Can you explain in simple words what happened with WeWork?
A company based off of primarily hype and no substance mixed with a psychopathic founder named Adam Neumann. That's what killed WeWork--The whole thing was built on sand. They took office space, made it pretty, then rented it out short-term.
¶Called it revolutionary. Called it tech--But it wasn't tech. It was just real estate with free beer and nice couches--Neumann sold a dream--Got investors drunk on billions--SoftBank threw money at him like a drunk sailor.
¶The company was valued at $47 billion at its peak--Pure madness--But the numbers never added up--The more money they got--the more they spent.
Neumann bought a private jet--Trademarked the word "We" and charged his own company millions to use it--Real snake oil stuff--Then came 2019--They tried to go public--People finally looked at the books--The emperor had no clothes--Losses were massive.
Billions gone--The valuation crashed.
Neumann got pushed out with a golden parachute worth hundreds of millions.
The workers got nothing--The final blow came during COVID--Empty offices. No tenants--Bankruptcy in 2023--From $47 billion to nothing. That's all she wrote.
¶The company still exists--but it's a shadow--A reminder that you can't build a real business--on bullshit and kombucha--The numbers always catch up. They always do.
Neumann was born and raised in Beersheba, Israel.[11] His parents divorced when he was seven, and he had lived in 13 different homes by the time he was 22.[12] His younger sister Adi Neumann [he] is a model and former Miss Teen Israel.[13][14] He has dyslexia and could not read or write until he was in third grade.[15]
In his teens, he lived on a kibbutz in southern Israel. He served as a junior officer in the Israeli Navy.[3] He has spoken of observing Shabbat with his family every week[16][17] and the role Judaism has played in his personal and professional growth.[18]
No comments:
Post a Comment