Amid looming layoffs which may affect thousands of employees, the CEO of shared workspace company WeWork announced Tuesday that the company will be rebranding itself as “WeWorked.”
“Taking the company into the future, it’s important that we rebrand ourselves to represent our evolving values and the current trends in the market,” said founder and non-executive chairman Adam Neumann, who recently stepped down as CEO. “Which is why the past tense of ‘work’ is now more appropriate for a large portion of our soon-to-be former employees.”
Neumann reportedly took a $1 billion buyout package from Japanese conglomerate SoftBank before stepping down as CEO, which he says made him consider renaming the company “INeverHaveToWorkAgain.” However, he reconsidered after facing criticism from employees.
While WeWork has seen its valuation plummet over the past year, its new ownership has a bold vision for building the shared workspaces of the future.
“People are moving out of the cities and into the country. So we’re going to buy up vast swaths of desert and scrubland and put desks out there,” said Neumann, who conceived of the plan while still CEO. “People are going to love it. If you don’t love it then you’re fired.”
Violet Hart contributed reporting.