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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

#181

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…

My company has about half a floor in a WeWork, and we're planning on moving out in the next year. I've been wondering if we'll be forced to move a bit sooner if WeWork fails

Re: WeWork’s Adam Neumann Steps Down as CEO

#182
Not to generalize, but if you relied on Hacker News for recruiting you could wind up in all sorts of wonky, dubious or failed companies. Like people were such sweethearts for Juul and Alt Schools. They’re also really skeptical of Google, which for all its faults is, without a doubt, the single best deal for employees in the history of the world, at least since the time that anyone was legally or culturally allowed to take such jobs in this country. That’s coming from a noted skeptic!

Personally I’ve always found that libertarian ethos in support of crappy things, like shitty schools and tobacco, and opposed to nice things, like healthy kids, frustrating. Like on the one hand there’s a kind of engineer who finds the most abstract IT infrastructure so stimulating, something totally removed from actual concrete stuff with even an iota of moral, emotional or socioeconomic consequence. But then when the schadenfreude gets going, an emotion that these supposedly stoic people seem to have in spades, they have opinions about fucking everything. And then when it comes to hills to die on, they finally choose to die on the Hill of Nicotine.

So like sure, say no to some recruiter. But if you trust the aggregate opinions of people on this board, with its profound adverse selection, get ready to be disappointed.

Re: WeWork’s Adam Neumann Steps Down as CEO

#183

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?

All dumb money needs some smart titles to keep attracting more dumb money

Re: WeWork’s Adam Neumann Steps Down as CEO

#184
post #113

Earlier quoted context omitted.

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.

> to prevent shares from flooding the market on day 1 These are common, but I don't think they apply to all share classes, so the big boys are free to get their money out.

usually it doesn't apply to the "Big" VCs and founders. So they are quietly able to get out before the stock crashes a couple months later.

Re: WeWork’s Adam Neumann Steps Down as CEO

#185
post #36

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.

It’s hard to see things when your salary depends on you not seeing said things.

Re: WeWork’s Adam Neumann Steps Down as CEO

#186
post #20
post #13

Earlier quoted context omitted.

They were always a real estate company, they just didn't get to IPO under the SV hype because as it got closer people looked closer at the company and realized the valuation was ridiculous and the CEO was lining his own pockets acting as landlord to his own company. Now that that's happened and it's all come out he has to step down.

the way you described it, it's like a cult lost its leader

Yeah somewhat. Though instead of it's leader it lost it's appeal and the cult leader had to go into hiding. WeWork is still a decent business idea just no where near the crazy valuations it was given.

Re: WeWork’s Adam Neumann Steps Down as CEO

#187

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?

It also helps with the evaluation. Looks good on a pitch to investors.

Re: WeWork’s Adam Neumann Steps Down as CEO

#188

Earlier quoted context omitted.

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

My guess is to model the supply of available real estate and demand for scalable office space and then optimize their leases accordingly.

it's more about facilities management. Collecting data about who (and how many) go in and out the doors, who's where when to optimize things like heating or air conditioning, meeting room occupancy etc... I have a friend working on their data platform and the concept is pretty cool, I can see if I was managing an office I would want that data but the rest of the business is just awful.

Re: WeWork’s Adam Neumann Steps Down as CEO

#189
post #155

Wow does a day not go by that we get new news of wework falling apart?

WeWork is an easy target. It's like no matter what they do, they're getting shot at.

Let's be honest, in your analogy, WeWork painted a giant target on their own back, put on a shit eating grin, raised a placard saying "I crapped on your lawn and fondled your wife" and started parading through the target end of the All National Homecoming Machinegun and Automatic Weapons Competition range, all the while their CEO handed out 1000 round ammo cans at the entry.

To say that "they were asking for it" would be a huge understatement. The night shift janitor of the building two blocks down from their offices would have called this.

Re: WeWork’s Adam Neumann Steps Down as CEO

#190

I'm guessing the "Non-Executive Chairman" position will just be a temporary one until they can come to agreement on how much money they need to pay him to go away. Professor Galloway called this the other day. His next prediction is that We will sell off all the bullshit vanity projects like WeLive and WeGrow along with the other nonsense Adam bought (like the wave pool company so he can practice surfing at work). Th…

Is this true or an exaggeration? I couldn't find anything on it.

https://www.profgalloway.com/wewtf-part-deux

It was published on Friday and so far he is knocking it out of the park with these predictions.

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