WeWork's Long Overdue Bankruptcy

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From its ambitious inception in 2010 to its harrowing descent in 2023, WeWork's journey has been nothing short of a roller-coaster. Once valued at a mind-boggling $47 billion, today the company's stock trades at a mere 20 cents per share. How did the most heralded co-working company, backed by billions, end up as the biggest financial black hole in VC history? Dive in as we unravel WeWork’s decade of ambition, blunders, and the final curtain call.
0:00 - 2:30 Intro
2:31 - 4:47 History of WeWork
4:48 - 8:50 Bringing in the pros
8:51 The final demise
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#Wallstreetmillennial #wework #siliconvalley #startup
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[@wallstreetmillennial]

Go to Public.com/WSM to unlock 5.5% APY

[@internet_userr]

Me thinking wework had already been bankrupt:

[@foobarFR]

By the way, Regus did the same job for decades and makes profits. WeWork is the perfect exemple of stupid startups selling a story rather than a really new product.

[@lonyo5377]

They presented themselves as a tech startup, but literally it was a bad copy of Regus/etc

[@indochinaconnex4308]

Yeah 100%. Again another startup way over valued and fuelled by Silicon Valley greed. The sad thing is, those at the top end up still making money but those in the middle etc end up the worst, how on earth are companies allowed to raise funds but allowed to take massive salaries and buy private jets. There should be some regulation brought in.

[@sionbarzad5371]

brah it may be a stupid company but he made a stupid amount of $$ selling it to dupes, that's all that counts nowadays in a post capitalist world.

[@Jpowellsuckballs]

And trying to market yourself as a tech company...those weed Neumann smoked combined with God complex must be some good s$$$

[@gund89123]

Every company that’s making money today was a startup once. Venture capitalists take risk, they win some & loose some. If people don’t take risks then we wouldn’t have so many companies we have today.

[@jeffw8218]

The worst part is that Adam Neumann is still a billionaire. Just completely insane.

[@richardbloemenkamp8532]

For me it is fine assuming he did not obtain it through fraud. This video alone shows in less than 20 minutes that it is not a viable business. Still Softbank put billions in it. Apparently Adam is a really good salesman and Softbank and others are really stupid investors.

[@jeffw8218]

@@richardbloemenkamp8532 Adam Neumann lied about their growth prospects and entire business plan. He duped investors by selling them on false projections. You have to be kind of dumb/naive to trust the SEC to always make correct judgements/charges.

[@jeffw8218]

@@arthurkosakowski1098 What makes you think I forgot about that? Also, he did return that money, but it’s still scummy. Go reply to a different thread, lmao.

[@jaywu2856]

You can thank Masayoshi Son, the idiotic anti-Warren Buffet, for giving Neumann all that money

[@turnopsverdsen9578]

Just shows how stupid the elites are and how broken the system is. Adam Numale has never contributed anything to the economy except fraud... he is a fast-talking parasite, a useless eater, the exact kind of person other billionaires complain about welfare going to. He didn't create jobs or grow the economy or innovate or create anything. Yet he's a billionaire... because he convinced people to throw their money at him. Disgusting stuff.

[@trogdorstrngbd]

When I first heard of WeWork my immediate thought was, "Why are people treating this like a tech unicorn when they are an office space rental company?" Pre-furnished office space and, to varying degrees, co-work spaces already existed, so what is the big innovation at WeWork's core -- free beer?!

[@jburron]

Never underestimate the game-changing effect of free beer.

[@afh001]

See also: Uber - a mostly unprofitable minicab company

[@SpiderHamPeterPorker]

Same. I said these are executive suites with beer. That's innovation? I do wonder what if Covid didn't happen would they have been successful in their IPO. I don't count the SPAC. More retail investors would eventually have been pummeled.

