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WeWork says will file to withdraw IPO

reuters.com

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Re: WeWork says will file to withdraw IPO

#51

Post by 5trokerac3 »

S_A_P wrote: post #19

What I don't understand is how do things get this far down the road before a good old fashioned sanity check happens? I have got to think that Soft Bank knew/knows the valuation was off. The fact that they pushed on means they either intended to try and get away with it/take the money and run as I cant believe incompetence is the reason here. How did this get so far along??? As for Adam N, I have to think some part o…

We've been seeing nothing but bullshit valuations for years. Twitter was a bullshit valuation.

I'm just glad we finally had a sanity check on something.

Re: WeWork says will file to withdraw IPO

#52

Post by goobynight »

scandox wrote: post #16
mharroun wrote: post #4

Incoming layoffs... between wework and uber the market will be "flooded" with talent. I wonder if having wework on your resume is a good or bad thing.

So you mean flooded with "talent"?

The people at these companies actually handling individual contributor level execution are pretty talented. It's just that the plan/model they work under is not sustainable.

Re: WeWork says will file to withdraw IPO

#53

Post by jvagner »

olliej wrote: post #45
S_A_P wrote: post #19

What I don't understand is how do things get this far down the road before a good old fashioned sanity check happens? I have got to think that Soft Bank knew/knows the valuation was off. The fact that they pushed on means they either intended to try and get away with it/take the money and run as I cant believe incompetence is the reason here. How did this get so far along??? As for Adam N, I have to think some part o…

They thought they would be able to IPO at $50 billion. Their problem was that the IPO process took long enough for people to realize how bonkers it was - it didn’t help that they were going to IPO after all the other loss making hype businesses are down from their IPO prices (so presumably people are viewing similar IPOs with suspicion). What’s annoying to me is that these companies that are making huge losses were a…

We believed in "spin", and figured if Uber could IPO, then so could they.

Re: WeWork says will file to withdraw IPO

#54

Post by tenaciousDaniel »

5trokerac3 wrote: post #51
S_A_P wrote: post #19

What I don't understand is how do things get this far down the road before a good old fashioned sanity check happens? I have got to think that Soft Bank knew/knows the valuation was off. The fact that they pushed on means they either intended to try and get away with it/take the money and run as I cant believe incompetence is the reason here. How did this get so far along??? As for Adam N, I have to think some part o…

We've been seeing nothing but bullshit valuations for years. Twitter was a bullshit valuation. I'm just glad we finally had a sanity check on something .

I'm not knowledgeable in this area, but I think it's telling that SoftBank is the same people who gave a dog walking startup a 300M valuation: https://techcrunch.com/2018/01/30/on-demand-dog-walking-app-...

Re: WeWork says will file to withdraw IPO

#55

Post by camelCaseOfBeer »

oillio wrote: post #40
S_A_P wrote: post #19

What I don't understand is how do things get this far down the road before a good old fashioned sanity check happens? I have got to think that Soft Bank knew/knows the valuation was off. The fact that they pushed on means they either intended to try and get away with it/take the money and run as I cant believe incompetence is the reason here. How did this get so far along??? As for Adam N, I have to think some part o…

After a while living in an echo chamber of yes-men, you start to believe your own bullshit. Also, valuations are so nebulous and ungrounded in reality at this point. Who is to say what anything is worth. You put something out there and someone is willing to pay billions for it, who are you to say that isn't the right value. There are a lot of problems to pin on Adam, I don't think the valuation is one of them.

Not to mention it's nearly impossible as a human to grasp how much value is represented in a million hundred dollar bills. People think about a billion dollars as a lot of money,and that's about as far as it goes.

Re: WeWork says will file to withdraw IPO

#56

Post by luckydata »

roland35 wrote: post #10

Wow what a huge rise and fall in the past few weeks! What I don't understand is how the S-1 filing ever saw the light of day? How could nobody reviewing that see any of the red flags that were obvious? I think this just shows how hard it is to be objective when there are so many cultural/financial/etc influences affecting your judgement. Obviously their team bought the hype (and as a sad Browns fan I can totally symp…

The people in charge very clearly misread the market and thought they could unload that steaming pile of junk on the public markets. Everyone involved in this IPO knew how bad things were, they just hoped the market was hungry enough for "tech stocks" to paper over those issues.

Re: WeWork says will file to withdraw IPO

#57

Post by michaelt »

wastedhours wrote: post #30
S_A_P wrote: post #19

What I don't understand is how do things get this far down the road before a good old fashioned sanity check happens? I have got to think that Soft Bank knew/knows the valuation was off. The fact that they pushed on means they either intended to try and get away with it/take the money and run as I cant believe incompetence is the reason here. How did this get so far along??? As for Adam N, I have to think some part o…

> I have to think some part of him knew that it was a bullshit valuation After reading some of the stories, I'm minded to believe maybe he didn't...

It's possible Neumann was some sort of idealistic hippie who believed his own BS and got in over his head.

But I have trouble squaring that with extremely hard-nosed moves like cashing out $700 million, and getting loans from the company to buy buildings to lease back to the company.

Re: WeWork says will file to withdraw IPO

#59

Post by kossae »

tenaciousDaniel wrote: post #54
5trokerac3 wrote: post #51

Earlier quoted context omitted.

We've been seeing nothing but bullshit valuations for years. Twitter was a bullshit valuation. I'm just glad we finally had a sanity check on something .

I'm not knowledgeable in this area, but I think it's telling that SoftBank is the same people who gave a dog walking startup a 300M valuation: https://techcrunch.com/2018/01/30/on-demand-dog-walking-app-...

Note, the _investment_ was 300M, meaning the valuation was actually higher than that! According to Crunchbase:

> Wag has a post-money valuation in the range of $500M to $1B as of Jan 30, 2018 according to PrivCo.

Re: WeWork says will file to withdraw IPO

#60

Post by tenaciousDaniel »

kossae wrote: post #59
tenaciousDaniel wrote: post #54

Earlier quoted context omitted.

I'm not knowledgeable in this area, but I think it's telling that SoftBank is the same people who gave a dog walking startup a 300M valuation: https://techcrunch.com/2018/01/30/on-demand-dog-walking-app-...

Note, the _investment_ was 300M, meaning the valuation was actually higher than that! According to Crunchbase: > Wag has a post-money valuation in the range of $500M to $1B as of Jan 30, 2018 according to PrivCo.

lol what the fuck
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