EXHIBIT 001 / SEGMENT 01
The Money In
By late 2019, WeWork had raised $12.8 billion across primary, secondary and debt financing. SoftBank’s backing helped push its private valuation to $47 billion. That number priced in a future the business had not earned.
EXHIBIT 001 / SEGMENT 02
The Machine
WeWork signed long-term building leases, renovated offices, then rented desks on shorter commitments. The design was good. The mismatch was structural: fixed obligations on one side, flexible customers on the other.
EXHIBIT 001 / SEGMENT 03
The Fatal Decision
Expansion became the strategy rather than the result of a working strategy. The 2019 IPO filing exposed heavy losses, unusual governance and founder-related transactions. Public investors were not buying the private-market story.
EXHIBIT 001 / SEGMENT 04
The Autopsy
The IPO was withdrawn and Adam Neumann stepped down. A rescue bought time, not a cure. WeWork filed for Chapter 11 in November 2023 and emerged under new ownership in 2024. The original equity story was over; the offices were not.
EXHIBIT 001 / SEGMENT 05
Who Got Rich Anyway
Neumann’s exit became a second story of its own, with a proposed SoftBank share purchase and negotiated payments. A company’s collapsing valuation and a founder’s personal outcome are different ledgers. The rescue terms were disputed and changed; do not confuse a headline package with cash received.
EXHIBIT 001 / SEGMENT 06
The Receipt
Not vibes. Verifiable numbers. These are the sources behind this case file.
| Figure | Value | Source |
|---|---|---|
| Peak private valuation · 2019 | $47 billion | Crunchbase News |
| Private financing · by late 2019 | $12.8 billion | Crunchbase News |
| 2018 operating loss | $1.69 billion | Crunchbase News |
