After considering a massive valuation cut to drum up investor interest, WeWork pulled its IPO in 2019. At the time, co-founder Adam Neumann was ousted as CEO and chairman. In April, investor SoftBank backed out of its plan to buy $3 billion worth of WeWork shares, including nearly $1 billion from Neumann. The novel coronavirus COVID-19 pandemic has done no favors for the company. WeWork's revenue growth rate was cut in half in Q1, as the company burned through nearly $500 million in 'free cash outflow.' As WeWork and its flex-space rivals totter, 18 million square feet of space in NYC is at risk.
