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WeWork’s Adam Neumann Steps Down as CEO

wsj.com

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Re: WeWork’s Adam Neumann Steps Down as CEO

#71

Post by human20190310 »

rwmurrayVT wrote: post #24
conroy wrote: post #12

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…

There was another good segment on it today. 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. >...JP…

At what point do these deranged estimates start damaging the credibility of the estimators?

Re: WeWork’s Adam Neumann Steps Down as CEO

#73

Post by _edo »

hinkley wrote: post #39
alephnan wrote: post #29

Earlier quoted context omitted.

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.

Or you could serve a lot of people, it's probably easier.

Sell something for $10 that's worth $12 to the buyer and costs you $8 to make. Repeat a billion times. The people you did business with got an extra $2 billion, you got $2 billion, everybody's better off.

Re: WeWork’s Adam Neumann Steps Down as CEO

#74

Post by ghaff »

brianpgordon wrote: post #52
jonknee wrote: post #36

Earlier quoted context omitted.

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.

All the more reason for employees to be excited about the opportunity to finally see liquidity for their shares.

A lot of people convinced themselves that if they could just make it to the IPO at least they’d have a lucrative way off the shipwreck. Oops.

Re: WeWork’s Adam Neumann Steps Down as CEO

#75

Post by kamarg »

nickstinemates wrote: post #65
jiveturkey wrote: post #57

> recruiter working very hard to convince me I'd be rich when they IPO recruiters still do that? so unethical.

bad ones do. they'll be selected out of the industry over time.

Unfortunately there's always new recruiters that are willing to press this point either because they believe it or they just want the commission and will say what it takes to place a candidate. This is not something that will be fixed just by having the "bad" recruiters slowly removed over time. It's a constant task to educate job seekers that such an event is very unlikely.

Re: WeWork’s Adam Neumann Steps Down as CEO

#76

Post by rz2k »

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…

Possibly like Zynga in 2011[1]. Though CEOs seem to get additional chances even if they have blow up investors multiple times, I wonder if a publicly taking the upside potential away from employees cuts future access to talent.

[1] https://news.ycombinator.com/item?id=3220819

Re: WeWork’s Adam Neumann Steps Down as CEO

#77

Post by redisman »

rcardo11 wrote: post #66

Sorry for my ignorance on this, but recently I find that top hacker news articles need a paid subscription. Do you have a trick for accessing them or just everyone here has a paid subscription?

I guess people just read the headline. AFAIK Incognito tricks don't work anymore so I also can't read these articles at all.

Re: WeWork’s Adam Neumann Steps Down as CEO

#78

Post by rainyMammoth »

jiveturkey wrote: post #57

> recruiter working very hard to convince me I'd be rich when they IPO recruiters still do that? so unethical.

I had a similar comical situation with Uber a couple months ago.

I was arguing that the offer they gave me was a paycut compared to my current position. The recruiter explained to me that I should value the stocks not on the latest valuation but on the 100% certain 250B$ valuation on IPO day.

Unfortunately recruiters get a bonus when you sign and are not accountable for anything down the line. They have all the incentives to lie to get a candidate to sign.

Re: WeWork’s Adam Neumann Steps Down as CEO

#80

Post by OatMilkLatte »

nickstinemates wrote: post #65
jiveturkey wrote: post #57

> recruiter working very hard to convince me I'd be rich when they IPO recruiters still do that? so unethical.

bad ones do. they'll be selected out of the industry over time.

The problem is, they aren't being selected out of the industry...they're becoming the industry.
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