WeWork surpassed Airbnb, Stripe, and SpaceX to become one of the largest “tech” startups in 2019, with a valuation of $47 billion.
Adam Neumann, founder and ex-CEO of WeWork, took it to great heights but was later ousted by the shareholders due to mismanagement. Soon, WeWork’s value too started falling, and its current valuation stands at $1.51 billion.
As an investor or a business student, is WeWork still relevant, and what does its future look like?
Continue reading this compiled list of important WeWork statistics and trends that should help you in your business venture.
Top 6 WeWork Statistics (Editor’s Pick)
- WeWork is trusted by 40% of the Global 500.
- WeWork is available in 120 countries as of 2023.
- Softbank invested more than $18.5 billion in WeWork.
- WeWork laid off 200 employees in 2020.
- WeWork’s revenue in September 2022 was $3.1 billion worldwide.
- Masayoshi Son decided to invest 4.4 billion in WeWork after a 12-minute meeting.
WeWork Usage and User Statistics
1. As of 2022, WeWork has 1.08 million members in the United States.
In 2015, WeWork had only 331,000 members from the United States, but by 2022, the number of members had grown approximately 3.26 times between 2015 and 2022.
2. WeWork is trusted by 40% of the Global 500.
Nearly half of the Fortune 500 companies are already using WeWork to cut costs and save time setting up new offices for dispersed teams like the sales team.
3. WeWork brings more residents to the neighborhood.
In Paris, around 84% of people relocated their residences and moved closer to their WeWork office location.
4. WeWork has over 738,000 members across the world as of September 2022.
67,000 members have all-access memberships, and the remaining 670,000 have memberships at a single WeWork location.
Location Statistics of WeWork
5. WeWork is headquartered in New York.
WeWork’s headquarters office is located at 575 Lexington Ave 16th Floor, New York City.
6. Before the pandemic, WeWork was available in 850 different locations.
In 2017, WeWork was available in only 275 locations, but by 2019, when they were at their peak, they were available in 850 locations across the world.
7. WeWork is available in 120 countries as of 2023.
Following the pandemic and the mismanagement by WeWork’s founder and ex-CEO, the company had to cut costs. Hence, they stopped operating in a few locations after the pandemic.
Currently, WeWork has 713 workspaces open in 120 countries.
|Year||Number of WeWork Locations|
8. WeWork reported a 52% increase in occupancy by mid-2022.
After shutting down WeWork worldwide during the pandemic and losing some properties it rented, it reported a bounce-back rate of 52% and started to expand again.
9. Around 40% of other coworking spaces say WeWork impacts their businesses.
WeWork is negatively impacting 40% of all coworking spaces within 1 kilometer of its vicinity.
Business Statistics of WeWork
Benchmark holds nearly 33 million Class A shares of WeWork, JP Morgan owns 18.5 million Class A shares, and Softbank owns 114 million Class A shares.
11. Softbank invested more than $18.5 billion in WeWork.
The founder and CEO of Softbank, Masayoshi Son, invested $18.5 billion in WeWork.
12. WeWork’s valuation was $47 billion in 2019.
After Softbank’s initial investment of $2 billion, WeWork’s valuation grew to $47 billion.
Pandemic and WeWork
13. WeWork’s valuation fell to $2 billion from $47 billion due to the pandemic in 2020.
Due to financial issues and the pandemic, members stopped renting spaces in WeWork; this caused WeWork’s valuation to fall from $47 billion to $2 billion in 2020.
14. As of February 2023, WeWork’s market cap is $1.22 billion.
In 2021, WeWork’s market cap grew to $8.09 billion, but since then, it’s slowly fallen, and the current market cap of WeWork is $1.22 billion.
15. WeWork laid off 200 employees in 2020.
Due to the pandemic, WeWork had to lay off 200 employees while asking other employees in its other 800 locations to start seeking jobs.
Due to the global shutdown of cities across the world, WeWork suffered a lot of losses, and also, due to excessive spending by WeWork’s founder, he was pressured to step down.
