WeWork owner The We Company disclosed data on Friday that showed expansion of its office-sharing&nbsp;business&nbsp;was almost doubling in size from a large pipeline of leases even as the money-losing company plans to slash costs and reduce its headcount.

WeWork divulged a presentation it gave prospective creditors in October about two weeks before SoftBank agreed to a $9.5 billion&nbsp;bailout to keep the company afloat before cash on hand was expected to run out sometime in November.

The data showed that as of the third quarter WeWork planned to add 450,000 desks through leased locations that have not yet opened, which would represent almost a doubling in size from the 520,000 desks already up and running.

The October&nbsp;11 presentation said that "despite the noise," an allusion to the intense media focus after We withdrew its plans to go public in September, "we have continued to perform."

The 49-page presentation highlighted changes underfoot to emphasize a renewed focus on WeWork as its core&nbsp;business. The presentation also showed the company distancing itself from the much-criticised leadership of co-founder Adam Neumann, who relinquished control under the deal with SoftBank.

Going forward WeWork plans a "disciplined focus on profitable market-share expansion" instead of growing the&nbsp;business&nbsp;"prior to funding commitments," which the presentation said occurred from 2017 to September 2019 under Neumann.

A 90-day game plan included reducing headcount in administrative operations, WeWork's venture capital arm and in growth-related functions, a likely reference to the teams dedicated to designing and constructing new office sites.

No numbers were provided for layoffs. Marcelo Claure, the SoftBank executive who was named the chairman of WeWork last month, has said layoffs are expected but has not said how many.

The presentation said WeWork plans to divest seven non-core&nbsp;businesses, Conductor, the Wing, Managed by Q, Meetup, SpaceIQ, Teem and Wave Garden. The units organize meetings, provide facilities and workplace management, and marketing.

The presentation also said plans divulged to investors in October to close RISE, the company's wellness centres, are now under reevaluation.

Just over half of WeWork's Naked Hub locations in China were what the company calls mature, or sites that have been open for more than 24 months, yet China's occupancy rate was only 76 per cent.

WeWork shelved its plans to go public on September&nbsp;30 after investors grew wary of its losses,&nbsp;business&nbsp;model and corporate governance. Neumann had resigned the previous week.

WeWork owner The We Company disclosed data on Friday that showed expansion of its office-sharing business was almost doubling in size from a large pipeline of leases even as the money-losing company plans to slash costs and reduce its headcount.

WeWork owner The We Company disclosed data on Friday that showed expansion of its office-sharing business was almost doubling in size from a large pipeline of leases even as the money-losing company plans to slash costs and reduce its headcount. WeWork divulged a presentation it gave prospective creditors in October about two weeks before SoftBank agreed to a $9.5 billion bailout to keep the company afloat before cash on hand was expected to run out sometime in November. The data showed that as of the third quarter WeWork planned to add 450,000 desks through leased locations that have not yet opened, which would represent almost a doubling in size from the 520,000 desks already up and running. The October 11 presentation said that "despite the noise," an allusion to the intense media focus after We withdrew its plans to go public in September, "we have continued to perform." The 49-page presentation highlighted changes underfoot to emphasize a renewed focus on WeWork as its core business. The presentation also showed the company distancing itself from the much-criticised leadership of co-founder Adam Neumann, who relinquished control under the deal with SoftBank. Going forward WeWork plans a "disciplined focus on profitable market-share expansion" instead of growing the business "prior to funding commitments," which the presentation said occurred from 2017 to September 2019 under Neumann. A 90-day game plan included reducing headcount in administrative operations, WeWork's venture capital arm and in growth-related functions, a likely reference to the teams dedicated to designing and constructing new office sites. No numbers were provided for layoffs. Marcelo Claure, the SoftBank executive who was named the chairman of WeWork last month, has said layoffs are expected but has not said how many. The presentation said WeWork plans to divest seven non-core businesses, Conductor, the Wing, Managed by Q, Meetup, SpaceIQ, Teem and Wave Garden. The units organize meetings, provide facilities and workplace management, and marketing. The presentation also said plans divulged to investors in October to close RISE, the company's wellness centres, are now under reevaluation. Just over half of WeWork's Naked Hub locations in China were what the company calls mature, or sites that have been open for more than 24 months, yet China's occupancy rate was only 76 per cent. WeWork shelved its plans to go public on September 30 after investors grew wary of its losses, business model and corporate governance. Neumann had resigned the previous week.

WeWork data shows growth still doubling

Office-sharing startup WeWork is planning to cut as many as 4,000 jobs as a part of a turnaround plan put in place by top shareholder Japan's SoftBank Group&nbsp;after it took control of the company this week, Financial Times reported on Wednesday.

