WeWork's downturn began in late 2019 when the company planned to go public but backed out after the company revealed that its losses were much bigger than projected. The company laid off 2,400 employees, or nearly 20% of its workforce, in November 2019. WeWork eventually sold shares to the public in 2021 via a so-called special purpose acquisition company, a shell company that is created to take a private business public without conducting an initial public offering.