WeWork’s losses almost quadrupled to $2.1bn in the first quarter of this year, as the co-working company haemorrhaged more than a quarter of its members and shelled out hundreds of millions of dollars to restructure its property portfolio.
Documents seen by the Financial Times showed lockdowns and remote working in the pandemic drove WeWork’s losses sharply higher from the $556m net loss incurred in the first three months of 2020, which was mildly impacted by the coronavirus pandemic.
A settlement with ousted co-founder Adam Neumann also counted for about $500m of the loss, said a person close to the company, who emphasised that this was a non-cash charge.
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