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Weekend Long Read preview: Even the worst-run startup can beat competitors if investors prop it up. The V.C. firm Benchmark helped enable WeWork to make one wild mistake after another—hoping that its gamble would pay off before disaster struck.

New York Magazine @NYMag 1 days ago

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

Dave Benoit @DaveCBenoit 1 days ago

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.

Myles Udland @MylesUdland 2 days ago

I remember back when all the bad stuff about WeWork was coming out you'd see things like, "Wonder how much WeWork stock would be down if they were public." And yet Nikola actually exists and the stock has doubled this year.

Eliot Brown @eliotwb 2 days ago

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 ...

Eliot Brown @eliotwb 2 days ago

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

Eliot Brown @eliotwb 3 days ago

for those who haven't read, a sharp New Yorker piece on VC/WeWork

Donut Shorts @DonutShorts 6 days ago

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.

Donut Shorts @DonutShorts 6 days ago

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.

Donut Shorts @DonutShorts 6 days ago

The time honored customs and practices of capital providers are being thrown out the window in the hunt for return in an era of financial repression. People like employee shareholders in start-ups are collateral damage as a result in cases like WeWork.

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Vala Afshar @ValaAfshar 5 month ago

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

modest proposal @modestproposal1 1 years ago

WeWork used artificial intelligence to learn that people drink coffee in the morning so they should hire a barista

Vala Afshar @ValaAfshar 2 years ago

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

Bill Gross @Bill_Gross 1 years ago

Every one of these U.S. tech companies was founded by 1st or 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 Optimism at #DLD19

Jon Erlichman @JonErlichman 2 years ago

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

Bill Gross @Bill_Gross 2 years ago

Jon Erlichman @JonErlichman 11 month ago

Things that didn’t exist at the start of this decade: Instagram Snapchat iPad Lyft Slack Alexa Stripe Apple Watch Chromebook Messenger Surface Tinder Pinterest Peloton TikTok Twitch WeWork Nest Ring Pixel Apple Maps AirPods UberEats CandyCrush PokémonGo DJI Phantom Tesla Model S

Tom Gara @tomgara 1 years ago

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"

Chris Anderson @chr1sa 1 years ago

But if you think of WeWork as a massive transfer of wealth from Saudi Arabia to an Israeli entrepreneur via an ethnic-Korean Japanese visionary it's really a heart-warming story of cross-cultural trade worthy of the Model UN

Derek Thompson @DKThomp 1 years ago

If you wake up on a Casper mattress, hail Lyft to get to your desk at WeWork, use DoorDash to order lunch, and get an Uber home, you've spent the day interacting with companies that will collectively lose nearly $13 billion this year.

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