Thousands of revellers gathered in East Sussex this time last year for performances by indie rockers Bastille and pop sensation Lorde. The other star turn was an unlikely one: a chief executive. Yet when he took to the stage at the seventh annual WeWork “summer camp”, Adam Neumann was greeted with adulation. As he addressed the 8,000 staff and tenants, his wife, Rebekah, cried with emotion. This year, WeWork has cancelled its summer camp. The serviced-offices giant is finally trying to grow up. WeWork released its pitch to investors last Wednesday ahead of its long-awaited stock market debut. The company, which is heavily loss-making, is looking to raise up to $4bn (£3.3bn) following the floats of ride-hailing apps Uber and Lyft, as well as social
WeWork cancelled its summer camp this year, a sign the serviced-office giant is finally trying to grow up, according to The Sunday Times. The recent pitch to investors sparked governance concerns due to its complex relationship with founder Adam Neumann, and questions over the sustainability of its business model. Quoting a competitor, the newspaper said there is something reckless about the scale of WeWork’s growth. Industry insiders are sceptical about the tech label WeWork attaches to its business, with one comparing Neumann to an evangelical preacher, a skill that is about to face its stiffest test yet. Since launching in 2010, the company has grown its portfolio to 528 locations in 111 cities across 29 countries.