This is very similar to watching the Twitter price crash too.
Weworkn’t
I never understood why they were so highly valued in the first place.
The outlook for commercial real estate was already cloudy at best even before the pandemic. Yet the whole idea was to add cost via renovations and sub-leasing, then increase their vacancy rate via short-term leases? More importantly, they somehow didn’t see the trend toward remote work which had already been in-motion for years and was merely accelerated by the pandemic.
Wedon’tworknomore
I could have sworn that happened years ago. I’m surprised they’re still around.
Up next … Carvana
Lmao. “Once valued at 47bn”.
They weren’t really worth shit, ever. Same thing goes for a lot of “multimillion” scams nowadays.
the concept is great, but the company failed. starbucks would be the best coworking company tbh.
locations everywhere, just set up a cpl offices in locations in big cities with remote access from the store.
Another Softbank investment failure
WeSorry
Tech company holding real estate, that primarily is space not fully occupied so anyone can upsize at any time? Brilliant! Why don’t I beat the risk of real estate while letting other companies only at for what they need. What can go wrong! I’m a genius.
Another home run for SoftBank
Honestly, WeWork should be well positioned post COVID to capture the hybrid return to work once companies offload their leases.
Unfortunately I think they’re typically multi-year leases
Listening to Adam Neumann talk, it’s almost like he seemed like a a vapid idiot with no business acumen.
Oh well, fuck around, find out.
The last company I worked for signed a deal with WeWork. They gave us two floors furnished for our exclusive use. We were all told by management that WeWork was a game changer and we all better get used to it because this is the future of office space. Anyone not on board with WeWork was branded a laggard and behind the times and inflexible and “old school”. Too bad it didn’t work out.
WeMadeExecutivesRich. And also sorry for your losses.
I worked in a WeWork from 2017-2019 at a startup in Williamsburg, Brooklyn and I won’t lie- the energy at that point in time (venture capital money flowing around, everyone in hyper growth startup phase and no one actually cash flow positive) was like a college party that didn’t stop and only intensified after 4pm when the kegs were tapped. The events and happy hours were awesome and I feel like we were living on borrowed time (and money) even if we didn’t realize it then.
Fast forward to 2021 after the worst of the pandemic and I worked at another startup with a WeWork location near Wall Street and it was the polar opposite: a literal ghost town overlooking Manhattan. I think we maybe went into the office 3 days a week and the space was never more than 10 to 20% full.
It was such a strange dichotomy to witness, but I won’t ever forget that. I never stopped living in Manhattan but now work fully remote. I still love the city (am the only one of my 400 colleagues in NYC) and stay here because I’m lucky enough to afford it and have my own rent controlled apartment, but I wouldn’t be in a high cost of living area if I was underwater on my bills or just breaking even – that’s for sure.
38 comments
WeBroke
This is very similar to watching the Twitter price crash too.
Weworkn’t
I never understood why they were so highly valued in the first place.
The outlook for commercial real estate was already cloudy at best even before the pandemic. Yet the whole idea was to add cost via renovations and sub-leasing, then increase their vacancy rate via short-term leases? More importantly, they somehow didn’t see the trend toward remote work which had already been in-motion for years and was merely accelerated by the pandemic.
Wedon’tworknomore
I could have sworn that happened years ago. I’m surprised they’re still around.
Up next … Carvana
Lmao. “Once valued at 47bn”.
They weren’t really worth shit, ever. Same thing goes for a lot of “multimillion” scams nowadays.
Smoke and mirrors.
Patrick Boyle (YouTube) was onto something four weeks ago: https://www.youtube.com/watch?v=n3Q_4vjPMSE
BTW – He has a great dry sense of humor.