17. Sandeep Lakhmi Mathrani became the CEO of WeWork after the exit of Adam Neumann in 2020.
Softbank, the largest shareholder of WeWork, chose Sandeep Lakhmi Mathrani as the new CEO of WeWork after Adam Neumann exited the company.
Revenue Statistics of WeWork
18. WeWork’s revenue in September 2022 was $3.1 billion worldwide.
WeWork reported a revenue of 3.1 billion, a loss of -2.3 billion, and a profit margin of -73.7% in Septebmer 2022.
19. WeWork showed much growth in 2022’s revenue compared to 2021.
In 2021, WeWork’s revenue was only $2.5 billion, with a loss of $4.9 billion and a profit margin of -193.10%.
20. WeWork reported a revenue increase of 23.6% in Q3 of 2022.
WeWork reported $661 million in revenue in the third quarter of 2021 and $817 million in the third quarter of 2022, a 23.6% increase in revenue.
21. WeWork's revenue had increased by 23.68% year over year as of Q1 2023.
WeWork reported 23.68% revenue growth year over year in Q1 2023, compared to 12.69% revenue growth in the US Real Estate Services industry; WeWork’s percentage points are 10.98 higher.
22. WeWork is generating a lower return on its assets.
Compared to the US real estate services industry, whose return on assets (ROA) is 4.38%, WeWork’s ROA is -11.4%.
23. Analysts predict WeWork’s stock price will grow from +212.5% to +428.85% by 2024.
WeWork’s stocks are currently being traded at $2.08 (at the time of writing), and it is expected to grow from $6.50 to $11 by 2024.
Other Facts About WeWork
24. WeWork plans to lay off staff in its underperforming locations in 2023.
Due to the inflation and the upcoming recession, WeWork is estimated to lay off at least 300 staff from its underperforming locations worldwide.
25. Adam Neumann marketed WeWork as a tech company, though it wasn’t one.
Unlike other coworking spaces, a part of WeWork’s success came from pitching it as a tech startup rather than a commercial real estate company to attract investments from large venture capitalists.
26. Adam Neumann received $14.2 billion in funding from 2009 to 2019.
Various companies and venture capitalists invested a total of $14.2 billion in WeWork.
27. Masayoshi Son decided to invest 4.4 billion in WeWork after a 12-minute meeting.
Masayoshi Son met Adam Neumann in 2017 for 12 minutes and decided to invest $4.4 billion in WeWork.
28. Started in 2009, WeWork was already valued at $450 million by 2013.
In just four years after it started, WeWork was valued at $450 million because of its image as a tech startup.
29. Adam Neumann created a frat party-like atmosphere in WeWork as a CEO.
Employees were allowed to drink during working hours, and the early employees of WeWork would party frequently. Also, a former employee reported that Adam Neumann offered tequila when they came for an interview.
30. WeWork was losing $5,200 per new customer.
When WeWork filed for an IPO in 2019, its internal documents revealed that it lost $5,200 per customer.
31. A newspaper in Australia called Adam Neumann "Most hated man in America" in 2019.
The Sydney Morning Herald, a newspaper company in Australia, called Adam Neumann, the founder and then CEO of WeWork, the “Most hated man in America.”
32. Adam Neumann placed a company-wide ban on meat in 2018.
In one of the meetings with the company’s executives, Adam Neumann ordered his executives to place a ban on meat company-wide.
33. By 2019, there were three lawsuits against the company under Adam Neumann’s leadership.
A few employees filed a lawsuit against WeWork, one for age discrimination and two for sexual harassment.
Under Sandeep Lakhmi Mathrani, WeWork is recovering, but its challenges are not yet over.
WeWork faces stiff competition from companies such as Regus, Impact Hub, and Workbar. With existing financial difficulties and an impending recession, it remains to be seen how WeWork will stay relevant.
Check these Remote Work Statistics to see how remote working is affecting our present and future!