Topics
tardy
AI
Amazon
Image Credits:WeWork
Apps
Biotech & Health
Climate
Image Credits:WeWork
Cloud Computing
mercantilism
Crypto
Enterprise
EVs
Fintech
Fundraising
gizmo
Gaming
Government & Policy
Hardware
layoff
Media & Entertainment
Meta
Microsoft
concealment
Robotics
Security
societal
infinite
Startups
TikTok
Transportation
speculation
More from TechCrunch
Events
Startup Battlefield
StrictlyVC
Podcasts
Videos
Partner Content
TechCrunch Brand Studio
Crunchboard
meet Us
WeWorkhas send off a cease and desist letter to rival Codi in response to the inauguration ’s late marketing campaign it dubs “ WeWont , ” TechCrunch has exclusively get wind .
In the missive dated October 13 , viewed by TechCrunch , WeWork ’s Chief Legal Officer Pam Swidler cite “ unauthorized use and misappropriation of WeWork ’s intellectual property , fake advertizement and Tortious interference with WeWork ’s contractual relation with its phallus company . ”
Codi , whichraised $ 16 million in a roundled by Andreessen Horowitz ( a16z ) in September 2022 , set up boothsoutside WeWork offices in New York and San Francisco informing society that their space might be shutting down and offering them to contract on with its rival instead . Codi also determine up a “ WeWork Relief Fund ” offering discounted office staff distance with Codi to those that might be feign by any potential WeWork closures .
For its part , Codi remains undiscouraged .
“ There ’s nothing wrong about what we ’re doing . Ibelieveit [ the campaign ] isfaircompetition , ” Codi chief operating officer and carbon monoxide - father Christelle Rohaut told TechCrunch in an interview today . “ We’redoingstandardadvertising . If anything , we want to supply living to founders and companies who have been affect . ”
Once valued as high as $ 47 billion , WeWork has confront challenge with a framework that regard pull to buying or signing retentive - term lease in buildings and then not suffer enough demand from people or businesses to rent or sublease its space .
WeWork not only struggled to take a hop back after the COVID-19 pandemic bring havoc on its co - working business , it appears to scantily be delay afloat . In August , the flexile space provider state that“substantial doubt survive about the company ’s ability to carry on as a going concern . ”
Join us at TechCrunch Sessions: AI
Exhibit at TechCrunch Sessions: AI
As of Tuesday afternoon , WeWork’sstockwas swap at a simple $ 2.22 , down significantly from a 52 - hebdomad high of $ 130.80 and from a $ 520 in high spirits in 2021 . Also in August , the 13 - year - previous company announced a last loss of $ 397 million for the second quarter on receipts of $ 877 million .
On Monday , WeWork announced it had appointed David Tolley to function as itsnew chief executive officer . Tolley , a former Blackstone executive , dish up as interim CEO of the embattled company since May . He take over that role when former CEOSandeep Mathrani resigned .
Meanwhile , competitors have arisen attempting to take some of the company ’s ( albeit dwindling ) market share , includingCodiandIndustrious .
Unlike WeWork , which sold desk outer space in a shared floor to workers , San Francisco - basedCodi does not consider itself a co - working company , according to Rohaut , but rather an office - as - a - servicing inauguration . It helps company detect and manage amply secret and “ screw ” office place through a managed marketplace .
“ A lot of our customer come from co - working and WeWork because they graduate from it at some percentage point , ” she add together . “ They want to get their own culture , they require to have their own space , and we facilitate that . ”
The startup began its “ WeWon’t ” military campaign on August 20 after experience inbound from companies and founders who were affected by WeWork shutting down buildings , Rohaut said .
In its cease and desist letter addressed to Rohaut , WeWork publish : “ We have memorize that Codi , itself a provider of coworking infinite ground years after WeWork , has been making unauthorized uses of the WEWORK Brand and false and deceptive statements about WeWork and its offering to unlawfully woo WeWork members . ” The letter charge Codi of impinge WeWork ’s brand and engage in misleading advertising by claiming to offer a discount to “ the first 50 WeWork members move into a Codi space . ”
WeWork also aver that Codi ’s drive is “ rife with false and misleading statements about WeWork ’s offering , ” including “ disparaging ” language suggest that WeWork offices are “ far from where most people live , ” and that the fellowship “ does minuscule to serve local community now . ”
WeWork also alleged that Codi ’s allegation that sure WeWork locations are closing are imitation and that it has not acquired the necessary license to post signage and faculty outside of its berth in New York City .
The letter requested that Codi “ forthwith and permanently remove and discontinue all use of and reference to the WeWork Brand in any form , format or style , including without limitation employment of the WeWork earmark and any confusingly similar terms such as stylized renderings of the full term ‘ WeWont . ’ ”
TechCrunch has reached out to WeWork and will update this tale if / when we learn back .
Got a news crown or inner information about a topic we covered ? We ’d love to hear from you . you may reach me at maryann@techcrunch.com . Or you could devolve us a note at tips@techcrunch.com . glad to abide by anonymity requests .
