Photo: Alex Tai/SOPA Images/LightRocket via Getty Images
WeWork has named real-estate-industry veteran Sandeep Mathrani as its new CEO, the Wall Street Journal reports.
Why it matters: The hire is the company's first significant step since its co-founder Adam Neumann stepped down from the position last September.
- WeWork’s valuation plummeted more than 80% since 2019, forcing it to seek lifeline from its parent company SoftBank Group, according to the WSJ.
Our thought bubble, via Axios' Dan Primack: This is WeWork telling the world that it's a real estate company, not a tech company seeking "to elevate the world's consciousness."