The writing was on the wall as a failed IPO, massive workforce layoff, and staggering company devaluation ($47 billion to $15 billion) all combined to catalyze the resignation of embattled Israeli co-founder and CEO, Adam Neumann. WeWork, the co-working conglomerate catering to hip freelancers and remote workers, has been on a dizzying slide the last few months, with deep market criticism of their planned IPO making headlines almost daily.
The market has spoken, and the battle of the rideshare apps has culminated in a runaway success for Lyft, as the company’s debut on the public market raised about $2.3 billion on Friday. The highly-anticipated initial public offering was fueled by a heavy appetite for the stock, exceeding analysts’ initial projections and selling over 32 million shares at $72 a piece. As trading began, stock prices briefly topped out at $87 a share, settling at around $80 a share by 2pm EST.