More on this subject from other reputable sources:
—
– CNN.com (C-): [WeWork files for bankruptcy](https://www.cnn.com/2023/11/06/business/wework-bankruptcy/)
– New York Times (A-): [WeWork files for bankruptcy amid glut of empty offices](https://www.nytimes.com/2023/11/06/business/wework-bankruptcy.html)
– Le Monde (B): [Co-working giant WeWork files for bankruptcy](https://www.lemonde.fr/en/united-states/article/2023/11/07/co-working-giant-wework-files-for-bankruptcy_6233050_133.html)
– Register (A-): [WeWork – WeWork Takes Strategic Action to Significantly Strengthen Balance Sheet and Further Streamline Real Estate Footprint](https://investors.wework.com/news-and-events/press-releases/financial-releases-details/2023/WeWork-Takes-Strategic-Action-to-Significantly-Strengthen-Balance-Sheet-and-Further-Streamline-Real-Estate-Footprint/)
—
[__Extended Summary__](https://www.reddit.com/r/newswall/comments/17pkmow/) | [More: WeWork files for …](https://www.newswall.org/summary/wework-files-for-chapter-11-bankruptcy-protection?mtm_campaign=r&mtm_kwd=c) | [FAQ & Grades](https://www.reddit.com/r/newswall/comments/uxgfm5/faq_newswall_bot/) | I’m a bot
Shorted to bankruptcy by hedgefonds like citadel just criminal!
How much did Neumann make personally? Anyone know?
Wequit
WeFailed
WeWont
Weworkfromhome
Elmo is furiously taking notes on how to do this faster than they did.
Adam Neumann is like Bankman Fried but he managed to exit clean and saved by other investors
great series btw
WeCapitalismTooFar
Ah the weekly wework repost.
See you next Tuesday!
The whole business model was sketchy as hell and yet so many praises put their way. People a fuck’en stupid.
JESSE: “HE CANT KEEP GETTING AWAY WITH IT!”
They tried to raise rent 25% during COVID. I noped the hell out of there.
Finally
this was a dumb business. I have no doubt some brilliant investors will get suckered again the future by some new dumb business.
Just another [Fyre festival](https://en.wikipedia.org/wiki/Fyre_Festival). (Or is it F.I.R.E.?)
yaaaaawwwwwwwwwwwwnnnnn………………
the concept is great, but the company failed. starbucks would be the best coworking company tbh.
locations everywhere, just set up a cpl offices in locations in big cities with remote access from the store.
Another Softbank investment failure
WeSorry
Tech company holding real estate, that primarily is space not fully occupied so anyone can upsize at any time? Brilliant! Why don’t I beat the risk of real estate while letting other companies only at for what they need. What can go wrong! I’m a genius.
Another home run for SoftBank
Honestly, WeWork should be well positioned post COVID to capture the hybrid return to work once companies offload their leases.
Unfortunately I think they’re typically multi-year leases
Listening to Adam Neumann talk, it’s almost like he seemed like a a vapid idiot with no business acumen.
Oh well, fuck around, find out.
The last company I worked for signed a deal with WeWork. They gave us two floors furnished for our exclusive use. We were all told by management that WeWork was a game changer and we all better get used to it because this is the future of office space. Anyone not on board with WeWork was branded a laggard and behind the times and inflexible and “old school”. Too bad it didn’t work out.
WeMadeExecutivesRich. And also sorry for your losses.
I worked in a WeWork from 2017-2019 at a startup in Williamsburg, Brooklyn and I won’t lie- the energy at that point in time (venture capital money flowing around, everyone in hyper growth startup phase and no one actually cash flow positive) was like a college party that didn’t stop and only intensified after 4pm when the kegs were tapped. The events and happy hours were awesome and I feel like we were living on borrowed time (and money) even if we didn’t realize it then.
Fast forward to 2021 after the worst of the pandemic and I worked at another startup with a WeWork location near Wall Street and it was the polar opposite: a literal ghost town overlooking Manhattan. I think we maybe went into the office 3 days a week and the space was never more than 10 to 20% full.
It was such a strange dichotomy to witness, but I won’t ever forget that. I never stopped living in Manhattan but now work fully remote. I still love the city (am the only one of my 400 colleagues in NYC) and stay here because I’m lucky enough to afford it and have my own rent controlled apartment, but I wouldn’t be in a high cost of living area if I was underwater on my bills or just breaking even – that’s for sure.