Sorry, WeWork Isn't at All Like IWG or Regus
The We Company filed to go public Wednesday, prompting a fresh round of media-bashing for the office-sharing juggernaut. Critics in particular balked at its corporate governance structure, raised questions about self-dealing by CEO Adam Neumann, and threw cold water on the company's $47 billion valuation.
One particular criticism kept coming up: That WeWork's valuation is much higher than that of IWG (International Workplace Group), a global co-working company that owns brands including Regus and Spaces, even though IWG has more revenue and many more locations than WeWork and is profitable. Here's a sampling of the critiques that landed on Twitter:
WeWork is trying to justify its $47B tech-company valuation, lest you wonder why it's not valued like IWG, its much less expensive, bigger (real estate) competitor https://t.co/hzMg683zNv pic.twitter.com/va0q3eYWkG