WeWork parent pulls IPO following pushback: sources • Hacker News Board

Re: WeWork parent pulls IPO following pushback: sources

#11

Post by JMTQp8lwXL » Tue, Sep 17, 2019, 2:15 AM UTC

urs2102 wrote: post #4

urs2102 wrote: post #2

It's been incredible watching each part of this unfold exactly as Matt Levine called it each week prior.

Additionally, I think this is great to think about as far as the entire story of IPOing a big tech company in 2019. You start with the story the bankers sell you. They all want to tell you you're going to be bigger than you ever thought possible, because, well... those fees are awfully nice. "We're going to IPO you at 20% of $PREVIOUS_VALUATION" The counter-argument was, well, "We don't think you're worth that much,…

To my understanding, We needed to go public to continue financing operations. Who's going to want to lend to them now after all of this publicity?

Re: WeWork parent pulls IPO following pushback: sources

#12

Post by urs2102 » Tue, Sep 17, 2019, 2:16 AM UTC

rabeener wrote: post #8

urs2102 wrote: post #4

Earlier quoted context omitted.

Additionally, I think this is great to think about as far as the entire story of IPOing a big tech company in 2019. You start with the story the bankers sell you. They all want to tell you you're going to be bigger than you ever thought possible, because, well... those fees are awfully nice. "We're going to IPO you at 20% of $PREVIOUS_VALUATION" The counter-argument was, well, "We don't think you're worth that much,…

We is not a tech company.

Okay, you got me: """tech company""".

I think it's probably a financial engineering company over everything else, but I mean "tech company" insofar as this post is going to the top of HN in a way a post about Regus might not.

Re: WeWork parent pulls IPO following pushback: sources

#13

Post by ginkgotree » Tue, Sep 17, 2019, 2:18 AM UTC

We Co isn't a tech company. Its a landlord subleasing commercial realestate as short term month to month leases with snazzy furniture. They happen to have a mobile app. Its functionality is so poor they removed the pay snack bar in my SF WeWork because no one could pay through the app.

CloudFlare... Now there's a proper tech company.

Re: WeWork parent pulls IPO following pushback: sources

#14

Post by nugget » Tue, Sep 17, 2019, 2:19 AM UTC

Is it true that WeWork is now the largest single lessee of commercial real estate in the US? Seems like a bad bankruptcy could have some broad ripple effects.

Re: WeWork parent pulls IPO following pushback: sources

#15

Post by caseyf7 » Tue, Sep 17, 2019, 2:19 AM UTC

rabeener wrote: post #8

urs2102 wrote: post #4

Earlier quoted context omitted.

Additionally, I think this is great to think about as far as the entire story of IPOing a big tech company in 2019. You start with the story the bankers sell you. They all want to tell you you're going to be bigger than you ever thought possible, because, well... those fees are awfully nice. "We're going to IPO you at 20% of $PREVIOUS_VALUATION" The counter-argument was, well, "We don't think you're worth that much,…

We is not a tech company.

and not even a good real estate company

Re: WeWork parent pulls IPO following pushback: sources

#16

Post by ben_jones » Tue, Sep 17, 2019, 2:20 AM UTC

ginkgotree wrote: post #13

We Co isn't a tech company. Its a landlord subleasing commercial realestate as short term month to month leases with snazzy furniture. They happen to have a mobile app. Its functionality is so poor they removed the pay snack bar in my SF WeWork because no one could pay through the app. CloudFlare... Now there's a proper tech company.

The furniture isn’t snazzy it seems like cheap ikea stuff

Re: WeWork parent pulls IPO following pushback: sources

#17

Post by situational87 » Tue, Sep 17, 2019, 2:20 AM UTC

What a wild ride. Maybe there is hope for the bullshit industrial complex around tech to finally start unwinding a little bit.

Re: WeWork parent pulls IPO following pushback: sources

#18

Post by elpakal » Tue, Sep 17, 2019, 2:23 AM UTC

JMTQp8lwXL wrote: post #10

We should now question the valuation of the other companies that have recently gone public. I understand WeWork was unusually tumultuous, but many of these talking points equally apply to recent IPOs. A couple quarterly filings have already begun to bring some of these companies closer to reality.

like which ones?

Re: WeWork parent pulls IPO following pushback: sources

#19

Post by whateveracct » Tue, Sep 17, 2019, 2:23 AM UTC

Wowfunhappy wrote: post #5

techslave wrote: post #3

proof we’re not in a bubble?

To the extent that "I didn't literally jump off a bridge" is proof that I'm intelligent, sure.

It's a start!

Re: WeWork parent pulls IPO following pushback: sources

#20

Post by [deleted] » Tue, Sep 17, 2019, 2:29 AM UTC

JMTQp8lwXL wrote: post #11

urs2102 wrote: post #4

Earlier quoted context omitted.

Additionally, I think this is great to think about as far as the entire story of IPOing a big tech company in 2019. You start with the story the bankers sell you. They all want to tell you you're going to be bigger than you ever thought possible, because, well... those fees are awfully nice. "We're going to IPO you at 20% of $PREVIOUS_VALUATION" The counter-argument was, well, "We don't think you're worth that much,…

To my understanding, We needed to go public to continue financing operations. Who's going to want to lend to them now after all of this publicity?

[deleted]