[@sergiorenatoreyes6967]

​@@afh001at least Uber acts as a marketplace and people in cities would always need one. Wework's just plain stupid

[@trogdorstrngbd]

@@afh001 Uber is a very different case, though, because it actually had a core innovation that wasn't even possible until smartphones with GPS became widespread. How successful ride-hailing companies will be as a whole (regardless of whether Uber in specific fails) will depend entirely on, in my opinion, government regulation. If they get regulated as heavily as taxi companies, then they will either fail or co-exist with taxis at similar levels of size. If regulation continues to be light (e.g., letting them consider drivers as independent contractors rather than employees), then they will be in a category higher in terms of size and power.

[@techlon]

I love the herd mentality "there's a lot of heavyweights involved..." all of which assumed someone else was doing the due diligence so they didn't have to 🙈

[@sionbarzad5371]

the so called ''sophisticated investors'' and ''smart money'' 😆😆😆

[@crapshot321]

@@sionbarzad5371 The "sophisticated investors" may have a lot of money, but that doesn't necessarily make them "smart".

[@raylopez99]

Very true. A stupid idea...except it's used by the US Treasury/govt to bail out banks at taxpayer expense, "too big to fail".

[@letsburn00]

This is actually the same reason why politicians are always being seen dealing with dodgy People. If you're a billionaire or look like one, people assume you're vetted by someone.

[@tomr164]

It shows how stupid a lot of very rich people and wildly successful money management companies actually are.

[@shellylofgren]

The banking situation is a reminder that Fed hikes are having an effect, even if the economy has held up so far,” It’s precisely at times like these that investors need to be on guard against the next certainty. First SVB, then signature bank and now first republic bank, these are all the signs of yet another 2008 market crash 2.0

[@DavidRiggs-dc7jk]

My main concern now is how can we generate more revenue during quantitative times? I can't afford to see my savings crumble to dust.

[@berkrix4312]

Sincerely it's best to seek an advisor right now, unless you're canny yourself. As a business owner in both the service industry and eBay reseller of all product categories, I can tell you we’re in a deep recession and everyone is running out of money.

[@jeffery_Automotive]

Very true, people downplay advisors role, until burnt by their mistakes. I remember just after my layoff early 2020 amidst covid outbreak, I needed to stay afloat, hence researched for license advisors. Thankfully, I came across someone of practical knowledge, and decades of experience, my stagnant reserve of $325K has yielded nearly $1m after subsequent investments so far.

[@georgebarret]

@@jeffery_Automotive How can I reach this adviser of yours? because I'm seeking for a more effective investment approach on my savings?

[@jeffery_Automotive]

Yes, a Fidelity financial advisor named "Julie Anne Hoover" put an end to my fears about investing, and after making more investments, I was able to reach the high six-figure mark in less than 3 years. A licensing advisor satisfies the necessary security criteria; hence, reimbursement is guaranteed if I'm dissatisfied with the service, so I'm much better off hiring one.

[@obsideon1343]

Sub-leasing office space in major cities... A tech company indeed.

[@Ofelas1]

watch the delivery companies crash and burn, children in VCs

[@passenger175]

They must also be doing AI and use a blockchain for communication

[@popocucu7749]

I am quite surprise how he managed to convince Son Masayoshi to invest... Its either son Masayoshi is a scammer himself???

[@moozillamoo2109]

@@popocucu7749 The later. It's a con job.

[@george6977]

​@popocucu7749 VC invest in 10 companies in the hope 1 will be successfully sold in an IPO to greater fools.

[@SamDankmanFried]

TLDR Jim Kramer put the final nail in the coffin by shilling wework

[@samsonsoturian6013]

Shut up

[@mikestanmore2614]

Imagine investing in a company, then seeing Cramer lauding it! You'd be calling your broker before Cramer finished his first sentence!

