How WeWork Went From $47B Startup to Bankrupt Penny Stock | WSJ What Went Wrong
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Published 2023-11-06
WSJ breaks down how the desk-rental company went from one of the world’s most valuable startups to a bankrupt penny stock.
Chapters:
0:00 WeWork files for bankruptcy
0:42 WeWork’s background
2:06 A failed IPO and Adam Neumann
3:41 Pandemic’s impact on WeWork
4:09 What’s next?
What Went Wrong explores the challenging conditions and decisions that led to a company's downturn.
#WeWork #Bankruptcy #WSJ
All Comments (21)
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I worked on a contract that was based out of a we work. Hated everything but the coffee in that place. I found out a few months later that they called themselves a tech company. I was like, but they just lease office space. That was in 2020, after the pandemic hit I knew it was just a matter of time, and here we are. I still don’t know what they saw in this to value it so high. Just goes to show that valuations are a whole bunch of bs.
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"Who is the genius? The artist who created the painting or the salesman who sold it for $1 million dollars?" Irving Rosenfeld, American Hustle
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I was a WeWork client in Colombia and in Costa Rica. The prices were way too high and the workspaces were often filled with snobs.
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I worked for WeWork at the height of its existence. I had nothing but fond memories there. All food was paid for, all beer was paid for, and it was more of a playground than a work place. Lol
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“We curate and create culture” Adam Neumann That’s a guy who really did sell a pipe dream
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"To elevate the world's consciousness" what a comedy 🤣
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I’m actually surprised at how stupid these VC firms are. It’s the Theranos mindset. They aren’t as smart as they’d have you believe, gambling without any consequences.
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he got really lucky with stepping down right before the pandemic and getting that severance
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Who knew that taking a long term lease and breaking them up into shorter leases was considered Tech? Also, it's a business that's been done long before and mostly with disastrous results. At least Uber came up with some fancy GPS monitoring.
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The golden era of scammers. The smart ones got away with billions of dollars to his name while the dumb ones found jail time (SBF).
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This is the last thing the reeling real estate market needs right now, as an Air BnB investor i think due to the similar mode of operation like WeWork, we might soon be run off the market. Essentially why i'm at large for exit measures or where to allocate $1m
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It goes from WeWork to WeSuck to WeBroke 😂😂😂😂😂
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I am not surprised about WeWork filing for Bankruptcy, but by how so many investors thought its initial evaluation made any sense, given that an office lease business could never manage to provide such returns. I guess stamping a "tech" label on whatever startup these days is enough to secure crazy evaluations.
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I’ve always heard of WSJ but I never took time to explore their content. This channel is so good! I love mini- docs on businesses rise & fall, stocks, random world events etc.
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If a company can’t hold its valuation for over 15 years minimum… just consider it a volatile investment
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Do I want to pay for a space and be surrounded by dozens of random noisy strangers instead of working from the privacy and comfort of my own home? That would be a hard 'NO'.
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The coworking and gig economy stuff was clearly hyped up. None of those companies make any money. Anybody could see that they would up end just being a fart in the wind
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So now wework is wedon'twork?
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The story is so much more than thus short clip. Watch the documentary...its wild
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I don't understand how SoftBank didn't see that comming
