When shared-office-space giant WeWork Cos. sought fundraising in 2014, it told investors that it planned to open 14 locations with dormlike residences dubbed “WeLive” by the end of 2016, accounting for 12% of the company’s revenue.
Now, the company is on track to have just two by the end of 2016. Another, in Seattle, isn’t expected to open until at least 2018, and no others have been publicly disclosed.
Six years after it was founded in a small space in Manhattan, WeWork has amassed a valuation of $16 billion, placing it among the world’s most valuable startups.