WeWork - The $47 Billion Disaster

From $47 Billion, to the verge of bankruptcy in just a matter of weeks. The WeWork disaster is a real roller coaster and it would seem that their erratic CEO Adam Neumann is mostly to blame.

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Script by Fil Zivko

Sources:

//Soundtrack//

**coming soon**

Producer: Dagogo Altraide

Why are you still reading?

[fedomandez]

You know it would be a scam/failure when there are:
-Nonsense motivational slogans
-Strange design furniture
-Ukulele music

[RichUK]

I've worked for 4 start up firms and every single one had a greedy, self obsessed, narcissistic CEO.

[davidbergaragonzalez]

The problem with a great majority of these "start-ups" is that they seem to like inventing problems to solve, instead of solving any actual problems.

[alexties]

"Things were doing great for wework, until people started looking into the company" this is still the greatest line ever spoken on this channel haha

[GoneButForgotten]

I'm about to start a business in the tech industry.
It's a lemonade stand.
Please, invest.

[brockbaby]

I worked in a WeWork building for 2 years. I was blown away at the amount of waste. They had about 4x the staff than was needed. They paid companies to come water their plants... while a WeWork employee 'escorted' them through the building and just stood and watched them water plants. That my friends is the tip of the iceberg. I kept telling everyone "WeWork is not a financially viable business being run this way! It's going to go the way of the dinosaurs". Flash forward to 2020...

[BudLeiser]

When you roll a 18 for Charisma, and an 8 for INT.
Baffles me how bankers and tech community can be so smart, and yet still succumb to the power of the bard.

[SouthrnKoala]

My favorite WeWork story was in late 2020 when they published an article claiming “if your employees dont want to come back to the office it might show that theyre not very committed to their work or the company”. Very convenient coming from a company that rents office space lol

[youngillinoisan]

I’m actually glad this happened, their ads were super annoying.

[bluequiltedness]

7:05 "Another financial crisis, or similar crisis where fewer people are willing to rent co-working spaces..." Boy did that worry ever come true!

[andrewbrookes]

Those images of photogenic 25 year old's "collaborating" at co-working spaces is like crack to wannabe entrepreneur types.

[theuser]

Adam's response at 9:16 is exactly why I wouldn't invest in Wework. If we don't have access to the numbers, how do we know that shady practises aren't happening?

[yugen]

If there's one sugardaddy in the world, his name is SoftBank.

[yesitsthattime]

He trademarked the word "we", and had his own company pay his millions for licensing. Straight up conman

[si]

Lol. They basically sublet office space. And people thought this was tech???.

[Marshal_Dunnik]

“What is your business model?”
“Raising global consciousness.”
“How do you make money doing that?”
“It’s not about money, it’s about changing the world.”

[bdflatlander]

I have never understood the appeal of the “open office concept”.

I know from my working days (I am now retired) that it is much easier and more productive to work in a private office where you are not distracted by other people sitting on top of you and having to try and block out the noise of telephone conversations and people walking about all around you.

When I was working and had my own office, when I needed to concentrate on a complex project it was much better to be able to close my door and block out distractions. Or when I needed to conduct a private conversation, either on the phone or in person, having a private office let me do that.

I think the main appeal of open office space is that it saves money for companies, not that it “allows for an open, collaborative work environment”. I mean, lets just be honest about it here.

[jessieg]

Lol at anyone that thought this was a tech company. A sucker is born every minute.

[magpye]

This one of those things that for a split second sounds like a good idea, and then realise that cafes and libraries exist

[T..C..M]

Moral of the story:
create a scam,
be too big to fail,
run company into the ground,
Walk away with 1.7 Billion Dollars