NEW YORK: The We Company, parent of money-losing shared office provider WeWork, which last year yanked plans to go public after harsh criticism over its business model and erratic management, is dropping the"we" moniker to revert to its better-known name, according to an internal memo seen by Reuters.
Neumann was widely criticised when the company disclosed he had trademarked the brand and received a US$5.9 million payment from WeWork for its use. Sandeep Mathrani, the new CEO, said in the memo announcing the name change that the move is another step in returning the company to WeWork's office-sharing roots."We want to be strategic. We want to be innovative. We want to be impactful. We want to be WeWork," Mathrani wrote.WeWork, which has been slammed by the coronavirus-induced recession along with many other businesses, has said it will become profitable by the end of 2021.
WeWork in August said it had slashed its cash burn rate to US$482 million in the second quarter, or almost in half from the end of 2019. The company also said it had obtained a US$1.1 billion commitment in new financing from SoftBank.
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