[@momoneyinvesting]

his job is to ensure retail investors stay poor

[@visioneerone]

“We’ve made the hard decisions and are on the way back” */Kramer appears* welp

[@samsonsoturian6013]

@@momoneyinvesting found the crypto scammer

[@antozok7016]

Kudos for not going the cheap way like most other wework videos and focusing mostly on Adam Neuman’s antics but focusing on the company’s lifecycle as a whole.

[@mattwalter6207]

Adam Neuman is a miracle worker for having the same company go bankrupt not once but twice, and convincing investors to actually do that

[@Zakster2023]

And he got 250 million by A16Z. The largest check they ever wrote. Is this the downfall of A16Z??

[@sauronthegreat5799]

He's a conman

[@kmlckd]

Jeffrey Dahmer was a creative chef

[@PokerFart]

The kiss of death was when Jim Cramer started promoting the stock.

[@jonathantrue2812]

Without fail! Lol he does it evertime

[@Jpowellsuckballs]

And all his audiences must be clowns unless you listen to him strictly for comedic reason

[@GradyBaby13]

The Chef Kiss "MmmmMWaaa"

[@DevanConrad]

Before the pandemic I worked in a wework office on the east coast for a large national bank. The decor was nice but the only amenity was tea and coffee. They did cram us into rooms "like sardines."

[@Alan.livingston]

Same. I was in a wework in Australia and for $30k/mo. We were stacked like totem poles into a tiny private office and while the decor was nice and all there was minimal kitchen facilities and a few pool tables and whatnot that people didn’t use.

[@trishoconnor2169]

You may as well have been working at the bank's own Op Center, with the checks rattling through the proof machines to your left and the overdraft clerk stamping "NSF" on more checks to your right.

[@theworddoner]

I can just imagine Masayoshi getting the call. Intern: Masayoshi san! Masayoshi san! Jimmu Kraimmu is on your sidedu! Masayoshi: F*ckku 😂

[@ackilla86]

😂😂😂 you’re foul man

[@thomaskeane6076]

This is a really funny video because I just saw a WeWork sign and wondered when they were going bankrupt. To be fair, I thought they were bankrupt long ago tho

[@BloodRider1914]

Man, I thought that they were already bankrupt when I drove past an office space of theirs recently. I guess I probably won't be seeing that space soon anyway

[@ronjon7942]

Weird. Same.

[@fartywood3917]

An Israeli guy scams a Japanese guy who inturn scams a saudi guy!! Who knew something like this would happen!!

[@id10t98]

An American guy.

[@tinnic]

I am pretty sure the Japanese guy, and thus the Saudi guy, did, in fact, break even when WeWork IPOed via SPAC. It was retail that was left holding the bag!

[@pillsber]

This story has been documented by several and is one of many sad stories of super egotistical people who have a fluffy idea and no real functional or working business. They walk away with billions and the investors and employees are left with nothing.

[@viharsarok]

The employees are left with their salary. It's the investors who get the wrong end of the stick but that's on them. It's their job to make smart decisions. If they are unable to do that there are vacancies at toilet cleaning companies, lol.

[@mysterioanonymous3206]

Haha, imagine being abootlicker for rich people and highearning silicon Valley types who make more in a year than you do in 10. Get a grip on reality mate, they don't give two f's about you, and no one cares about them, except you...

[@iriya3227]

@@viharsarok While true that employees get a salary, it still hurts their career prospects as they could have been getting internal promotions at other companies instead of being laid off. Not to mention finding a job is really difficult and costly for the employees.

[@KameraShy]

These "investors" should know better.

[@snooganslestat2030]

Most people would probably like being fired the way Adam was. For a company that had never made a profit & wasnt even breaking even i think we can agree he did rather well. The payoff & stock etc 😶

[@MrMoss786]

Con man but made billions

[@OhNiceMatt]

Adam was very smart. He actually could NOT be fired. Technically, they had to BUY him to leave. He protected himself at every step, as the founder, all who interacted with him, including SoftBank, signed up for it. Similar to Facebook CEO.

[@viharsarok]

Just like the majority of startups. Spotify has been operating at a deficit for 17 years.

