Good. Shitty founder, shitty idea, shitty execution.
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.
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.
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.
I love this. It shows how you can dupe investors by promoting yourself as a tech startup? (IWG is another coworking space rental)
Speedrun. The evaluation was in 2019. Ridiculous. Whoever had a stake in it might as well be trading penny stocks.
Is WeWork pulling a Twitter or is Twitter pulling a WeWork?
I’ll fuckin bet someone came out singing ! Why do we allow this to continue to happen to penny shareholders? And workers alike.
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…