, JANVEST Capital, Hony Capital invested $690 million Series F Aug 2017 2018 Jan 2019 Aug 2019 Sep 2019 Sep 2019 Oct 2019 Oct 2021 July 2022 Softbank invested $4.4 billion (Vision Fund) WeWork became New York’s largest private landlord Softbank invested another $2 billion @ valuation $47 billion WeWork filed its S-1 document (IPO prospectus) IPO halted & WeWork cut its valuation to $10 billion The Board removed its CEO Adam Neumann Softbank takes control & bailed out the co. with $5 billion financing WeWork gets listed on NYSE @ $9.5 billion valuation Stock trading at $5.00 against $11.78 on its debut
- 5. group04 wework source: Redd on Unsplash pros cons raisecapitalbeyond venturecapital disclosureofsensitive information thehurdlestogoingpublic… reducedebt-income rationwithequityfunds provideemployeestock options publicity&elevationof brandperception potentialofvaluationhit fromreducedriskappetite stricter tocompliance& governancenorms strategicchallengesand lossoffocus
- 6. group04 wework source: NASA on Unsplash growth& expansion bringtechin officespace funding driven cashupontail windsofVCs overambitious targets lurethe investors strategyovertheyears..
- 7. group04 wework “our mission is to elevate world’s “consciousness.” AdamNeumann FounderCEO&Chairman WeWork image source: bloomberg
- 8. group04 wework source: Güner Deliağa Şahiner on Unsplash “hear no evil, see no evil, speak no “evil.” BuddhistProverb Originsunknown “defeatedallpurposesoftheboard “ineverypossiblemanner “whilstdecisionsweremade “unanimously.”
- 9. group04 wework source: 愚木混株 cdd20 on Unsplash p–p, p–a, problems superseding personal interests breachof duecare &loyalty unwarranted restructuring forceocontrol relatedparty transactions tocashgains failureto disclose correctly witheverytrickinthebook…
- 10. group04 wework image source: Harvard “I have stayed silent too long.” MarkSchwartz BoardMember WeWork
- 11. group04 wework source: Güner Deliağa Şahiner on Unsplash source: Gareth Harrison on Unsplash “IPObroughtthetipping point,asallred “flagsbecameflashinglights!” checksbeforetheIPO… clean& control concrete roadmap investor confidence investor network timelinefor profitability opportunistic IPOtiming
- 12. group04 wework “actions speak louder than words.” AncientProverb …
- 13. $2.35 billions revenue 3,275 office locations $185 millions op.profit image source: Jonathan Kemper on Unsplash $1.82 billions revenue 425 office locations $1,691 millions op.loss source: Regus Annual Report wework Regus
- 14. group04 wework image source: fortune “I overestimated Neumann’s good “side, turned a blind eye to things like “corporate governance.” MasayoshiSon Founder&Director SoftBank
- 15. group04 wework source: 愚木混株 cdd20 on Unsplash wasitdeceptionordelusion… valuation bubble& delusion free-handto theceofrom Mr.Son no? godsyndrome &invincible attitude optimism& confirmation biases suppress &eliminate disagreements
- 16. group04 wework group 04 Vaibhav Gupta (2214021) Pankaj Jindal (2214023) Avik Munshi (2214042) Sivapriva CS (2214068) Venkat Anish (2214071) thank you image source: Brandon Hooper on Unsplash