WeWork’s Adam Neumann Steps Down as CEO • Hacker News Board

Re: WeWork’s Adam Neumann Steps Down as CEO

#31

Post by john_moscow » Tue, Sep 24, 2019, 5:19 PM UTC

Well, corporate governance was one of the main factors why the market refused to accept anything close to their last private valuation, so this makes sense. Note that they desperately need the public money before the end of December in order to avoid running out of cash [0].

My bet is that they will now try to remarket We as a shareholder-controlled company, will maybe even eliminate the multi-class stock structure in order to get included into the passive funds. I am still not sure they will ever become profitable through. The only way to disrupt the incumbents in an established market like this one would be to spot a new opportunity in the market and capitalize on it faster than the slow 30-year-old companies like Regus. Except the only market opportunity We has successfully exploited by now are the desperate investors ready to shove billions in your hands if you pretend to be a cool techy thing they don't fully understand.

[0] https://www.reuters.com/article/wework-loan/clock-ticking-do...

Re: WeWork’s Adam Neumann Steps Down as CEO

#32

Post by formercoder » Tue, Sep 24, 2019, 5:19 PM UTC

duxup wrote: post #25

Does it change the financials, not sure what this does for them?

Corporate governance is just as important as financials. There is no point investing in something that is out of control.

Re: WeWork’s Adam Neumann Steps Down as CEO

#33

Post by readhn » Tue, Sep 24, 2019, 5:19 PM UTC

fred_is_fred wrote: post #23

Jaygles wrote: post #11

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

Narcissistic sociopath - a perfect start-up CEO.

would make a great president too.

Re: WeWork’s Adam Neumann Steps Down as CEO

#34

Post by whoisjuan » Tue, Sep 24, 2019, 5:19 PM UTC

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 complete opposite. They filed to go public and everything is going south since then. Must be surreal that what seemed to be the start of a bright future may be very well the start of a dark end.

Re: WeWork’s Adam Neumann Steps Down as CEO

#35

Post by Jaygles » Tue, Sep 24, 2019, 5:20 PM UTC

duxup wrote: post #21

Jaygles wrote: post #11

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

I wonder if there is some lingering idea inside their own head that what they're doing is nonsense ... so more nonsense seems pretty logical.

Yeah my curiosity is how one can get so many things right when the same logical processes can spit out completely bonkers ideas at the same time. Is it insane luck that they hit the mark so often?

Re: WeWork’s Adam Neumann Steps Down as CEO

#36

Post by jonknee » Tue, Sep 24, 2019, 5:20 PM UTC

whoisjuan wrote: post #34

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 has been an obvious fuckup to even casual observers for years, if people inside the company couldn't see this I really don't know what to say.

Re: WeWork’s Adam Neumann Steps Down as CEO

#37

Post by jonknee » Tue, Sep 24, 2019, 5:22 PM UTC

ngngngng wrote: post #22

strikelaserclaw wrote: post #14

Earlier quoted context omitted.

Someone with unbridled belief in themselves.

I lean towards this being ignorant hubris. I don't think he set out to scam investors.

It's not ignorance to sell your company its trademark or to buy a building with a loan backed by company stock and then have the company lease it from you at a tidy profit.

Re: WeWork’s Adam Neumann Steps Down as CEO

#38

Post by michaelt » Tue, Sep 24, 2019, 5:22 PM UTC

ngngngng wrote: post #22

strikelaserclaw wrote: post #14

Earlier quoted context omitted.

Someone with unbridled belief in themselves.

I lean towards this being ignorant hubris. I don't think he set out to scam investors.

  I don't think he set out to scam investors.

I tripped, fell, and when I put my hand out to catch myself I accidentally had the company give me a loan to buy a building that I leased back to them.

Re: WeWork’s Adam Neumann Steps Down as CEO

#39

Post by hinkley » Tue, Sep 24, 2019, 5:23 PM UTC

alephnan wrote: post #29

Jaygles wrote: post #11

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

Don’t forget world’s first trillionaire

There's a theory that there is no way to become a billionaire without fucking over a lot of people.

To become a trillionaire you'd have to fuck over 1000 times as many people. Without getting lynched.

Re: WeWork’s Adam Neumann Steps Down as CEO

#40

Post by rwmurrayVT » Tue, Sep 24, 2019, 5:24 PM UTC

john_moscow wrote: post #31

Well, corporate governance was one of the main factors why the market refused to accept anything close to their last private valuation, so this makes sense. Note that they desperately need the public money before the end of December in order to avoid running out of cash [0]. My bet is that they will now try to remarket We as a shareholder-controlled company, will maybe even eliminate the multi-class stock structure i…

I just don't see them wrestling control away from the deranged, cult leader. He truly believes he is destined to be president of the world and revolutionize.. well every thing. There best bet would be to drop the multi-class structure to get into passive funds.

It needs $8.1b market cap to get into S&P500.