The We company, which was formerly known as WeWork, will change its brand to WeWork, Reuters reports. It’s part of a larger calculation, as the company acknowledges in the real estate industry and, one way or another, nebulously, in “technology”.
“We want to be strategic. We want to be innovative. We want to have an impact. We want to be WeWork, ”wrote Once and Future WeWork’s new CEO Sandeep Mathrani in the memo. Reuters got.
Unless the last thousand years of the pandemic have left you with amnesia in some way or another, you might remember The We Company filed documents for release in 2019 and made themselves laugh if strong that its founder and CEO Adam Neumann had to resign. In addition, the IPO was canceled. But before all of this, by January 2019 the company was known as WeWork and had the most real estate offices of any private business in Manhattan.
In January 2019, WeWork announced a name change: it would become The We Company, which was supposed to reflect the fact that WeWork was only one of three lines of business. (The other two were WeLive, a shared apartment space, and WeGrow, for elementary schools, a special pet project by Rebekah Paltrow Neumann, co-founder of WeWork, cousin of Gwyneth and wife of Adam.) ambitions than just a coworking space – a whole WeBrand lifestyle. Perhaps to gullible investors, it looked like an IRL Facebook.
But from the August 2019 IPO documents, the public found out that to obtain The We Company’s trademark, WeWork paid We Holdings LLC $ 5.9 million. We Holdings LLC was owned by Adam Neumann, who basically paid himself $ 5.9 million for the rebranding. He later said he would return the money.
Returning to WeWork, the company without Neumann appears to be embracing its future in real estate. (Rental arbitration is not a terrible business model in non-pandemic times!) It makes sense; Not long ago, Rebekah Paltrow Neumann bought the WeGrow assets of the company soon to be known as We-Company so that she could build her own school. It’s called SOLFL, short for Students of Life for Life, and it’s pronounced soulful, I guess.
Either way, regardless of the (powerful!) Symbolism of abandoning intellectual property and other lines of business, this move recognizes something that was apparent even before the IPO. Almost everyone has called The We Company WeWork, no matter what Adam Neumann or whoever renamed it.