You've got to wonder what kind of a person is it that can get so far in building a successful behemoth like this but at the same time is able to seriously put forward ideas like becoming President of the world or asking management to cut 20% of the workforce yearly
WeWork’s Adam Neumann Steps Down as CEO
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Re: WeWork’s Adam Neumann Steps Down as CEO
#12From "We Wants a New Boss"[0], written yesterday in Money Stuff:
> ...it’s terrible for SoftBank! The message from SoftBank is pretty much “your [Neumann's] job was to extract billions of dollars out of us, and you succeeded at it admirably; now that you’ve served that purpose, we should replace you with a real-estate CEO to salvage the value of your investment and ours.”
[0] https://www.bloomberg.com/opinion/articles/2019-09-23/we-wan...
Re: WeWork’s Adam Neumann Steps Down as CEO
#13Doesn't that ... devalue the company? they re now a real estate company without a spiritual leader
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.
Re: WeWork’s Adam Neumann Steps Down as CEO
#14You've got to wonder what kind of a person is it that can get so far in building a successful behemoth like this but at the same time is able to seriously put forward ideas like becoming President of the world or asking management to cut 20% of the workforce yearly
Someone with unbridled belief in themselves.
Re: WeWork’s Adam Neumann Steps Down as CEO
#15This 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 complete opposite. They filed to go public and everything is going south since then. Must be surreal that what seemed to be the start of a bright future may be very well the start of a dark end.
Re: WeWork’s Adam Neumann Steps Down as CEO
#16What pressure is this with the crazy different classes of stocks?
Re: WeWork’s Adam Neumann Steps Down as CEO
#17I'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 was extremely wary of their offer and leaned towards (and eventually chose) other options.
Re: WeWork’s Adam Neumann Steps Down as CEO
#18I'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). Then they will fire all non-core employees. The clock is ticking if they want to save this company.
Re: WeWork’s Adam Neumann Steps Down as CEO
#19I'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…
Good people at Weave, awesome it's working out!
Re: WeWork’s Adam Neumann Steps Down as CEO
#20Doesn't that ... devalue the company? they re now a real estate company without a spiritual leader
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