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
Asian Energy Security Tested as Strait of Hormuz Disruption Threatens Oil Supplies
Iran Sets Three Conditions for Ending Regional War as Diplomatic Efforts Intensify
Iran warns of $200 oil as forces target merchant ships in Gulf
Japan to Release 45 Days of Oil Reserves Amid Iran Conflict
Global Energy Agency Announces Record Release of 400 Million Barrels to Stabilize Oil Markets Amid Hormuz Disruption
U.S. and Israel Intensify Strikes on Iran as Conflict Expands to Lebanon and Gulf States
When the State Replaces the Parent: How Gender Policy Is Redefining Custody and Coercion
Larry Summers, the former U.S. Treasury Secretary, is resigning from Harvard University as fallout continues over his ties to Jeffrey Epstein.
U.S. stocks ended higher on Wednesday, with the Dow gaining about six-tenths of a percent, the S&P 500 adding eight-tenths of a percent, and the tech-heavy Nasdaq climbing roughly one-and-a-quarter percent.
Nvidia posted better than expected results for the January quarter on Wednesday and forecast current quarter revenue above market estimates.
Ukrainian government intensifies pressure on Hungary and Slovakia with oil blockade
Britain’s Channel Crisis: Paying Billions While the Boats Keep Coming
Woman Receives Gift Card for Christmas – Discovers It Is ‘Worth’ 63,000,000,000,000,000 Pounds
United Nations Calls for Global Action Against Disinformation and Hate Speech Online
Tucker Carlson warns of an inevitable clash in Western societies over mass migration
OpenAI CEO Sam Altman praises the rapid progress of Chinese tech companies.
Poland's President Karol Nawrocki ENDS support for Ukrainian citizens:
Italy's PM Giorgia Meloni highlights record employment and economic growth
Chancellor Friedrich Merz Re-elected as CDU Leader, Opposes AfD Influence
Trump Directs Government to Release UFO and Alien Information
Trump Signs Global 10% Tariffs on Imports
UK Government Considers Law to Remove Prince Andrew from Royal Line of Succession
Two teens arrested in France for alleged terror plot.
US Supreme Court Voids Trump’s Emergency Tariff Plan, Reshaping Trade Power and Fiscal Risk
Greek Prime Minister Kyriakos Mitsotakis advocates for a ban on minors using social media.
Meanwhile in Time Square, NYC One of the most famous landmarks
Jensen Huang just told the story of how Elon Musk became NVIDIA’s very first customer for their powerful AI supercomputer
Former British Prince Andrew Arrested on Suspicion of Misconduct in Public Office
Former President Yoon Suk Yeol Sentenced to Life in Prison for Abuse of Authority
Unitree Robotics founder Wang Xingxing showcases future robot deployment during Spring Festival Gala.
German Chancellor Friedrich Merz calls for real name use on social media.
Italian Police Arrest Man After Alleged Attempt to Abduct Toddler at Bergamo Supermarket, Child Hospitalised With Fractured Femur
British Tourist Arrested at Hong Kong Airport After Meltdown and Vandalism
European Commission Plans Purchase Incentives Limited to Vehicles Manufactured Largely in the EU
French District of Pas-de-Calais Introduces Immediate License Suspension for Drivers Using Mobile Phones
Volkswagen Targets €60 Billion in Cost Reductions as Sales Decline and Global Pressures Intensify
Eighty-Year-Old Lottery Winner Sentenced to 16.5 Years for Drug Trafficking
Rubio Calls for Sweeping U.N. Reform, Saying It Has Failed to End Wars in Gaza and Ukraine
10,000 Condoms Distributed at Winter Olympics 2026 Athlete Village Depleted Within 72 Hours
Poland's President Advocates for Evaluating Independent Nuclear Weapons Development
Mayor of Serdobsk in Russia’s Penza Region Resigns After Housing Certificates Granted to Migrant Family Trigger Public Outcry
China’s EV Makers Face Mandatory Return to Physical Buttons and Door Handles in Driver-Distraction Safety Overhaul
UK Green Party Considering Proposal to Legalize Heroin for an Inclusive Society
OpenAI and DeepCent Superintelligence Race: Artificial General Intelligence and AI Agents as a National Security Arms Race
We will protect them from the digital Wild West.’ Another country will ban social media for under-16s
Heineken announces cut of 6,000 jobs due to declining beer demand
Apple iPhone Lockdown Mode blocks FBI data access in journalist device seizure
Belgium: Man Charged with Rape After Faking Payment to Sex Worker
KPMG Urges Auditor to Relay AI Cost Savings
Canada Opens First Consulate in Greenland Amid Rising Geopolitical Tensions
×