[@nuttietrendchannel4265]

according to google, he's 1.2 billion networth today.

[@Studeb]

With a record so bad, yet he's now at a new start up, not using his own billion, but some other moron investor is paying him hundreds of millions to F up again, proving that once you are rich, people will just give you money.

[@franciscodanconia4324]

What really amazing was Neumann was able to, after running WeWork nearly into the ground, convince Marc Andreesen to invest in his next great idea.

[@ultimaIXultima]

It's not really so surprising - Marc is there to get it, make the cash, and get out before it tanks.

[@PsyrenXY]

"{Their primary clientele are} startups who either grow large and successful enough to rent traditional office space, or go bankrupt and fail. Either way, they leave WeWork." And that is the textbook definition of a failed business model.

[@dimplesd8931]

Now Adam’s newest con is rent to own condos with high end amenities and weekly building parties. Rich people, since he’s only in large cities, don’t need to rent to own and they don’t need your free beer, wine, booze and hors-d’oeuvres at an inflated price. He got venture money for that non original idea too.🙄

[@lostboy8084]

Honestly I had an idea for rent to own apartments.

[@popocucu7749]

Don't worry he will find investors...

[@stevenkee61]

Or suckers you mean😂😂😂

[@KameraShy]

Depends on the prices and target market. Recent grads with massive student loans have no other option to own. But then, dealing with condos, HOA's, etc. is not for amateurs.

[@Deriv44]

Wework one of the greatest con job making investors believe that something more related to pretty much being a landlord is not only a tech startup but a Unicorn that amazing in an evil way

[@pablot8899]

What???? Put more effort into your lazy attempt at a critique because we have no idea WFT you are trying to say. If your commentary is inane, at least use punctuation, full sentences and proper English, for fuck sakes.

[@boowiebear]

SoftBank and WeWork or better known as the sunk cost fallacy.

[@gund89123]

SoftBank probably made billions in other investments. Lot of startups close the shop. Venture capitalists take risks. Can’t say SoftBank is awful by using one data point. Even buffet probably made bad investments in his carrier.

[@tsunchoo]

@@gund89123 pretty large data point

[@RBzee112]

SoftBank's only real success was an early investment in Alibaba. They got lucky with that and have been burning cash ever since.

[@somethingelse9228]

@@gund89123 SoftBank has invested in many companies which later went bankrupt or were proven to be fraud. WeWork is just one of many examples.

[@Xenon-4300]

I'm confused so wework (the effective landlords) were giving free beer to the tenants and their employees? That just seems weird.

[@raylopez99]

Free. As in free beer.

[@marilynlucas5128]

Shocking 😋🤯

[@thomp]

Yup. I worked at a company that rented office space at a wework. Free beer, kombucha, and cold brew coffee. It started out with no limits but as the years went on, they’d lock up the taps after 6pm.

[@screenwriterjohn]

Adam grew up in a commune.... But successful tech companies do give great freebies. Weworks claimed it was a tech startup but it was a real estate company.

[@glengarbera7367]

​@@screenwriterjohnfreebies are paid by shareholders.

[@glennjanot8128]

"Many employees prefer working from home." That would depend on the home of the employee. My best friend has two kids who had to be home during the pandemic and to work, my friend had to sit on the marital bed with his laptop. There's no space to place a desk anywhere

[@benjaminmatheny6683]

It feels like their business model only had a hope of working in the near 0% interest rate environment we saw for the last decade. Their customer base just isn't broad enough otherwise.

[@lonyo5377]

The business model works. Other companies doing the same already existed and continue to exist, profitably. They just did it badly

[@Allen_Leigh_Canada]

and they assume COVID-19 never happens.

[@jonathanj8303]

They were buying retail and reselling wholesale. And the Adam Newman is a narcistic crook. There was no possibility of wework ever being profitable, not in a month of Sundays. Even once he was gone, the leftovers were structurally unsound, and amount of new management was going to turn them into a Regus clone.

