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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

#81

Post by bduerst »

human20190310 wrote: post #71
rwmurrayVT wrote: post #24

Earlier quoted context omitted.

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?

Probably when making bad over estimations starts costing them.

Re: WeWork’s Adam Neumann Steps Down as CEO

#82

Post by rwmurrayVT »

human20190310 wrote: post #71
rwmurrayVT wrote: post #24

Earlier quoted context omitted.

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?

It would seem like never. Matt Levine had another interesting take on that as well. [0]

>... Well, I just got through saying that there’s not really any reward for being pessimistic and right about valuation when you are pitching an IPO. Your optimistic competitors will get the mandate, and then spend some time walking the company back

...

On the other hand it is a repeat game and there are occasionally penalties for getting it wrong:

...

it will be rough for Morgan Stanley if winning the biggest IPO prize [Uber] of the unicorn era loses it the biggest IPO prize of all time [Saudi Aramco]

[0]https://www.bloomberg.com/opinion/articles/2019-09-09/we-mig....

Re: WeWork’s Adam Neumann Steps Down as CEO

#83

Post by [deleted] »

ngngngng wrote: post #17

I'm so glad I read hacker news. I almost took a job at WeWork just 2 months ago with a recruiter working very hard to convince me I'd be rich when they IPO. Now I'm at a much smaller startup called Weave which is a really phenomenal place to work. I didn't discover until recently that it's also a YCombinator company. edit: to clarify, hacker news has been extremely skeptical of WeWork for some time, due to this, I wa…

[deleted]

Re: WeWork’s Adam Neumann Steps Down as CEO

#85

Post by xyzzy_plugh »

noego wrote: post #69
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 unicorn's VP-operations try to convince me that my job-offer isn't below market - I should be valuing their stock at 10-100x the valuation used in their most recent round (a few months ago), because this company is sure to become the next big thing.

That's disgusting. It should be illegal to mislead people like this.

Employees aren't like A16z, they're not getting preferred shares and their primary source of income isn't likely to be investing in corps.

Stuff like this can ruin people's lives.

Re: WeWork’s Adam Neumann Steps Down as CEO

#86

Post by WrtCdEvrydy »

rainyMammoth wrote: post #78
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 incen…

> I should value the stocks

I only accept sign on bonuses, keep your stock, it's worth a lot... right?

Re: WeWork’s Adam Neumann Steps Down as CEO

#87

Post by mcphilip »

redisman wrote: post #77
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.

Anecdotally, on both mobile and desktop I’m able to hit the X button on Chrome after the content loads but before the paywall shows and read the entire article.

Re: WeWork’s Adam Neumann Steps Down as CEO

#88

Post by rongenre »

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.

There's almost no barrier to entry to become a recruiter.
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