For the niche-drama lovers in your life, @reeveswiedeman 's book "Billion Dollar Loser, " which grew out of reporting for New York magazine, chronicles the epic rise and spectacular fall of Adam Neumann and WeWork
It was only last year that Nasdaq bent over backward to create a new “sustainability” index based on whatever WeWork wanted just to win the IPO of a company with no woman on the board.
One way to look at the overzealous valuations of unicornland is the difference in revenue multiples between what unicorns say they are and the companies they most closely resemble WeWork had a >20x revenue multiple, while shared office space co IWG had ~1.5x ...
But as this post shows, Airbnb's multiple (now ~8x but at one point >20x) is still a lot closer to Booking's multiple (~6x) than WeWork was to real estate
Apparently, some board members thought the WeWork governance issues would be remedied once the company went public and the SEC and public shareholders would constrain Neumann. Apparently, none of them ever met Jay Clayton.
None of the directors wanted to call out Neumann's behavior because of the myth of WeWork was driving insane increases in the value of the company.
U.S. technology companies founded by 1st and 2nd generation immigrants Apple Google Amazon Facebook Oracle IBM Uber Airbnb Yahoo Intel EMC eBay SpaceX VMWare AT&T Tesla NVIDIA Qualcomm Paypal ADP Reddit Slack WeWork Stripe Cognizant Intuit 3M Zoom 43% of Fortune 500 companies
WeWork used artificial intelligence to learn that people drink coffee in the morning so they should hire a barista
U.S. technology companies founded by 1st and 2nd generation immigrants: ?? Apple Google Amazon Facebook Oracle IBM Uber Airbnb Yahoo Intel EMC eBay SpaceX VMWare AT&T Tesla NVIDIA Qualcomm Paypal ADP Reddit SlackHQ WeWork Stripe Cognizant Intuit 3M
Things that didn’t exist when Lehman Brothers collapsed this day in 2008: Uber Instagram Bitcoin iPad Snapchat Apple Maps Angry Birds Kickstarter GoFundMe WhatsApp Apple Watch FB Messenger Candy Crush Pinterest Alexa Venmo WeWork WeChat Tinder Twitch Siri Square Stripe Slack
After firing hundreds of staff, the WeWork CEO held a somber all-hands meeting explaining why it was a necessary move, but then trays of tequila were handed out and DMC from Run-DMC burst into the room and performed "It's Tricky"