Not much of a surprise really. Crazy valuation for a company essentially subleasing office space.
Work from home really killed them, one of their offices near me did a back to office day where they had food, booze and games, apparently bugger all showed up.
Sad to see them going bankrupt, they are also housing TikTok office, so I am wondering where they will gom
not surprising, adam neuman was a fucking loon, he was an utter new age nutjob who went off about raising consciousness when he was leasing office space, which he didn’t even own.
They just announced the other week they were still going to be the anchor tenant at the new old central bank. Such a bizarre thing to do if they’re going bankrupt.
It never made sense why they grew so big, or were considered to be extremely lucrative. They were essentially an easily replaceable middle man, subletting office space. Some money to be made in that, if done well (which they didn’t). But can be easily done by a local company (or even a state agency if the governement had bothered). But the ceo was acting like they were some sort of amazing tech company that had invented some unreal and unique concept, when they were simply just an “estate agent with a twist”.
I remember them bringing all their staff from around the world on business class flights to UK and putting them up in 5* accomodation etc just for a christmas party. It was about that time that funders began to ask the obvious questions and everything fell apart. Then came the pandemic and wfh, and rather than adapt and cash in on it, it became the nail in the coffin for them due to terrible leadership.
For a long time to come, WeWork will be an excellent case study of a business doomed to fail from day one but through the perfect blend of bluff, hype and idiocy rose to a valuation of tens of billions before crashing just as quickly.
Such a flawed business model.
*WeWork: Or the Making and Breaking of a $47 Billion Unicorn* documentary is worth a watch.
Any decent office chairs going cheap then?
Watch as other office-property grifters get their media flunkies to make out like WFH is killing the economy and trying to make out everyone needs to be as panicked about their losing money as they are.
And, of course, what passes for journalists in this country will only be too happy to pass off press releases as investigatory journalism.
Wework has been in trouble for a long time tbh.
Arse is falling out of the commercial property market. I wouldn’t be surprised if some of the reluctance to promote WFH is an attempt to cushion the fall.
They’ll be branded as We-Haus and awarded big refugee contracts.
Don’t they have offices now at the old Central bank right in dame street??
David McWilliams had a good podcast there a week or two ago talking about the coming/happening collapse of the commercial property sector. Very good listen.
16 comments
https://preview.redd.it/ceh9xunr8qxb1.jpeg?width=1079&format=pjpg&auto=webp&s=b7a6b7ae4530c032669b3ee1493ac9fb60f92738
Lol
Not much of a surprise really. Crazy valuation for a company essentially subleasing office space.
Work from home really killed them, one of their offices near me did a back to office day where they had food, booze and games, apparently bugger all showed up.
Sad to see them going bankrupt, they are also housing TikTok office, so I am wondering where they will gom
not surprising, adam neuman was a fucking loon, he was an utter new age nutjob who went off about raising consciousness when he was leasing office space, which he didn’t even own.
They just announced the other week they were still going to be the anchor tenant at the new old central bank. Such a bizarre thing to do if they’re going bankrupt.
It never made sense why they grew so big, or were considered to be extremely lucrative. They were essentially an easily replaceable middle man, subletting office space. Some money to be made in that, if done well (which they didn’t). But can be easily done by a local company (or even a state agency if the governement had bothered). But the ceo was acting like they were some sort of amazing tech company that had invented some unreal and unique concept, when they were simply just an “estate agent with a twist”.
I remember them bringing all their staff from around the world on business class flights to UK and putting them up in 5* accomodation etc just for a christmas party. It was about that time that funders began to ask the obvious questions and everything fell apart. Then came the pandemic and wfh, and rather than adapt and cash in on it, it became the nail in the coffin for them due to terrible leadership.
For a long time to come, WeWork will be an excellent case study of a business doomed to fail from day one but through the perfect blend of bluff, hype and idiocy rose to a valuation of tens of billions before crashing just as quickly.
Such a flawed business model.
*WeWork: Or the Making and Breaking of a $47 Billion Unicorn* documentary is worth a watch.
Any decent office chairs going cheap then?
Watch as other office-property grifters get their media flunkies to make out like WFH is killing the economy and trying to make out everyone needs to be as panicked about their losing money as they are.
And, of course, what passes for journalists in this country will only be too happy to pass off press releases as investigatory journalism.
Wework has been in trouble for a long time tbh.
Arse is falling out of the commercial property market. I wouldn’t be surprised if some of the reluctance to promote WFH is an attempt to cushion the fall.
They’ll be branded as We-Haus and awarded big refugee contracts.
Don’t they have offices now at the old Central bank right in dame street??
David McWilliams had a good podcast there a week or two ago talking about the coming/happening collapse of the commercial property sector. Very good listen.
[Link to the episode in question.](https://open.spotify.com/episode/0EwjOgv4LZj99Lb2gIp2ev?si=067255bcb5e74a31)
Softbank are a clusterfuck. I guess they’ll be replaced by the Saudi Sovereign Wealth Fund.
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Let’s hope the Irish Sovereign Wealth Fund don’t hire any former Softbank Execs.