40 points

Good. Shitty founder, shitty idea, shitty execution.

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9 points

I feel like we’ve found the theme for this particular arc of history.

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6 points

Tl;Dr? Don’t know anything about the company or CEO. But I can see the value of shared workspaces for remote employees who want to work in an office away from home distractions.and I can see why the pandemic would fuck that business model sideways.

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10 points

The CEO started a workshare in Manhattan…got invested got SoftBank or someone to invest…so the way the scam worked is the CEO would get loans from the company buy office buildings and lease them to we work. Hell he trademarked “we work” and sold it to the company…he got crazy rich though.

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8 points

CEO was a classic god-complex character who thought everything that came from his ass was magic. They expanded way too quickly and never had a path to profitability. Pretty sure they were cooked before the pandemic, which is even worse.

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6 points

He personally trademarked the word “we” and then sold it to his company for 5 million dollars. He also owned a lot of the buildings the company had signed absurdly long leases on. It was literally a company set up with the sole intention of funneling VC money into his pocket directly. Even for the shady-ass world of start ups and VC firms what he did was pretty blatant. That’s not even getting into how he portrayed the company as a tech start up when it just simply was not. It’s like how Tesla and Ford sell about the same number of cars but Teslas market cap is 17x higher because they call themselves a tech company. At least with Tesla you could probably argue they were a tech company at some point early on, WeWork was never a tech company at all. Neumann got his start renting the spare office space he had after his previous company failed and just decided to run with it.

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5 points

Couldn’t agree more.

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1 point

Extremely shitty idea.

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24 points

I love this. It shows how you can dupe investors by promoting yourself as a tech startup? (IWG is another coworking space rental)

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20 points

Speedrun. The evaluation was in 2019. Ridiculous. Whoever had a stake in it might as well be trading penny stocks.

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7 points

Elon: Hold my beer!

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1 point
*
Deleted by creator
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11 points

Is WeWork pulling a Twitter or is Twitter pulling a WeWork?

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16 points

eh. WeWork never posted actual profits. They relied on venture capital to stay floating.

The venture capital is running out because, it turns out, venture capitalists like to see returns on their investments. it’s different than twitter, IMO.

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9 points

I’ll fuckin bet someone came out singing ! Why do we allow this to continue to happen to penny shareholders? And workers alike.

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14 points

IIRC, the founder/CEO got paid $1B to go away.

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9 points

Nobody ever paid me to fuck off and go away. I feel that all my years of being an annoying alcoholic were just wasted now…

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9 points

I’ll fuck off and go away for way less than than $1B

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