The WeWork IPO fiasco of 2019, explained in 30 seconds

What just happened to WeWork ?

Attempting to go public this month stirred up a lot of drama in finances and leadership for the nine-year-old coworking company.

Here's a 30-second explanation of what's going on:

BusinessInsider USA Images

WeWork

WeWork publicly filed its IPO paperwork on August 14. " The We Company " was described as an umbrella with three major arms: WeWork , WeLive , and WeGrow .

After filing, WeWork faced intense scrutiny from investors and the media over its finances and leadership. There were concernsover WeWork's path to profitability and its leader, CEO Adam Neumann. As a result, investor interest was weak , and the company considered cutting its valuation by more than 50%. Ultimately, WeWork delayed its IPO on September 17.

After the IPO delayed, attention shifted to WeWork cofounder Adam Neumann's inappropriate antics , like smoking weed on a private jet , serving employees tequila shots after discussing layoffs, and trademarking the term "we" and then forcing WeWork buy it for $5.9 million. Neumann stepped down from his role as CEO on September 24. In his stead, Artie Minson and Sebastian Gunningham have stepped into the role of co-CEOs of WeWork, as it attempts to navigate its future.

See the timeline of events via our past coverage below.

BusinessInsider USA Images

Michael Kovac/Getty Images

September 26

We just learned about the latest WeWork departures. 2 longtime members of Adam Neumann's inner circle are out. More key exits are likely coming.

WeWork is selling the company's $60 million luxurious private jet that Adam Neumann and his family personalized and used to fly all over the world

WeWork is reportedly in talks with SoftBank about a $1 billion lifeline

WeWork's new CEOs want to sell off 3 of its businesses as the company looks to cut costs

September 25

WeWork criticized by some of its tenants in a letter to leadership after 5 cleaning contractors were fired

WeWork is reportedly unlikely to go public this year and thousands of layoffs could be coming

September 24

Adam Neumann gives up most of his voting power and steps down as WeWork's CEO, saying intense public scrutiny of him was a 'distraction.' 2 execs will permanently replace him.

WeWork will replace Adam Neumann with two new CEOs. Here's everything we know about Sebastian Gunningham and Artie Minson.

Adam Neumann tells staff that the spotlight on WeWork provides an 'opportunity to expand our global business to more people than ever before'

Cofounder Rebekah Neumann is giving up her roles at WeWork, as her husband Adam Neumann steps down as CEO

September 23

WeWork CEO Adam Neumann has started talks about his future role at the company, including the possibility of giving up CEO title

The New York Stock Exchange appeared to troll WeWork on Twitter

WeWork's board reportedly meets Monday to discuss pushing out Adam Neumann and his alleged 'self-dealing' and marijuana use may come into play

WeWork board members are talking about ousting CEO Adam Neumann amid IPO turmoil

September 20

WeWork just lost another executive as the chief investment officer of its real-estate fund resigns

Billionaire Oracle cofounder Larry Ellison calls embattled WeWork 'almost worthless'

A former WeWork executive who made $300,000 and is now suing describes strange cultlike culture, including endless flows of alcohol at mandatory sleepover camp for employees and the CEO's children on his lap during an all-hands meeting

A WeWork tenant found its weak WiFi security exposed bank details, driving licenses, and a virtual birthday card featuring Nicholas Cage as a cat

September 19

WeWork cofounders Adam and Rebekah Neumann are close friends with Ivanka Trump and Jared Kushner and invited them to Rebekah's extravagant 40th birthday bash in Italy

September 18

WeWork CEO Adam Neumann reportedly smoked weed with friends on a private jet to Israel and the flight crew later found a 'sizable chunk' in a cereal box and recalled the plane

Former Twitter CEO calls out WeWork CEO Adam Neumann amid the company's IPO fiasco: 'This is not the way everybody behaves'

WeWork cofounder Rebekah Neumann, cousin of Gwyneth Paltrow, reportedly demanded employees be fired within minutes of meeting them because she disliked their 'energy'

WeWork founder Adam Neumann joked about changing the United States Constitution so he could run for president

WeWork's collapsed IPO has reportedly tanked a $112 million London property deal

WeWork CEO Adam Neumann told employees he's 'humbled' by the collapse of the firm's IPO

September 17

WeWork will reportedly shelve its IPO in a 'last-minute decision' after weak investor interest

September 16

WeWork is reportedly leaning toward delaying its IPO

WeWork's top communications executives are jumping ship as the company struggles to go public

Alexandria Ocasio-Cortez warned against opening private companies to everyday investors if ordinary people had invested in WeWork at a $47 billion valuation, they'd be 'getting fleeced'

September 13