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WeWork’s Adam Neumann Steps Down as CEO

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Re: WeWork’s Adam Neumann Steps Down as CEO

#111

Post by kerkeslager »

onlyrealcuzzo wrote: post #26
rahkiin wrote: post #5

And what about the buildings he leases to We? Or what about his wife?

I'm interested about the buildings. A lot of people bullish on WeWork say -- "Oh, they'll just walk away from the leases. Each lease is owned by a different subsidiary. That subsidiary will just file bankruptcy. Problem solved. They'll just cut the losers, and turn up the dial on the profitable buildings." Adam got a $750M loan from WeWork, right? I'm assuming he used that loan to secure more loans to buy the buildin…

> "Oh, they'll just walk away from the leases. Each lease is owned by a different subsidiary. That subsidiary will just file bankruptcy. Problem solved. They'll just cut the losers, and turn up the dial on the profitable buildings."

Ugh. What an awful culture we live in where this is considered perfectly normal behavior.

Re: WeWork’s Adam Neumann Steps Down as CEO

#112

Post by cgearhart »

metalliqaz wrote: post #92
cgearhart wrote: post #56

I had concerns earlier this year when I interviewed at WeWork—which was the worst interview experience I’ve ever had. I applied for a data science role. The first two hours of the on-site were painful—they seemed to be asking questions tailored to be outside my experience. The third interviewer came into the room and said, “I, uh, just looked at your resume and I have to ask, why do you want to be a backend engineer?…

WeWork is basically a real estate company. Why would they need a data science engineer?

From what I understand they wanted to instrument their offices (with cameras, microphones, thermometers, etc.) to collect data on the occupants ostensibly because they’re trying to be a tech company. Felt Orwellian, but it sounded interesting enough to at least hear them out.

Re: WeWork’s Adam Neumann Steps Down as CEO

#113

Post by jwc1 »

yroc92 wrote: post #102
rainyMammoth wrote: post #78

Earlier quoted context omitted.

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…

Are employees even able to sell on IPO day?

In a traditional IPO, there is generally a 90-180 day lockup period for existing shareholders (to prevent shares from flooding the market on day 1). This is one of the big benefits of a direct listing (see Spotify/Slack)...any shareholder can sell stock on day one.

Re: WeWork’s Adam Neumann Steps Down as CEO

#114

Post by adrr »

metalliqaz wrote: post #92
cgearhart wrote: post #56

I had concerns earlier this year when I interviewed at WeWork—which was the worst interview experience I’ve ever had. I applied for a data science role. The first two hours of the on-site were painful—they seemed to be asking questions tailored to be outside my experience. The third interviewer came into the room and said, “I, uh, just looked at your resume and I have to ask, why do you want to be a backend engineer?…

WeWork is basically a real estate company. Why would they need a data science engineer?

Data allows people to make more informed decisions. You don’t need to be a tech company to benefit from a data science department.

Re: WeWork’s Adam Neumann Steps Down as CEO

#116

Post by Aarostotle »

jakobegger wrote: post #96
xyzzy_plugh wrote: post #85

Earlier quoted context omitted.

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.

> Stuff like this can ruin people's lives. But does it really? Sure, it sucks if you get tricked to accept a lower salary, but I'd assume that even a below average software developer salary will be enough to lead a somewhat comfortable life.

Think about it this way:

Joining a startup is an opportunity to be part of a team that's doing something really hard, so you need to trust each other. Lying about the compensation structure isn't a good foundation for trust.

Now, you're spending at least a year of your life, working 40+ hour weeks in close proximity to someone who cheaply misled you.

Re: WeWork’s Adam Neumann Steps Down as CEO

#117

Post by jriot »

brianwawok wrote: post #54
OatMilkLatte wrote: post #7

Earlier quoted context omitted.

Given that you can't really have power without being rich, I question the assertion that this is a choice :)

Many previous presidents of the US were "very well off" but not Rich in the warren buffet sense (Obama comes to mind). Possibly the most powerful position in the world. Many generals of the US army are not "rich". I suspect there are some cabinet positions that don't pay a lot, but offer a lot of power...

Ulysses S Grant comes to mind.

Re: WeWork’s Adam Neumann Steps Down as CEO

#118

Post by ryandrake »

tudelo wrote: post #68
jiveturkey wrote: post #57

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

Even FANG companies try to play this game (our stock will appreciate more, our company is more volatile the upside is way higher, etc...)

I’ve heard the opposite pitch from FANG recruiters: Our stock is pretty stable and/or appreciates modestly. But if you don’t believe me we are a public company so you can sell on day one. Unlike those startups that are just offering pieces of paper with promises of riches on them.

Maybe they’re just good at tailoring their messages. They look at me and see an old guy so they bring out the “stable liquidity” pitch.

Re: WeWork’s Adam Neumann Steps Down as CEO

#119

Post by DebtDeflation »

https://www.cnbc.com/2019/09/24/softbank-has-a-multi-million...

"But because SoftBank’s latest round was so large and the possible down-round was looking to be less than half of that, the provision was expected to result in the world’s largest IPO ratchet."

Relative to Softbank's total investment, it's not a huge percentage, but relative to the amount expected to be raised in an IPO it certainly is.

Re: WeWork’s Adam Neumann Steps Down as CEO

#120

Post by jgalentine007 »

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…

Anecdotally, I was a bit sad that I didn't get past the first round with Uber, but then a few days later they announced their hiring freeze and terrible financial performance... probably for the better!
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