[@Fanaro]

The real mystery is how Adam Neuman is getting a second chance...

[@viharsarok]

Scamming and manipulation are seen as values in those circles.

[@megalocoman]

​@@viharsarokthat's as true as true can get, sadly.

[@jburron]

Read about how Andreessen got his money.

[@sauronthegreat5799]

An even bigger mystery is why millions still believe the conman Trump after all the crimes he committed.

[@michellebowers8652]

The guy at SoftBank who negotiated with Neumann should have been sacked. He gave him unbelievable sweetheart terms…such as walking away with $1B after running the company into the ground.

[@BR-ty3hx]

Do NOT LISTEN TO HIS AD. BONDS JUST GOT DROPPED FROM A TO B RATING. This dude doesn't care and wont tell you the downsides of bonds so he can make his comission off the affiliate link. Shameful.

[@lexuannhi]

How could Softbank invest so much in wework? Is he on drug? To this day, I still can't understand.

[@id10t98]

gahhh...gahhh...gahhh...slurpy, slurpy...gah, gah...GULP! I wasnt there but I'm almost positive that was the conversation between Adam and MS.

[@grimgoreironhide9985]

Money laundering?

[@id10t98]

@@grimgoreironhide9985 nnnnoooooooooo...

[@tektronix475]

they were expecting to dump the overvalued trash, on the retail s head.

[@salguodrolyat2594]

Tax write-offs.🤔

[@jamesregovich5244]

My company decided to update our office space which wound up being WeWork designed, built out, and managed the space that we moved into. They had that whole nouveau-mid century modern aesthetic, but there was a lot deficiencies in the construction. All glass conference rooms with no sound proofing, laminate or maybe some kind of LVP laid over a less than optimal subfloor with big gaps between some of the planks. An office space that was overall loud and cramped. They were all about the perks and how much they concentrated on little things like making the bathrooms nice. Overall, an OK aesthetic, but nothing amazing.

[@halvey8518]

Me: Oh WeWork has a chance. Me seeing Jim Cramer being a bull: I'm out.

[@CESayers1]

I didn’t know WeWork still existed.

[@dimplesd8931]

I was shocked that We Work was everywhere in London. I was like WTF don’t they know this company is dead?

[@OopsFailedArt]

Part of this too is, to allow massive expansion, they RENT. Flexible office spaces may be possible on an OWNED building when you aren’t paying an internal rate of return of 15+% to someone else. There are a few out there but they’re smaller and less sexy. That business model makes some sense though I’m still not a huge fan of it

[@taWay21]

When Jim "Crooked" Cramer start pumping your stock, thats a major short signal! XD

[@ChineseKiwi]

Yep, that Jim Cramer death kiss.

[@lonyo5377]

Where I've worked there have been two times Regus/etc have been used and it was for short term office space while waiting for long term space to be ready. And it was pricey.

[@exoticbutters2781]

We(don't)Work.

[@mstengel777]

Honestly serves them right. I based my office there for a bit and thought it was a joke with extremely rude staff and bad policies. This was post Neuman as well.

[@Invin_cibles]

we work in one currently: you couldnt be more wrong. dont generalise something due to your own social ineptitude lmao.

[@Monkechnology]

​@@Invin_ciblesContrarians be shilling for wework just to "own the internetz" lmao

[@snooganslestat2030]

Paying 50% more for half the space, yeah that sounds like a really sustainable model. 🤣

[@useodyseeorbitchute9450]

I could imagine them as niche model, something like hotel vs. renting flat.

[@screenwriterjohn]

Free beer! Free beer!

[@samsonsoturian6013]

This why interest rates needs to stay where they are

[@mx338]

That won't stop capitalists from doing really stupid stuff.

[@samsonsoturian6013]

@@mx338 like... You?

