81–90 of 95 posts
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Isn't the money coming - if it comes - from SoftBank? Would it be better for the common folk if they kept it?
Better for our pension funds, yes. The stock price of SoftBank has halved in value over this event. I'm expected to fund my old age using stocks.
The guy is getting $1.7bn. That is gluttonous. To put that into perspective, if you took even just $100m and divided it among the 1,000 workers laid off each one would get $100,000. Yet they get nothing. And this one man gets $1.7bn from a company that isn't even healthy enough to survive while nickle and diming janitors who get paid $24k/year. This is what late stage capitalism looks like.
Completely agree. I don't know why you are getting downvoted, capitalism in its present form is clearly broken. The payout sum here is ludicrous, it is certainly not justified in terms of value created for society. This money has to come from somewhere and ultimately the common folk will be paying the price.
Who are we to judge what price you put on things and what you are willing to pay?
no one is being forced to do anything here
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Better for our pension funds, yes. The stock price of SoftBank has halved in value over this event. I'm expected to fund my old age using stocks.
The stock price halved because WeWork failed, regardless of his payout.
SoftBank and their investors deserve this. SoftBank wanted to take wework and jam it on the stock market, then pull their money out. They knew this company was trash, they are no better than Adam Neumann. Congrats to Adam for exposing and exploiting softbanks attempts to exploit the USA stock market. In the end this will stop future cases of investors trying to jam garbage companies into the public markets, essential…
There are no good guys here. Neumann, by taking money from SoftBank, was completely complicit. He knew his financials, he knew the company was a flaming dumpster, he knew he had no plan to fix it, other than buying a wave pool company and assigning his family to high-level positions. You really think if the company had gone public, Neumann would have what, stepped up and said "see, this is why we need to add more inv…
Sure, the people who chose to work for WeWork now have worthless equity, but that's always a risk when working for a startup, and they knew that going in.
Earlier quoted context omitted.
Completely agree. I don't know why you are getting downvoted, capitalism in its present form is clearly broken. The payout sum here is ludicrous, it is certainly not justified in terms of value created for society. This money has to come from somewhere and ultimately the common folk will be paying the price.
Obviously someone thought it was valuable Who are we to judge what price you put on things and what you are willing to pay? no one is being forced to do anything here
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They have significantly higher brand value than Regus, which does merit a premium though probably not 5x.
Brand value, maybe (even after this?) but they definitely haven't proven that they can turn that brand equity into higher margins. I believe if two offices were priced the same, someone might pick WeWork, but would people pay WeWork more than Regus for a comparable office? I'd imagine not much.
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really strange person. reveling for the downfall of a company that would yield negative effects on you and your coworkers. while I find this story interesting to see how things play out, what lessons learned, etc, I don't revel at all about what is happening even though it has no direct impact on me. I feel bad for those 2.5k+ employees that went from 'our company is going to go public and this is going to pay off ni…
Yeah, I'm definitely a strange person but I want to say that me and my coworkers are largely insulated from the negative effects of the WeWork debacle. We always knew working in a WeWork was a temporary thing, maybe a max of 2 years in this space before we have our own office space to work from. I don't revel about the 2.5k employees that lose their jobs at all. (Not that I befriended many of the WeWork employees, bu…
Couldn't agree with this any more. If anything, the best thing to come out of the WeWork debacle is more founders will be aware banks pump the stocks up so the bankers get rich when a firm IPOs but then generally deflates after the hype dies down and before tech workers can benefit.
Guardian sometimes isn't the best. Their editorial philosophy in this case wont allow them to on report good news even when it is obvious. WeWork must downscale or else they are over, so these surplus staffers would ordinarily have been let go. This is normally not avoidable as there is no option to do anything else when a company must rapidly downscale. Now they get to keep their job. I think WeWork deserves a lot o…
Many cleaning workers are actually unionized, the SEIU is a large union of service workers with contracts for hospitals, large office complexes, prisons, schools, etc.
SoftBank and their investors deserve this. SoftBank wanted to take wework and jam it on the stock market, then pull their money out. They knew this company was trash, they are no better than Adam Neumann. Congrats to Adam for exposing and exploiting softbanks attempts to exploit the USA stock market. In the end this will stop future cases of investors trying to jam garbage companies into the public markets, essential…
There are no good guys here. Neumann, by taking money from SoftBank, was completely complicit. He knew his financials, he knew the company was a flaming dumpster, he knew he had no plan to fix it, other than buying a wave pool company and assigning his family to high-level positions. You really think if the company had gone public, Neumann would have what, stepped up and said "see, this is why we need to add more inv…
imo this is always one of the first tells that company owners aren't good to be in business with. I've never had a good experience with family-run businesses in my entire career- have learned to completely avoid them at this point.