[dead]
WeWork has frittered away $46.7B in value as the stock sinks below ¢50
131–140 of 274 posts
Re: WeWork has frittered away $46.7B in value as the stock sinks below ¢50
#132Earlier quoted context omitted.
Explain why. It’s literally Uber for offices. It could’ve worked if managed right.
Yes, exactly like Uber. "Mini-cab firm" is not a SV success story either.
I bet you could come up with bullshit like: “WeWork is a platform! We can also do food delivery and sell other add-ons…”. Saudi investors would be delighted five years ago.
Re: WeWork has frittered away $46.7B in value as the stock sinks below ¢50
#133This was always the weird thing about WeWork, after the collapse of it's ridiculous valuation people were like "Well, it's still a business, similar to IWG, it has some value". But the truth is no, the only thing WeWork had was a series of liabilities. They had signed a bunch of agreements to rent office space long term at a high price. The valuable part of IWG is that they have rental agreements with buildings that…
What is crazy to me is that Adam Neumann came out of this thing about a billion dollars richer. Now he is with Marc Andreessen (another hokey) in Saudi raising more money for the next hot air balloon. What a delightful grift.
And praised as a successful entrepreneur!
Re: WeWork has frittered away $46.7B in value as the stock sinks below ¢50
#134Earlier quoted context omitted.
What is crazy to me is that Adam Neumann came out of this thing about a billion dollars richer. Now he is with Marc Andreessen (another hokey) in Saudi raising more money for the next hot air balloon. What a delightful grift.
He worked hard for it! lmao edit: to be serious... there's certainly a lot of difficulty in achieving what he did no matter the failure, but when we use the word work to compare an employee worker and a ceo owner, let's be more specific with what we mean. we all understand work here and we talk about its structures day in day out. a ceo's day to day work has you running memeified mental contortions to understand how…
A single parent working three jobs just to cover rent and food works hard.
Grifting hedge funds maybe isn’t easy, but get no sympathy from me for “working hard.” Lots of people work hard.
Re: WeWork has frittered away $46.7B in value as the stock sinks below ¢50
#135Earlier quoted context omitted.
"Taxi services" was never going to be a silicon valley style success, because it just can't scale that way. "Food delivery services" was never going to be a silicon valley style success, because it just can't scale that way.
Twitter and YouTube don’t make profits, yet are still wildly successful. With a high enough amounts of hype, stock price, and money, a company can stave off reality in seeming perpetuity.
I’m fully convinced that YouTube not making money is some sort of accounting trick utilizing the fact that it rents bandwidth and compute from Google.
Re: WeWork has frittered away $46.7B in value as the stock sinks below ¢50
#136Earlier quoted context omitted.
If you buy a stock for 100 dollars, and due to a series of bad results which led to price adjustments, the stock is now worth 1 dollar, you lost 99 dollars. Nobody else picked up those 99 dollars. Asset depreciation is a fundamental concept that you should be familiar with, as it influences several aspects of your personal finance: https://www.investopedia.com/terms/d/depreciation.asp
In order for the stock "price" to move, somebody sold. Stocks don't reprice without transactions.
It’s not finite. Shares are trivially created and wealth is trivially destroyed.
Consider the example of a company that is founded and immediately issues and sells a million shares for a dollar each, and then burns the dollars in a bonfire.
There’s less dollars at the end of the story. It’s not a zero sum game.
Re: WeWork has frittered away $46.7B in value as the stock sinks below ¢50
#137I’ve ridden this stock down almost all the way (came in at $5 then 2.50 then again at $0.50). I am a pretty bad investor in that my top criteria is to buy stocks that produce a good or service I love and then stick with them a long time. As an operator WeWork adds so much value to us as we staff up all over the world. I love being able to go into any city and have a fun energetic and aesthetically beautiful environme…
Often the reason a company is great for customers is that it’s selling a dollar for fifty cents.
Which makes it not very desirable as an investment.
Re: WeWork has frittered away $46.7B in value as the stock sinks below ¢50
#138Earlier quoted context omitted.
And most importantly, fail upward. The fact that this legendary con man has ultimately suffered no consequences for his actions demonstrates how the market is fatally irrational.
The VCs backing him are in on the con to. They want to pump and dump their stake on the real market. SoftBank was the real con person in the WeWork saga…Neumann just left them holding the bag, and they couldn’t successfully dump it on retail investors or sell it to a greater fool. The reason VCs continue to back people like Neumann is they have succeeded many times (e.g, Uber, Postmates, Lyft, Chamath Palihapitiya’s…
VCs see WeWork as a massive success, and blame SoftBank from not exiting correctly.
They know they would do better.
Re: WeWork has frittered away $46.7B in value as the stock sinks below ¢50
#139Earlier quoted context omitted.
In the absence of some sort of external means of support they are dead.
You seem to be consistently conflating potential value with real value, but potential value is and always will be a red herring, so it's important to distinguish them and treat them each separately.
Real value can be destroyed. Dollars can be printed, planes can crash. Crops can grow, or rot. The effort of humans can be deployed wastefuliy, like making snowmen, or not, like planting crops and building shelter.
Wealth represents an assessment of the value to humans of existing resources and it can go up and down based on the decisions of how to allocate that wealth.
There’s absolutely no controversy whatsoever about this concept despite your desire to not acknowledge it.
Re: WeWork has frittered away $46.7B in value as the stock sinks below ¢50
#140WeWork has always been a shitty REIT marketed and valued as a tech company. Not surprised at its demise. The only thing I’m sad about is: Neumann is not rotting in jail. He defrauded investors, misled people yet he was actually rewarded with a golden parachute. Per article he is now pushing some other junk product with rental housing. Probably buying up distressed properties, applying cheap aesthetic fixes, and jacki…
It’s not even an REIT. If they had purchased the properties instead of long term leases they might be able to transition into an REIT and slurp up real estate on the cheap.
But that’s boring and not investable.