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You've got to wonder what kind of a person is it that can get so far in building a successful behemoth like this but at the same time is able to seriously put forward ideas like becoming President of the world or asking management to cut 20% of the workforce yearly
You've got to wonder what kind of a person is it that can get so far in building a successful behemoth like this but at the same time is able to seriously put forward ideas like becoming President of the world or asking management to cut 20% of the workforce yearly
Someone with unbridled belief in themselves.
You've got to wonder what kind of a person is it that can get so far in building a successful behemoth like this but at the same time is able to seriously put forward ideas like becoming President of the world or asking management to cut 20% of the workforce yearly
From "We Wants a New Boss"[0], written yesterday in Money Stuff: > ...it’s terrible for SoftBank! The message from SoftBank is pretty much “your [Neumann's] job was to extract billions of dollars out of us, and you succeeded at it admirably; now that you’ve served that purpose, we should replace you with a real-estate CEO to salvage the value of your investment and ours.” [0] https://www.bloomberg.com/opinion/article…
From "WeKeepGoingWithThisHuh"[0]
>...Or I guess maybe the IPO bankers leaked it because they want Neumann gone, to make the IPO easier, and want to commit Son to it by leaking. Or because they love messy drama maybe? It’s not their company.
The even funnier part of the segment is when he gets into what some of the banks actually put out as a reasonable IPO valuation.
>...JPMorgan told WeWork executives the company could be worth between $46bn and $63bn in the listing. Goldman pegged the equity at between $61bn and $96bn. Morgan Stanley estimated WeWork’s valuation at between $43bn and $104bn in a presentation in 2018, though a pitch for the IPO set it at a more modest $18bn-$52bn.
[0]https://www.bloomberg.com/opinion/articles/2019-09-24/don-t-...
And what about the buildings he leases to We? Or what about his wife?
Adam got a $750M loan from WeWork, right? I'm assuming he used that loan to secure more loans to buy the buildings he then rents back to WeWork (at a profit). I wonder what happens to him if WeWork walks away from his buildings. I doubt he has the cash to hold onto those buildings for more than a few months without a client -- especially if WeWork is still private. If they go public before they "walk away" from his buildings, he'll have to sell massive amounts of stock to cover his losses.
Unless we get to negative interest rates, I don't see a future that looks good for WeWork.
This is some dense shit. I can't imagine how working for WeWork feels like, right now. I have worked for companies where all the employees were eagerly waiting for the day the company will go public. It was seen as a pivotal moment both financially and professionally. In any rational world that's a landmark moment. A significant milestone for founders, investors and early employees. For WeWork it has been the complet…
WeWork's sins were less of rampant sexism, and more closely related to an unreasonable valuation and a business that wasn't prepared for the current IPO climate. In other words, they were things for which the investors are also culpable.
I'm not a founder, but I'd be very hesitant to raise from SoftBank if I was (and very nervous if I had already raised from them). With Benchmark (and Uber's other investors), I'd only be worried if the toxic culture I created was putting their investment seriously at risk.
You've got to wonder what kind of a person is it that can get so far in building a successful behemoth like this but at the same time is able to seriously put forward ideas like becoming President of the world or asking management to cut 20% of the workforce yearly