The job cut will amount to just under a third of WeWork's global workforce, and about 1,000 of the cuts will hit employees such as janitorial staff, the report said, citing people with direct knowledge of the plans.

SoftBank agreed to spend more than $10 billion&nbsp;to take over WeWork on Tuesday, giving a near $1.7 billion payoff to the startup's co-founder Adam Neumann to relinquish control.

WeWork was not immediately available for comment.

Office-sharing startup WeWork is planning to cut as many as 4,000 jobs as a part of a turnaround plan put in place by top shareholder Japan's SoftBank Group after it took control of the company this week, Financial Times reported on Wednesday.

Office-sharing startup WeWork is planning to cut as many as 4,000 jobs as a part of a turnaround plan put in place by top shareholder Japan's SoftBank Group after it took control of the company this week, Financial Times reported on Wednesday. The job cut will amount to just under a third of WeWork's global workforce, and about 1,000 of the cuts will hit employees such as janitorial staff, the report said, citing people with direct knowledge of the plans. SoftBank agreed to spend more than $10 billion to take over WeWork on Tuesday, giving a near $1.7 billion payoff to the startup's co-founder Adam Neumann to relinquish control. WeWork was not immediately available for comment.

WeWork plans to lay off 4,000 staff: Report

Forbes on Thursday lopped more than $3 billion from its estimated net worth of WeWork co-founder Adam Neumann as the company faced scepticism regarding its future.

Earlier this year, Neumann was listed by Forbes as being among the richest people with an estimated net worth of $4.1 billion.

Forbes revised that figure to $600 million -- by no means paltry but a big, quick plunge in wealth.

Neumann, whose unconventional approach to business and governance pushed boundaries on Wall Street and in Silicon Valley, announced last month that he was stepping down as chief executive.

He exits the corner office as the company tries to reposition an initial public offering campaign that has sputtered.

Neumann, who will stay on as chairman, has faced questions over his perceived self-dealing, as well as the ability of his fast-growing company to become profitable.

His audacious approach to business won support from key investors, including the Japanese group SoftBank.

But his loose approach to corporate governance and conflicts of interest garnered scrutiny, as did a Wall Street Journal expose detailing drug and alcohol use and Neumann's aspirations to become the world's first trillionaire.

Known for his long hair and a wardrobe that favours T-shirts, Neumann, 40, is also recognized as a serial entrepreneur.

The New York-based startup that he launched in 2010 has touted itself as revolutionizing commercial real estate by offering shared, flexible workspace arrangements, and has operations in 111 cities in 29 countries.

However, the company, which lost $1.9 billion last year, has faced scepticism over its ability to make money, especially if the global economy slows significantly.

Architects of its plan for a stock market debut had scaled back the valuation target for the company from $47 billion to under $20 billion as they pushed back the timeframe.

The IPO is now unlikely to happen before the end of the year, according to a source, adding that at the earliest it could occur in 2020.

Forbes on Thursday lopped more than $3 billion from its estimated net worth of WeWork co-founder Adam Neumann as the company faced scepticism regarding its future.

Forbes on Thursday lopped more than $3 billion from its estimated net worth of WeWork co-founder Adam Neumann as the company faced scepticism regarding its future. Earlier this year, Neumann was listed by Forbes as being among the richest people with an estimated net worth of $4.1 billion. Forbes revised that figure to $600 million -- by no means paltry but a big, quick plunge in wealth. Neumann, whose unconventional approach to business and governance pushed boundaries on Wall Street and in Silicon Valley, announced last month that he was stepping down as chief executive. He exits the corner office as the company tries to reposition an initial public offering campaign that has sputtered. Neumann, who will stay on as chairman, has faced questions over his perceived self-dealing, as well as the ability of his fast-growing company to become profitable. His audacious approach to business won support from key investors, including the Japanese group SoftBank. But his loose approach to corporate governance and conflicts of interest garnered scrutiny, as did a Wall Street Journal expose detailing drug and alcohol use and Neumann's aspirations to become the world's first trillionaire. Known for his long hair and a wardrobe that favours T-shirts, Neumann, 40, is also recognized as a serial entrepreneur. The New York-based startup that he launched in 2010 has touted itself as revolutionizing commercial real estate by offering shared, flexible workspace arrangements, and has operations in 111 cities in 29 countries. However, the company, which lost $1.9 billion last year, has faced scepticism over its ability to make money, especially if the global economy slows significantly. Architects of its plan for a stock market debut had scaled back the valuation target for the company from $47 billion to under $20 billion as they pushed back the timeframe. The IPO is now unlikely to happen before the end of the year, according to a source, adding that at the earliest it could occur in 2020.

WeWork founder Adam Neumann removed from Forbes' billionaire list

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