WeWork CEO Says Startup Now Generates $1B Annually, Will Go Public
Once again WeWork CEO Adam Neumann said his co-working company will go public, but provided no specifics on the timeline for an initial public offering.
Neumann said WeWork generates an annual $1B in revenue, which averages $650/month from WeWork’s 120,000 members, Reuters reports. While Neumann praised NYSE Group President Tom Farley during a lunch event at the Economic Club of New York last week, he did not indicate which exchange WeWork will use to list its shares.
This is not the first time Neumann has alluded to the possibility of an IPO. Back in July he told attendees at the Brainstorm Tech Conference that the company is not afraid of going public.
"If you’re asking me, 'Are we as a team committed to monetize for investors and employees?' The answer is 100%," Neumann said at the conference.
WeWork is valued around $17B and has raised about $1.8B from venture capital funds and investors since it launched in 2010.
As of late the company has been working to restructure its leadership into four separate divisions amid the IPO buzz. The co-working giant hired James Woods, whose résumé includes running Brooklyn Bowl and serving as an executive at Starwood Property, earlier this year to head up the company’s co-living operation, WeLive. Another Starwood alumnus, Richard Gomel, will lead WeWork’s co-working business.