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How Did WeWork’s Adam Neumann Build a $47B Company?

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Re: How Did WeWork’s Adam Neumann Build a $47B Company?

#151

Post by danielfoster »

I was a member at WeWork for over a year. The company doesn’t have a direction. WeWork seems more like a hip place to look cool than get stuff done.

A few experiences I’ve had:

1. WeWork holds lots of events like “Dog of the Month.” Meanwhile, there are empty desks everywhere and the printer doesn’t work.

2. I cancelled and no one ever followed up to ask why or try to keep me as a customer (see above).

3. The spaces are always too loud and chaotic. Every attempt is made to maximize rentable space that is never rented. American Airlines offers more bathrooms per passenger than WeWork has for its tenants.

4. I was able to cancel to $550 / month dedicated desk membership and get a year of hot desk membership for FREE thanks to a new promotion with American Express. AMEX snd WeWork should not have opened this generous deal to existing WeWork customers. This is very poor revenue management and shows the shortsighted approach the company has toward growth.

Re: How Did WeWork’s Adam Neumann Build a $47B Company?

#152

Post by rafkin98 »

bitxbit wrote: post #102
hdpq wrote: post #16

I'll just go on the record to say that I think WeWork is the biggest deck of cards that is begging for a collapse. I've only been to a handful of locations, but they never seem busy and I'm not sure how they're making rent. Plus, not to mention, back in my day, when you did a startup and got funding from your rich uncle (not Uncle Rich), you grew your startup from your apartment, and when you outgrew that space, you…

I am waiting to buy Herman Miller chairs for pennies on the dollar. Remember those days?

I do - furniture/equipment fire sales in 2001 and RE/cars in 2009. Next one will be a combination of everything ;-)

Re: How Did WeWork’s Adam Neumann Build a $47B Company?

#153

Post by mbesto »

patio11 wrote: post #143
bitcoinmoney wrote: post #127

Earlier quoted context omitted.

How do I protect my VTSAX investment if we work goes public and is included in the basket??

By doing nothing because you will have less than a basis point of WeWork exposure.

This. And they might not put it in the basket. IIRC there is talk that dual-ownership-stock co's are usually debated on whether they go in the basket for obvious (which, let's be honest, WeWork will do, cuz it's hip).

Also, want some more downside protection but want to bet on the market? Check out Fidelity's contrafund.

Re: How Did WeWork’s Adam Neumann Build a $47B Company?

#154

Post by JamesBarney »

metildaa wrote: post #139
arbuge wrote: post #134

Earlier quoted context omitted.

Craigslist, Facebook Marketplace, etc. (I'm guessing here that Craigslist and Facebook will survive.)

Craigslist seems to be dying as people use Facebook Marketplace, OfferUp and LetGo to buy used items. The end of the personals section combined with heavy advertising by the aforementioned new entrants is causing a slow user bleed from Craigslist.

And the terrible user experience of having a stranger say "I know we agreed on $200, but now that we've half way loaded it into my car I think $150 would be more fair."

Re: How Did WeWork’s Adam Neumann Build a $47B Company?

#156

Post by metildaa »

JamesBarney wrote: post #154
metildaa wrote: post #139

Earlier quoted context omitted.

Craigslist seems to be dying as people use Facebook Marketplace, OfferUp and LetGo to buy used items. The end of the personals section combined with heavy advertising by the aforementioned new entrants is causing a slow user bleed from Craigslist.

And the terrible user experience of having a stranger say "I know we agreed on $200, but now that we've half way loaded it into my car I think $150 would be more fair."

Terrible experiences happen to me way more on the newer platforms I listed. People are literally crazy on those new platforms, I've had death threats (from a user which OfferUp never banned) and various other threats on those 3 platforms. Facebook, OfferUp and LetGo all ignored my complaints.

Craigslist over the past 2 years has had zero issues, I've interacted with fairly even keel 40+ year old people that are easy to work with. The "no lowballers, I know what I got" crowd has mostly departed Craigslist.

Re: How Did WeWork’s Adam Neumann Build a $47B Company?

#157

Post by rpmcmurphy »

Ah, the magic of financial engineering. Mr. Neumann will cash out of his fictional decacorn in dribs and drabs and never have to work again. Everyone else will be left with a bit pile of shit (aka a commercial real estate venture that bet on ever upward growth and got ripped to shreds in the secular downturn).

Re: How Did WeWork’s Adam Neumann Build a $47B Company?

#158

Post by hudibras »

bitcoinmoney wrote: post #127
mbesto wrote: post #96

Earlier quoted context omitted.

WeWork, of all of the overvalued unicorns that exist today, will likely be hit the hardest during a recession. Just watch.

How do I protect my VTSAX investment if we work goes public and is included in the basket??

The whole point of VTSAX is that you don't have to worry about how well any one company does.

Re: How Did WeWork’s Adam Neumann Build a $47B Company?

#159

Post by JohnJamesRambo »

delfinom wrote: post #39
spaceman_2020 wrote: post #23

My WeWork has three kinds of clients. The first kind sit in the dedicated desk area, work 10-12 hours/day and rarely leave the space for community events. They're either serious consultants/freelancers or just starting their own startups. The second kind sit in the shared desk area and basically dick around all day. They attend all the community events and use WeWork as mostly a networking/dating hub. Who they networ…

At the same time, just because large companies are renting space doesn't mean they are still profitable. In fact one can argue that WeWork may be underpriced enough that it attracts said companies to exploit it.

Reminds me of when Michael Scott tried to start his own paper company and was selling paper so low it was bankrupting his company. He didn’t understand it until an accountant consultant type pointed it out.

Re: How Did WeWork’s Adam Neumann Build a $47B Company?

#160

Post by jagannathtech »

sharadov wrote: post #112
rowathay wrote: post #89

Earlier quoted context omitted.

But this company would disrupt! Things like zoning laws aren’t cool, so we’ll move fast and break them!

Raise enough money to hire lobbyists!

keep up with the times.. pay them in equity
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