Neumann took the well-established business model of shared office space but pitched a much grander vision of a company that would change the world.
Neumann’s almost cult-like reign, that included stage presentations, astronomical spending and hard-drinking summer camps, would eventually lead to $4 billion USD in venture capital funding, a company valuation of $47 billion USD and the prospect of taking the business public with an IPO.
But the frenzied hype surrounding Neumann’s WeWork would come crashing down after a reappraisal that slashed $37 billion USD from WeWork’s value, something that saw the IPO scrapped and Neumann step down as CEO, before entering into a lengthy legal dispute with WeWork’s majority shareholder, Softbank.
Hulu’s WeWork: Or the Making and Breaking of a $47 Billion Unicorn drops on the streaming service on April 2.
In other entertainment news, producers of the 2021 Oscars ceremony are insisting on a live, in-person event.