Go deeper

WeWork accepts SoftBank's rescue package

Illustration: Aïda Amer/Axios

WeWork said in a statement Wednesday it has accepted a multibillion-dollar rescue package from SoftBank that gives the Japanese firm an 80% stake in the company.

Why it matters: Per Axios' Dan Primack, who first reported that the deal was about to happen, it'a dramatic development in a "saga that has seen the embattled company plunge from a $47 billion valuation to below $8 billion."

Go deeperArrowOct 23, 2019

WeWork picks up the pieces after ousting its CEO

Illustration: Sarah Grillo/Axios

When someone makes the inevitable WeWork movie, consider it a remake of the end of Quentin Tarantino's 1992 film Reservoir Dogs. Almost all of the major characters die. The exception is Mr. Pink, who seems to escape, but then we hear police sirens and his fate is left ambiguous.

Driving the news: Founder and CEO Adam Neumann was fired on Tuesday in a boardroom coup that he enabled by recently changing governance terms.

Go deeperArrowSep 25, 2019

WeWork will close its school WeGrow in 2020

Illustration: Sarah Grillo/Axios

WeGrow, an educational branch of WeWork, will be closing its doors at the end of 2019-2020 academic year so its parent company can focus on the office-sharing business, reports Reuters.

Why it matters: The company is cutting expenses by laying off employees and closing or selling business units deemed nonessential to its operations in an effort to avoid running out of money, per Reuters.

Go deeperArrowOct 12, 2019