Humans are obsessed with records -- the fastest, strongest, most successful. How about this one? There’s a genuine argument that WeCo (better known as WeWork) may be the world’s most overvalued private company ever.
In January, Japanese investment giant Softbank invested another US$2 billion in the controversial co-working start-up, giving it a notional valuation of US$47 billion (in total, Softbank has invested around US$10 billion in WeCo). The US$47 billion valuation meant WeCo’s founder, Adam Neumann, briefly had a paper wealth of more than US$10 billion. However, speculation is mounting that WeCo’s mooted IPO is looking shaky (the company filed a prospectus in August), with a potential valuation of US$15-$20 billion. Softbank is now pushing the company to shelve IPO plans.