In early October, WeWork’s board of directors trickled into a brick building in lower Manhattan where the startup had an office. After they took their seats around the conference room table, Mark Schwartz started to vent.

“I’ve stayed silent too long,” the 65-year-old former Goldman Sachs Group Inc. partner told the six other men on the board, including WeWork’s co-founder and chairman, Adam Neumann.

Mr….

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