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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

#291

Post by bduerst »

kevin_thibedeau wrote: post #251
dehrmann wrote: post #154

Earlier quoted context omitted.

Engineer? Harder to say. Data scientist--that's easy. Stackbucks is very good at looking at demographic data and recognizing where future demand will be new new locations. They basically mark gentrification.

Starbucks has a long list of failed stores. They aren't that good at picking locations. They just saturate and keep what doesn't lose money.

Historically Starbucks has been used as a market indicator for other companies' expansion. If a starbucks opened in a location then it was assumed that there were growth factors at play in the market since that was the north star for Starbucks.

Starbucks in 2019 is the McDonald's of coffee shops, so it's not the same, but if you track their Starbucks Reserve locations you'll find the same predictions being used.

Re: WeWork’s Adam Neumann Steps Down as CEO

#292

Post by goobynight »

ngngngng wrote: post #277
syedkarim wrote: post #263

Earlier quoted context omitted.

What originally led you to believe that an economics degree would result in well-paying jobs?

Seems ironic to me that the study of wealth production, consumption, and transfer wouldn't lead to making money.

Doesn't seem ironic to me. It's easier to be the play by play guy/sports analyst than to get into the field/cage/arena/whatever and make something happen.

Re: WeWork’s Adam Neumann Steps Down as CEO

#293

Post by nwsm »

joshpadnick wrote: post #210

I'm sure I'll get downvoted for this, but I actually just signed up to be a (thankfully month-to-month) WeWork customer for a HotDesk today in Phoenix, and it's actually been a pretty great experience: Great space, nice people, reasonable IT, I was up and running and working within 30 minutes of doing my tour. And yes I've had a cup of the famous We Kombucha. This particular location just opened 3 weeks ago and is ap…

My company was at a WeWork for 6 months or so, and now our new self-owned office is staffed by WeWork employees. They man the front desk, keep fridges and coffee stocked, put on monthly events, etc.

No complaints as a customer.

Re: WeWork’s Adam Neumann Steps Down as CEO

#294

Post by scott_s »

seem_2211 wrote: post #258
ngngngng wrote: post #202

Earlier quoted context omitted.

Not sure why you're being downvoted. It's a good question. Yeah I saw through it. I've seen too many people screwed out of their options to put any stock in it (heh). Funny enough, my current company seems to have pretty good odds at making me a good chunk of change from my options, but I didn't even know I got options until after I accepted the offer. Many companies flaunt it and give a weak offer accordingly. That'…

As a recruiter, there's an interesting relationship, whereby people use funding raised as a positive metric (oh yes, they raised $200m, this must be a good company!) Even though the less they have raised, the more valuable your equity is likely to be. It's fascinating to watch.

For a startup, raising less money, and a new employee getting more equity, also generally means the position has more risk. So the reaction you see is not necessarily irrational.

Re: WeWork’s Adam Neumann Steps Down as CEO

#295

Post by chid »

lpellis wrote: post #286
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…

Hackernews is skeptical of many things though, sometimes hard to filter through the noise.

What are some examples where HN is too skeptical? I find that it's a good filter to view "news"

Re: WeWork’s Adam Neumann Steps Down as CEO

#296

Post by mrguyorama »

munificent wrote: post #246
jonknee wrote: post #238

Earlier quoted context omitted.

They sell things for less than cost at scale , what basic value proposition is that? Read that S-1, it's an absolute hot mess.

> They sell things for less than cost at scale, God, I love this phrase so much. It's such a brilliant stab at many of these recent unicorns. "Oh you think they can burn money fast, well watch how fast we burn it! We're number one!"

"We lose money on every transaction but we'll make it up in volume!" was literally the rallying cry of the DotCom boom/bust. It's not new

Re: WeWork’s Adam Neumann Steps Down as CEO

#297

Post by fiala__ »

lpellis wrote: post #286
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…

Hackernews is skeptical of many things though, sometimes hard to filter through the noise.

I find in tech, being skeptical by default is usually a good thing - perhaps not if you're an entrepreneur, but certainly if you're a developer or engineer.

Re: WeWork’s Adam Neumann Steps Down as CEO

#298

Post by SXX »

Tiktaalik wrote: post #153
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…

> I can't imagine how working for WeWork feels like, right now. Focus on stealing office supplies.

Bart, it's not about how much stock you have; it's about how much copper wire you can get out of the building with. (c) Simpsons

Re: WeWork’s Adam Neumann Steps Down as CEO

#299

Post by mrguyorama »

avs733 wrote: post #259
mataug wrote: post #235

I can just imagine Prof Galloway taking victory laps and talking about how the big dog is awesome ! https://www.profgalloway.com/wewtf-part-deux https://twitter.com/JordanBitterman/status/11765494016213483...

It never occurred to me just how pretentious/bad the name 'We' is until reading that article... >We will now need additional capital from the private markets, who are no longer under the influence >We has gone from unicorn to distressed asset in 30 days. >In just seven days, We lost more value than the three biggest losers in the S&P 500 have lost in the last year combined: Macy's, Nektar Therapeutics, and Kraft Hein…

>Kraft Heinz

Super off topic but why the heck is Heinz losing so much value?

Re: WeWork’s Adam Neumann Steps Down as CEO

#300

Post by rocqua »

609venezia wrote: post #267
DebtDeflation wrote: post #106

CNBC reporting his Class B and C shares will be further reduced from 10:1 to 3:1 voting rights, so he no longer will control the majority of votes. https://www.cnbc.com/2019/09/24/wework-ceo-adam-neumann-is-e...

Wow. That's a surprise. I wonder what kind of stick they had to beat him into that?

I think Softbank could tank We stock by refusing to further finance them, and trying to sell them.

That would also hurt Softbank though, so the question becomes, what was so bad about Neumann staying on to warrant such a stick.

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