The Wall Street Journal noted that, on the release of its public prospectus in August 2019, the company was "besieged with criticism over its governance, business model, and ability to turn a profit".

[5] The following month, facing mounting pressure from investors based on disclosures in the S-1, company co-founder Adam Neumann resigned from his position as CEO and gave up majority voting control.

Amid growing investor concerns over its corporate governance, valuation, and outlook for the business, the company formally withdrew its S-1 filing and announced the postponement of its IPO.

[8] In October 2019, Neumann received close to US$1.7 billion from stakeholder SoftBank for stepping down from WeWork's board and severing most of his ties to the company.

[10] The New York Times described the company's failed effort to go public and its related turmoil as "an implosion unlike any other in the history of start-ups", which it attributed to Neumann's questionable tenure and the easy money previously provided to him by SoftBank, led by Masayoshi Son.

[12][13][14] One week later, on November 6, the company officially filed for bankruptcy,[15] which was described by ABC as emblematic of the "excesses of business startup culture.

"[16] In May 2008, Israeli Adam Neumann and American Miguel McKelvey established GreenDesk, an "eco-friendly coworking space" in Brooklyn.

[17] In 2010, Neumann and McKelvey sold the business and founded WeWork, renting its first location in SoHo, Manhattan, which opened in April 2011.

"[19] WeWork investors as of 2014 included J.P. Morgan Chase & Co, T. Rowe Price, Wellington Management, Goldman Sachs, the Harvard Corporation, Benchmark, and Mortimer Zuckerman, former CEO of Boston Properties.

[28] In March 2016, WeWork raised $430 million in financing from Legend Holdings and Hony Capital, valuing the company at $16 billion.

[62] In late October 2017, WeWork signed a contract to acquire the Lord & Taylor Building on Fifth Avenue in Manhattan from the Hudson's Bay Company for $850 million.

[63] The deal also included the use of floors of certain HBC owned department stores in Germany, New York, Toronto, and Vancouver as WeWork's shared office workspaces.

[76][77] In addition, during November 2017, WeWork announced that in the fall of 2018 it would launch WeGrow, a private school for children aged 3 through students in grade 4.

[82] In January 2018, students taking online university courses from 2U were given access to WeWork common spaces and meeting rooms.

[84][85] In March 2018, WeWork raised over $400 million alongside Rhône Group, a private equity firm to start a fund to purchase properties directly.

[122][123] On September 17, 2019, amid growing investor concerns over its corporate governance, valuation, and outlook for the business, WeWork formally withdrew its S-1 filing and announced the postponing of its IPO until late 2019.

[105] The following day, amid mounting pressure from investors, company co-founder Adam Neumann resigned as CEO and gave up majority voting control in WeWork.

Critics said the plane had become a "red flag in the leadup to the company's IPO" and had created problems with employees who didn't receive promised bonuses or raises.

[127] In October 2019, Neumann received close to $1.7 billion from SoftBank for resigning from WeWork's board of directors and severing most of his ties to the company.

[137] In January 2020, WeWork began phasing out free beer at all North American co-working locations and announced plans for a slower growth rate.

[161] On August 8, 2023, WeWork warned that it had "substantial doubt" that it can stay in business any longer and announced that it may have to file for Chapter 11 bankruptcy protection.

[164] In October 2023, Bloomberg reported that investors and creditors, including SoftBank, King Street Capital Management, and others were negotiating to gain control of WeWork.

[165] On October 31, 2023, WeWork announced that it would be preparing to file for Chapter 11 bankruptcy as soon as the following week as its forbearance agreement with its creditors was scheduled to terminate effective November 6.

Yardi Systems, a real estate technology provider and creditor to WeWork, will invest $337 million, acquiring a 60% stake.

[173] Some commentators opined that this was a distress sale because Embassy Group was itself selling part of its stake to outside investors but at a higher price than WeWork Inc. [174] In September 2018, the company eliminated broad-based non-compete clauses to settle a lawsuit from the Attorney General of New York.

[179][needs update] In June 2019, WeWork was sued by the former head of compensation, Lisa Bridges, for gender-based pay discrimination, particularly in granting stock options.

[180][181][needs update] Also, in June 2019, Richard Markel, a former WeWork executive making $300,000 per year, sued the company for age discrimination after allegedly being replaced with a younger worker.

[184][185][needs update] In February 2020, Ayesha Whyte, former director of employee relations, sued WeWork for gender and race discrimination, "saying she was promised a well-paying job that never materialized, all while less-qualified white people were promoted.

[192][needs update] WeWork was also sued by several landlords for breach of contract when it failed to pay rent or for closing locations.

[196] In March 2021, Hulu unveiled a documentary titled WeWork: Or the Making and Breaking of a $47 Billion Unicorn, released April 2, 2021.