en.wikipedia.org/wiki/WeWork
4 corrections found
154 locations in 35 countries (2024)
This location count is far too low. In May 2024 WeWork said its system-wide portfolio was about 600 locations in 37 countries, and its official locations page lists 601 open or coming-soon locations.
Full reasoning
WeWork's own 2024 restructuring announcement said the company had a system-wide portfolio of approximately 600 locations in 37 countries and 120 cities. Separately, WeWork's official locations page lists 601 open & coming soon locations and 125 cities. That directly contradicts the infobox claim that WeWork had only 154 locations in 35 countries in 2024.
Because these figures come from WeWork itself and are specifically dated to 2024/current company materials, the infobox number appears to be erroneous rather than a reasonable alternative counting method.
2 sources
- WeWork Secures Final Court Approval for Transformational Restructuring
WeWork continues to be one of the largest flexible office space providers, with a system-wide portfolio of approximately 45 million square feet in approximately 600 locations in 37 countries and 120 cities around the world.
- Coworking, Office Space - All Locations | WeWork
WeWork Locations ... 601 Open & Coming Soon Locations ... 125 Cities ... hundreds of locations provides workspace options for all the ways you work.
436,099 United States dollar (2016)
This is not WeWork's 2016 net income. In WeWork's SEC S-1, 436,099 is 2016 revenue (in thousands), while 2016 net loss was $429.690 million.
Full reasoning
The infobox labels 436,099 USD (2016) as WeWork's net income, but WeWork's SEC filings show that figure belongs to revenue, not profit.
In the company's 2019 Form S-1, the selected historical financial table lists Revenue: $436,099 for 2016, and elsewhere in the same filing states that WeWork recorded a net loss attributable to WeWork Companies Inc. of $(429.7) million for the year ended December 31, 2016. So the article is mislabeling a revenue figure as net income.
2 sources
- Form S-1 — The We Company (SEC)
Revenue ... $ 436,099 ... We recorded a net loss attributable to WeWork Companies Inc. of $(429.7) million for the year ended December 31, 2016.
- The We Company financial statements (SEC)
Net loss ... $ (429,690) ... for 2016.
the company filed bankruptcy in the United States District Court for the District of New Jersey
This names the wrong court. WeWork's Chapter 11 petitions were filed in the United States Bankruptcy Court for the District of New Jersey.
Full reasoning
WeWork did not file its Chapter 11 cases in the United States District Court. Its own SEC Form 8-K states that on November 6, 2023, WeWork and certain subsidiaries filed voluntary petitions for relief under Chapter 11 in the United States Bankruptcy Court for the District of New Jersey.
That distinction matters: bankruptcy cases are filed in bankruptcy court, not district court.
2 sources
- Form 8-K — WeWork Inc. (SEC)
As previously disclosed, on November 6, 2023, WeWork Inc. ... filed voluntary petitions ... in the United States Bankruptcy Court for the District of New Jersey.
- Form 10-K/8-K related filing — WeWork Inc. (SEC)
As previously disclosed, on November 6, 2023, WeWork Inc. ... filed voluntary petitions ... in the United States Bankruptcy Court for the District of New Jersey.
On 30 May 2024, the company emerged from bankruptcy
May 30, 2024 was the court-confirmation date, not the emergence date. WeWork's SEC filing says the reorganization plan became effective and the company emerged on June 11, 2024.
Full reasoning
The timeline in this sentence is off. WeWork's SEC Form 8-K says the bankruptcy court entered the confirmation order on May 30, 2024, but that the plan became effective on June 11, 2024. The company's own June 2024 announcement likewise said it had successfully emerged from Chapter 11 on June 11, not May 30.
So May 30 was the approval/confirmation date; the actual emergence happened on June 11, 2024.
2 sources
- Form 8-K — WeWork Inc. (SEC)
On May 30, 2024, the Bankruptcy Court entered ... the Confirmation Order ... The Plan became effective on June 11, 2024 (the “Effective Date”).
- WeWork Announces Emergence from Chapter 11 and New Leadership Appointments
WeWork ... today announced it has successfully emerged from Chapter 11 and completed its global operational and financial restructuring.