Budapest Post

Cum Deo pro Patria et Libertate
Budapest, Europe and world news

WeWork Could Run Out of Money Next Month: Report

WeWork Could Run Out of Money Next Month: Report

Well, well, well. It turns out that flushing millions of dollars down the toilet year over year is not a particularly sustainable path to success!

Well, well, well. It turns out that flushing millions of dollars down the toilet year over year is not a particularly sustainable path to success!

Citing two sources familiar with the matter, the Financial Times reported Thursday that onetime unicorn and current imploding disaster WeWork could run out of cash as soon as the end of next month and is currently in the process of rushing to scrape together a debt financing package. According to the report, JPMorgan Chase-which was involved with the company’s bombed initial public offering-is both considering throwing in for the package as well as attempting to persuade other financial institutions to back the emergency financing.

Bloomberg, meanwhile, reported Friday that the debt package-which both sites report could come as soon as next week-is somewhere in the ballpark of $5 billion to bail out the company. Bloomberg, too, cited sources as saying that the company must secure the financing to avoid running out of money by the end of November. Both WeWork and JPMorgan Chase declined to comment on the debt package reports.

As both Bloomberg and the Financial Times noted, WeWork owner We Company had banked on securing a $6 billion loan that was dependent on a successful IPO, but that plan clearly backfired spectacularly. The company filed to withdraw its public offering late last month following a shitstorm of chaos involving the company’s ousted co-founder and CEO Adam Neumann and WeWork’s financial standing.

Neumann stepped down from the role of CEO last month just a week after the publication of an absolutely bananas Wall Street Journal profile that detailed his allegedly excessive and wasteful mismanagement of company funds and resources to further his goal, according to one source who spoke with the paper, of being “president of the world.” Artie Minson and Sebastian Gunningham were appointed as co-CEOs to manage the company after Neumann’s exit.

In addition to the debt package reportedly in the works, WeWork is apparently also hoping to trim some of the fat. As HuffPost first reported Friday, the company is shuttering its Manhattan private school, WeGrow, after the current school year.

“As part of the company’s efforts to focus on its core business, WeWork has informed the families of WeGrow students that we will not operate WeGrow after this school year,” a WeWork spokesperson told Gizmodo in a statement by email. “WeWork and the families of WeGrow students are engaging in discussions with interested parties regarding plans for WeGrow for the following school year.”

Rebekah Neumann, Adam Neumann’s wife and head of the WeGrow initiative, told Fast Company in 2017 that she conjured the idea for the Montessori-style operation after failing to find a school for their daughter that would “nurture growth, her spirit as well as her mind.”

“These children come into the world, they are very evolved, they are very special,” Neumann told Fast Company at the time. “They’re spiritual. They’re all natural entrepreneurs, natural humanitarians, and then it seems like we squash it all out of them in the education system. Then we ask them to be disruptive and find it again after college.”

Won’t someone please think of these brilliant, disruptive children.

AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.
Newsletter

Related Articles

0:00
0:00
Close
JD.com Launches €2.2 Billion Bid for German Electronics Retailer Ceconomy
Azerbaijan Proceeds with Plan to Legalise Casinos on Artificial Islands
IMF Upgrades Global Growth Forecast as Weaker Dollar Supports Outlook
House Republicans Move to Defund OECD Over Global Tax Dispute
France Opens Criminal Investigation into X Over Algorithm Manipulation Allegations
Trump Steamrolls EU in Landmark Trade Win: US–EU Trade Deal Imposes 15% Tariff on European Imports
ChatGPT CEO Sam Altman says people share personal info with ChatGPT but don’t know chats can be used as court evidence in legal cases.
Intel Reports Revenue Beats but Sees 81% Rise in Losses
Politics is a good business: Barack Obama’s Reported Net Worth Growth, 1990–2025
UN's Top Court Declares Environmental Protection a Legal Obligation Under International Law
"Crazy Thing": OpenAI's Sam Altman Warns Of AI Voice Fraud Crisis In Banking
The Podcaster Who Accidentally Revealed He Earns Over $10 Million a Year
UK Government Considers Dropping Demand for Apple Encryption Backdoor
Japanese Man Discovers Family Connection Through DNA Testing After Decades of Separation
Russia Signals Openness to Ukraine Peace Talks Amid Escalating Drone Warfare
Switzerland Implements Ban on Mammography Screening
Pogacar Extends Dominance with Stage Fifteen Triumph at Tour de France
President Trump Diagnosed with Chronic Venous Insufficiency After Leg Swelling
CEO Resigns Amid Controversy Over Relationship with HR Executive
NVIDIA Achieves $4 Trillion Valuation Amid AI Demand
Tulsi Gabbard Unveils Evidence Alleging Political Manipulation of Intelligence During Trump Administration
Centrist Criticism of von der Leyen Resurfaces as she Survives EU Confidence Vote
Trump Announces Coca-Cola to Shift to Cane Sugar in U.S. Production
FIFA Pressured to Rethink World Cup Calendar Due to Climate Change
Zelensky Reshuffles Cabinet to Win Support at Home and in Washington
"Can You Hit Moscow?" Trump Asked Zelensky To Make Putin "Feel The Pain"
Church of England Removes 1991 Sexuality Guidelines from Clergy Selection
Superman Franchise Achieves Success with Latest Release
Hungary's Viktor Orban Rejects Agreements on Illegal Migration
Air India Pilot’s Mental Health Records Under Scrutiny
Jamie Dimon Warns Europe Is Losing Global Competitiveness and Flags Market Complacency
Moonshot AI Unveils Kimi K2: A New Open-Source AI Model
Martha Wells Says Humanity Still Far from True Artificial Intelligence
Nvidia Becomes World’s First Four‑Trillion‑Dollar Company Amid AI Boom
EU Delays Retaliatory Tariffs Amid New U.S. Threats on Imports
Trump Proposes Supplying Arms to Ukraine Through NATO Allies
US Opens First Rare Earth Mine in Over 70 Years in Wyoming
Bitcoin Reaches New Milestone of $116,000
Severe Heatwave Claims 2,300 Lives Across Europe
Declining Beer Consumption Signals Cultural Shift in Germany
Emails Leaked: How Passenger Luggage Became a Side Income for Airport Workers
Polish MEP: “Dear Leftists - China is laughing at you, Russia is laughing, India is laughing”
Western Europe Records Hottest June on Record
BRICS Expands Membership with Indonesia and Ten New Partner Countries
Elon Musk Founds a Party Following a Poll on X: "You Wanted It – You Got It!"
China’s Central Bank Consults European Peers on Low-Rate Strategies
France Requests Airlines to Cut Flights at Paris Airports Amid Planned Air Traffic Controller Strike
Poland Implements Border Checks Amid Growing Migration Tensions
Emirates Airline Expands Market Share with New $20 Million Campaign
Amazon Reaches Milestone with Deployment of One Millionth Robot
×