[@highbread817]

​​​@@samsonsoturian6013no, SoftBank , WeWork , and the hundred other unprofitable SPACs

[@johnd.5601]

I'd rather pay higher taxes, too. That is where the bond yield comes from.

[@samsonsoturian6013]

@johnd.5601 depends how much the government is spending

[@cheesesandwich1033]

They dressed a REIT up as a tech company. I guess today you can identify as anything, right? 😊

[@appalachiabrauchfrau]

bro people call uber a tech company, it's such a muddied label now.

[@azizkash286]

yes @@appalachiabrauchfrau

[@CountingStars333]

​@@appalachiabrauchfrauuber is a tech comp.

[@HighlandRooted-ul4rv]

We really need to be sending these people to prison.

[@Alley00Cat]

This is why co-working coffee shops make so much sense. Very minimal staff, often one or two for the whole coffee shop. You need to do your own checkin and checkout, your own dishes. But, no subscription, pay as you go and very minimal cost. Tailors not just to startups, but anyone who wants to work outside the house and office

[@StocksChannel1]

I enjoyed this recap. Thank you for making it.

[@MrJcl666]

Cramer kiss of death was the last straw.

[@almostfamous39]

We work thought it should be valued as a "Tech company" and hoped nobody would notice lol

[@JashanKhurana]

Lets agree on this point that Wework tried to solve a problem which does not exist

[@Piaseczno1]

That's a myopic statement. Many companies, including Microsoft and Apple created markets, then market needs, then filled those needs making the world a better place. Maybe We work would have been successful save for butthole Neuman and others like him.

[@auroragb]

They also should have tried to buy spaces in markets where they expected to stay. Being a second landlord is a risky business.

[@LesserAndrew]

Adam Newman owned some of the buildings, which gave him an incentive not to have the company buy them outright.

[@realspenz]

Don't understand how Neumann wasn't jailed.

[@herogebrial]

Protected species

[@longaugust]

Imagine being an executive of this company and being paid 7 figures for 20 years and losing 10s of billions of dollars just to walk away and get a job somewhere else...

[@DarkZerol]

It's called a "golden parachute". Virtually every executives in huge companies have them regardless if they resign or are forcibly terminated. This is why I firmly believe we really should regulate or at least put some form of cap on how much these super entitled executives are paid because it's not short of absurd how these people get compensated even when booted out of the company. If the same exact thing were to happen to lower level employees, they would receive nothing in comparison.

[@YourFinanceGuide]

It's 14 cents per share. But hey, they are going to do a 1:40 reverse stock split so.... All in?

[@YouCanHasAccount]

The final pump before the rug pull so c-suites can unload what stocks they have left

[@BroughboyHero69]

I really love your channel! Truly quality content.

[@richardcampbell7255]

The huge challenge now is WeWork at home now.

[@digabledoug]

Like most of these start ups it was always just a grossly overvalued get rich quick scheme. And it worked... for Neuman.

[@sirtalkalotdoolittle]

I don't even like going into an office where I know people.

[@DeMenteMinds]

Bro that transition to the Public sponsorship was smooth af

[@Soothsayer-rs5nb]

My company is 100% remote. Has been for 2 years now. It was an adjustment at first but now it’s great. Never going back to an office again.

[@miguelaznar]

Good video, as usual. Suggestion: when showing graphs and charts, fill the screen. Leaving a large border to show a beach makes the text too small. Thanks

[@justing7490]

The only thing i remember about WeWork was that they made up their own version of an EBITDA. That made folks laugh for a minute

[@SunnyM360]

If i was hired as CEO, I would have got out of many of the lease deals and bought a few key buildings in major cities during covid. If anything, the ownership of these large commercial real estate would have increased in value.

[@HighestIQ]

I mean out of all the IPOs this one takes the cake as being the STUPIDEST one ever. The business model was already proven to not be profitable. I mean who the hell actually bought this stock???

