WeWork’s latest comeback bet fits inside a phone booth

It’s launching a private office pod today that’s emblematic of a more focused and asset-light direction for the brand. Normally, I’d pass on getting an ‘exclusive’ on a product launch. But that changed when I saw ‘WeWork Go’ emblazoned on the side of what looks like a transparent phone booth, the company’s first new product since July 2022, when WeWork was still trading for around $5 on the New York Stock Exchange. 

Of course, you’ll remember that the coworking company once had a $47 billion valuation and cult-like CEO in Adam Neumann who promised to “elevate the world’s consciousness.” That iteration of WeWork became a bankrupt cautionary tale with $18 billion in debt in 2023, when Neumann was ousted. (He later tried unsuccessfully to buy the company back.) It’s now a private firm run by CEO John Santora, who spent the first half-century of his career at Cushman & Wakefield. 

It’s also, as Santora told me, a profitable company with 550,000 members in more than 600 locations. But many of those locations are now franchised and WeWork now has more than 2,000 third-party coworking partners in its network. 

WeWork’s new “private office pod” offers models for single users and a larger pod for up to four people. Santora says you’ll see them in airports, convention centers, hotel lobbies or other high-traffic areas visited by “busy professionals on the move.” Not a breakthrough technology, perhaps, but a smart move from a man who’s navigated the realities of real estate his whole career. 

WeWork Go “expands the ability for our people to access our spaces and our technology,” says Santora. He says WeWork still has “that entrepreneurial spirit,” and in the company’s new, slimmed-down era, transparent pods will test whether that culture can thrive on a smaller scale.

Contact CEO Daily via Diane Brady at diane.brady@fortune.com

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S&P 500 futures are down 0.60% this morning. The last session closed down 0.11%. The STOXX Europe 600 was down 0.61% in early trading. The U.K.’s FTSE 100 was down 0.33% in early trading. Japan’s Nikkei 225 was down 0.74%. China’s CSI 300 was up 0.21%. Hong Kong’s Hang Seng was down o.90%. South Korea’s KOSPI was down 0.86%. India’s NIFTY 50 is down 0.66% today. Bitcoin was at $71K.

Around the watercooler

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‘Almost unmanageable’: Raising a child in the U.S. now costs more than $300,000 by Jacqueline Munis

Iran’s crumbling economy is the regime’s greatest weakness with prices up 40% since the war began while authorities worry about making payroll by Jason Ma

Former ‘Citgo 6’ political prisoner sees ‘karma’ in Maduro ouster, but Venezuelan oil won’t rebound until there’s true regime change by Jordan Blum

CEO Daily is curated and edited by Andrew Wyrich, Jason Ma, Claire Zillman, and Lee Clifford.