Didn’t find much discussion about this debacle beyond this thread… watched the Hulu piece over the weekend and it seemed to be a perfect storm of TED Talk “thought leader” and tech startup culture, hipster wankery, FOMO/attempted self-fulfilling hype on the part of investors, and a guy who managed to milk it right to the point he got unceremoniously jettisoned (I still can’t tell whether he just got in over his head or had a scam planned from the outset).
Also surprised to find out they’re still in business.
I don’t know if the documentary gets into it, but the funniest part of the whole wework thing was how confused their biggest competitor was. Regus owned basically the same amount of square feet, had more clients, and was significantly more profitable, but were valued nowhere near as high as wework. They were just so confused why wework was valued so much more they were. There are interviews of people from Regus desperately pointing out the comparison and just being flummoxed why wework was so hot compared to them.
The book Billion Dollar Loser is a great documentary of what happened.
A big part of why this got so big and crazy is the money that SoftBank put in which completely distorted the market and allowed Adam to think he could get away with anything.
Just finished watching it. Pretty good documentary.
It’s part Enron, part Fyre, part Apple (the latter actually ultimately being very successful).
There was one piece in there that had me thinking. It’s when they were cutting everything down and urging people to make sacrifices while the CEOs were very overtly doing exactly the opposite right in front of everyone. This seems to be a common tactic among cult leaders, and I wonder if this is A) something deliberate and B) if it’s effect is establishing dominance and trying to put themselves into a kind of hero-to-be-worshipped status.
I do not have Hulu so did not watch it but did it cover how these shitbirds destroyed many established businesses and competitors because they were able to sell below cost thanks to billions in VC money?
I do not have Hulu so did not watch it but did it cover how these shitbirds destroyed many established businesses and competitors because they were able to sell below cost thanks to billions in VC money?
This is worth pointing out. The cult aspect, the hypocrisy, all that nonsense doesn’t really bother me. But the collateral damage sure does.
I do not have Hulu so did not watch it but did it cover how these shitbirds destroyed many established businesses and competitors because they were able to sell below cost thanks to billions in VC money?
This is worth pointing out. The cult aspect, the hypocrisy, all that nonsense doesn’t really bother me. But the collateral damage sure does.
Interesting look at how VC money is deforming capitalism
WeWork Files for Bankruptcy Amid Glut of Empty Offices
The move is a blow for landlords who have rented space to the co-working group, which is planning a “comprehensive reorganization†that includes cutting some of its leases.
WeWork, the real estate company that offered start-ups and individuals sleek quarters to pursue their entrepreneurial dreams, filed for bankruptcy protection in the United States on Monday after years of struggling to find its footing.
The company filed for Chapter 11 bankruptcy protection in New Jersey, as part of what it described as a “comprehensive reorganization†of its business.
The company said creditors holding 92 percent of its secured debt had agreed on a restructuring plan that would include reducing its portfolio of office leases.
What service or product were they suppose to be providing?
We have a similar business in our small city’s downtown area. I rarely see people there and it’s fairly new, so I’m wondering if it’s not long for this world.
Seems like a great place to be really unproductive while convincing yourself you’re working. But I’m a luddite lately, what do I know…