[@EclipseCircle]

They weren't buying stock in the company. They were buying stock in Adam Neumann. Guy was, and is, basically a cult leader. WeWork's price started tanking almost immediately after he left, which tells you where people's loyalty actually was.

[@g.t.g1111]

Great commentary!! 😊

[@JPMediaProductions]

When Cramer recommends something, ALWAYS do the opposite. Oh how wrong has he been about so many stocks and companies lol. You’d be broke by now.

[@asmodon]

The problem with WeWorks business model is that it’s nothing special. The barrier of entry into its market is pretty low, so prices and profits would end up low as well. There never where any big profits in this.

[@Mesozoic_mammal]

Cramers praise was the last nail in the coffin that doomed wework 😂

[@ytcensorhack1876]

If id seen this b4, id hav starting shorting we work stock 😄

[@Lowkeyyshorts]

In other words WeWork was just a glorified middle man 😂

[@sn4rff]

a really interesting video, thanks. and like some other people have already said, i thought wework had gone down the pan long ago.

[@dr-rexmangrca113]

I try that idea back 1970s... it failed because of lack of private affaires...when doing business keep it private between you and clients...

[@charlesloomis2224]

If Kramer is for it, pull your investment out right now because either that company is about to implode or it’s a scam.

[@MCorpReview]

Your analysis is of the gods!!

[@mitchsanchez9914]

Where did you get the share price? Is this USD?

[@hou950]

This is the first time in my life I have heard the phrase "$200,000 an hour". W.T.F.

[@trishoconnor2169]

It seems that their business model was the commercial real estate version of renting a hotel building and then trying to charge high enough rates on the rooms to pay your expenses, make a profit, AND pay your rent on the building. I guess the investors didn't realize there's a reason hotels aren't run that way.

[@wouldntyouliketoknow9891]

Technically, "they would have been a lot better investing in Treasury bonds instead" is true for any investment that loses value.

[@Tzmaker]

If you lid a fire with 3/4 of the money it still would have been a better investment 😅😅😅

[@navarunatraya2520]

And then, Neumann raised $350 million from a16z in a deal that reportedly valued his new real estate venture, Flow, at $1 billion before it had even launched.

[@egal1780]

I wonder how much money there could be made using put options for those horrible companies - options to avoid liquidations and the unlimited downside of shorting outright... Yes, I know that this is a horrible idea, as something will go wrong eventually.

[@jpanda79]

So when does softbank go under?

[@egal1780]

2:44 it literally took me about 5 minutes to find out where this strange sound came from...

[@bakchormeeman7864]

I can see how it could have worked but actually.. because there will always be small groups of people looking for working space.. what I don’t get is why they didn’t just outright own the office spaces.. with the amount of money they had they could have.. even a hybrid would have been better

[@Allen_Leigh_Canada]

and those small groups are the riskiest and most unstable group.

[@viharsarok]

​​​​@@Allen_Leigh_CanadaTrue, but they are willing to pay a premium. Those startups are funded by investors so it's not their money. The first thing these wannabe startuppers do when they get funding is waste it on status symbols like nice offices and unnecessary employees to look better for the next round. The entire "startup culture" is based on bubbles, appearances and sales, not on entrepreneurship.

[@Allen_Leigh_Canada]

@@viharsarok I said riskiest because only a few of them make it to the end.

[@trishoconnor2169]

That was the grift: The sleazy founder owned buildings and rented them to the business. Of course he designed that to be the business model; that way he made money coming and going. Investors' money.

[@Kindafu]

I still don’t understand how people kept saying it was a “tech” company

[@quantummelody2959]

I sometimes met up with my manager in a wework since we usually work remote and booy is it an ADHD nightmare. So much noise and stuff going on makes it impossible to concentrate. Very much prefer the nice quiet coworking space I sometimes use.

[@johnd.5601]

That place looks nice. It would have been nice if we didn't have so many hedge funds.

