What ACTUALLY happened with WeWork? - Company Forensics
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Published 2019-11-08
- More Forensics episodes ► • Hertz: A greedy path to Bankruptcy
What happened to WeWork?
If you are in the startup world, you must know about WeWork. Chances are you are actually sitting in one, right now.
Officially the 'We Company' was founded in 2010 and VERY QUICKLY expanded to 836 locations (as of this writing), 15,000 employees, and over half a million members.
It's the bright and classic startup Unicorn story. Except it isn't.
In mid- 2019, the company filed the documentation to prepare for an IPO (Initial Public Offering), that is, to begin trading in the stock market. This required them to publish their so-far secret financials.
Once the world had a look at their numbers, everyone quickly realized that the company founder and CEO, Adam Newman, had been selling smoke and mirrors. The company was not only far, far from being profitable, but Adam had been living an eccentric executive life that was costing the company millions.
The CEO was ousted. The valuation of the company went from a shocking $75B to an estimated $8B or less, and SoftBank, their lead investor, is preparing to rescue/acquire/take control of the company to save it from oblivion.
In this video, we are going to dig into the We Company story, their rise, and downfall, and of course, what lessons we can learn from them.
This is a new series we call- Startup Forensics.
#wework #startups
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01:35 History of WeWork
04:31 Tech vs.Non-Tech Companies
07:42 The Downfall
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All Comments (21)
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I loved this new Startup Forensics
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I'm in the poor man's WeWork.....Starbucks. Free wifi
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People are easily tricked by impressive characters.
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I think you mean SoftBank became WeWork's dumbest investor.
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That MIB part is perfect
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This is mind blowing. 4K employees who enabled Adam to present a seemingly solid case, go home and Adam is scooping almost 2B$. This is corruption.
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He bought the name "We" (from himself) for 6 million ?!? I'll sell you "They" for just 3 million. I'm planning a sale on the other pronouns next week too.
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Neuman: We do sublet. We have internet. Maso: Take my money.
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If we work is not bankrupt after Corona virus... I'll be impressed
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I've just started the video. BRILLIANT CONCEPT - No doubt I'll be watching each and every episode of Startup Forensics.
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These are the problems with we work 1. The unprofitability comes from the fact that they are leasing expensive-ass offices for 15 years to companies that are traditionally doomed to fail (most start ups in general) 2. Easy to replicate business model: all you need is cash and real estate 3. Prone to big losses due to recession: when this happens, that's pretty much the end of wework
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8:55 WTF! 😂😂
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2:27 The new unicorn on the block. The new Theranos on the block?
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Fantastic breakdown of the WeWork train wreck. Keep the videos coming!
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Big thank you to this channel, as someone working in startups, this in depth analysis offers a beautiful way to learn from others successes and failures. Thank you for putting the time into these !!
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I have been watching all your vids catching up. You do a phenomenal job! Keep up the great work. Love the info and your style.
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Such a great breakdown. This makes so much more sense then pages of reports.
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Great video! Caya please do educate us on Conflict of Interest stuff. It's easy to pull off an Adam act in situations where you have financial influence in the company
