It owns that economic growth is build on companies that lose absurd amounts of money every month.
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nearly $5,200 per customer
BY STEPHEN GANDEL
+ WeWork's corporate parent We Company revealed in documents for its upcoming initial public
offering that the office-share company lost more than $1.3 billion from its operations in the first
half of this year.
* The losses for each WeWork member — about $5,200 per customer — are about 28 times what
Uber loses per active rider.
+ Another way to see it: WeWork loses 94 cents every minute one of its laptop-toting members
spends in its creative-class work halls during a 40-hour work week.
WeWork, the office-sharing, kegger-hosting phenomenon that has redefined the modern
workspace, is also raising the bar for how much money a startup can lose and still be
considered a buzzy investment.
WeWork's corporate parent, the We Company, which released its IPO documents on
Wednesday, loses roughly $5,197 per customer who inhabits its office space per year. That's
considerably more than newly public companies like Uber or Beyond Meat are losing on
their growing customer bases.
WeWork, which says in the offering document that its corporate mission is no less than to
is on track to lose $2.7 billion this year from its
operations, up from nearly $1.7 billion last year. The company's revenue in the first six
months of the year nearly doubled from last year's first half, to $1.5 billion. The company
said its losses rose just 10% from a year ago, but that includes a $470 million non-
operating, and likely non-recurring, gain. Exclude that, and losses from the We Company,
which says it will trade under the ticker symbol "WE," rose 60%.
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