[@mikeh.1130]

At Taco John's International we used Regus for a couple of years just west of Minneapolis. Same concept as WeWork, almost. No free beer tho.

[@timlodge8267]

It makes me laugh when you mention Jim Cramer you might ask my neighbours cat.

[@brucestorey917]

Will this have an impact on the stock market this coming Monday?

[@fannaffannaf]

Wow. A company that subleases overpriced office space...

[@noneofyourbizness]

well integrated ad. like it.

[@chrisc9725]

Perfect analysis

[@BobHooker]

Me ‘hello is that interview at a we-works?’ them ‘yes’ me ‘sorry I wont be going forward with this role.’

[@zachjones6944]

A 5.5 % yield for Treasury Bonds is still less than the current inflation rate.

[@litofficial]

Wework could be profitable. Buy book stores. Renovate them, keep the books. And see coffee, tea, and beer. Maybe a food vendor or donut vendor. Very easy business model that would work. Essentially. Library with alcohol and some food. People will flock.

[@overdarck]

Except the point was never to make it work. This was just another instance of cash grab from funders, and to that, they had a total success.

[@ahuels67]

8:13 Hahahaha. Kramer kiled em!! Damn i wish i had noticed when he had said this cause i would have went all in short right after!

[@ferinzz]

WeWork business model We rent from Peter to rent to Paul. Once established, they honestly should have started buying space if they wanted this to work long term. That way they aren't as impacted negatively if costs increase. They have literally nothing if something fails.

[@thewilliams-]

Fascinating observations! Prominent figures in the financial field have been sharing their perspectives on the gravity of the looming economic decline and the potential depth of equity declines. This arises from the economy's trajectory toward a recession and the consistent inflation surpassing the Federal Reserve's 2% goal.Given my aspiration to amass a portfolio exceeding $850,000 by the time I reach 60, I would greatly welcome any insights regarding potential investment opportunities.

[@ragabkamel_]

Numerous captivating stocks span various industries, presenting a range of options worth considering. It's not imperative to act upon every prediction. My recommendation is to collaborate with a financial consultant who can guide you in pinpointing optimal moments for acquiring and divesting shares or ETFs of interest.

[@kelbenjamin]

@@ragabkamel_ I've been thinking about getting an advisor, as this market is challenging for retail investors like us. Do advisors actually make a significant impact on a portfolio, or would I be better off managing it on my own? 🤔

[@ragabkamel_]

@@kelbenjamin Unless your intention is to buy and hold stocks for a decade, which seems reasonable to me, I've been closely investing with an advisor for the past 2 years. So far, I've achieved over $560k in net gains, and I'm not worried about what lies ahead in the remainder of 2023 because I know I'm in good hands.

[@kelbenjamin]

@@ragabkamel_ That's really impressive! I'd love to get some information about your CFP. I'm planning to make some financial changes in what is left of this year and beyond...

[@ragabkamel_]

@@kelbenjamin Consider exploring an individual bearing the name *Eric* as their first, *Thomas* as their middle, and *Witt* as their last. This person boasts an extensive reservoir of expertise.

[@codelessunlimited7701]

Wework renovated every units that they lease, then charged customers 10X of the based amount of that cities, and call it a tech startup.

[@mattmmilli8287]

I enjoyed my time at a wework space and the free snacks/drinks 😋 I always wondered how they could afford that…

[@MrMoss786]

Neumann took them for a ride

[@user-tm1oy6ck4t]

Jim Cramer, the Rudy Guiliani of finance entertainment.

[@nickelsdimes8643]

Anyone with two functioning brain cells would immediately see that this is NOT a tech company but an ordinary property rental company. 🤦‍♂️

[@jackeldogo9552]

Does anyone remember when Neumann claimed he was going to be the world's first trillionaire....and even worse, some people believed him.

[@relpmat]

This guy Jim Kramer feature quite often in your company downfall videos doesn't he? 😂😂