The Spectacular Rise and Fall of WeWork

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4 жыл бұрын

In less than one year, WeWork went from having a $47 billion valuation and being the darling of the venture capital world to needing an $8 billion infusion to avoid running out of money. This is the story of Adam Neumann, Softbank's risky investment, a failed IPO and how we got here.
The Breakdown showcases rise-and-fall stories from the modern business world, told through the lens of Bloomberg reporting. Episodes look at what contributed to not only the success of a business or organization, but also the turning point at which the fall began. Prior stories covered include the NRA, Hertz, WeWork, Boeing, Kodack and many more. See the full series: • The Breakdown
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Пікірлер: 3 900

@CongaLineMonkey 4 жыл бұрын

When a business talks about its special energy and bringing people together, run like hell.

@user-dc4kq8vl4e 4 жыл бұрын

so true! a very ethos argument.

@BerylWalubengoAnyitiNanyama 4 жыл бұрын

Special energy 🤦

@morena012 4 жыл бұрын

Too much blah, blah, blah is a major red flag.

@Iproductions0 4 жыл бұрын

Make sure they tell you what you WILL make and not what you COULD make.

@soapa4279 4 жыл бұрын

And somewhere in their marketing line, is the word "Synergy"

@minyaksayur 4 жыл бұрын

It's not a tech company, wework is just a building rental, but people want it to have returns like internet companies that is just not possible.

@novael6582 4 жыл бұрын

See, most of the internet companies make money from advertising. Apple (hardware), Amazon (advertising + shopping + hosting etc...). I think Amazon's business model is superb.

@brynleytalbot778 4 жыл бұрын

Nova El Amazons business model is dominate, destroy, control, then inflate prices. The diaper stranglehold revealed this business ethic devoid of morals. It'll end up as a company that promised much but delivered little of actual value to its customers. Prime delivery is supported by MarketPlace sellers taking shipping hits. That's unsustainable in the long term as Amazon win but sellers lose. The beauty of Amazon was low prices with the sacrifice of instantaneous gratification bringing efficiency through no store chain costs. It's lost sight of its founding principles. Very soon the gloss will wear off of the disrupters and we'll see nothing but profiteering at the expense of their customer base deluded into thinking these vast companies genuinely cared about and protected their customers. It was a wonderful idea but greed took over. What next?

@minhatake3612 4 жыл бұрын

Brynley Talbot Amazon’s main business model is not amazon online shopping business. It’s AWS. Lmao

@IAmSolomon 4 жыл бұрын

Brynley Talbot Amazon makes most of their profit from AWS

4 жыл бұрын

Soft Bank will turn things around.

@minasamir2724 4 жыл бұрын

"You can't run a business without an adult saying no" I LOVED that sentence. In Egypt, we have a proverb : He, who lacks an adult supervisor, must go and buy himself one.

@96hoangkieutrinh84 4 жыл бұрын

I dont really get the meaning of the above sentence. Could u plz explain it to me?

@minasamir2724 4 жыл бұрын

@@96hoangkieutrinh84 It means you must have an adult who is willing to say no to your enthusiasm and is not eager to run to quick victories but rather slow and sure winnings.

@channelkerr 4 жыл бұрын

“On the internet, it is easy to find studies that support both sides of an argument. In general, you should never accept the validity of people’s ideas because they have supplied “evidence.” Instead, examine the evidence yourself in the cold light of day, with as much skepticism as you can muster. Your first impulse should always be to find the evidence that disconfirms your most cherished beliefs and those of others. That is true science.” ― Robert Greene, The Laws of Human Nature

@rauldempaire5330 2 жыл бұрын

that depends on the adult.... Many adults have brought companies down too....

@harrietthespy2119 2 жыл бұрын

😂👏👏👏

@greekbarrios 6 ай бұрын

This is the last thing the reeling real estate market needs right now, as an Air BnB investor i think due to the similar mode of operation like WeWork, we might soon be run off the market. Essentially why i'm at large for exit measures or where to allocate $1m

@blaquopaque 6 ай бұрын

after studying the trajectory of great assets like real estate dividend paying stocks and gold, my conclusion is to buy and invest in what you can afford today! working with a financial advisor can certainly help

@Curbalnk 6 ай бұрын

Just because there are opportunities in the stock market does not mean you should dive in headfirst, if you're unsure if to remain in the housing market i suggest you consult a professional just like i did before making any move, That's how i've been able to stay afloat for almost 5 years with proper portfolio allocation earning about $1m in investment returns

@kansasmile 6 ай бұрын

sounds great! could you please suggest this expert you engaged their service? I have lots of difficulty sorting out the right investments on my portfolio

@jackkrom 3 ай бұрын

@@Curbalnk How much is WeWork worth? In the beginning of 2019 it was valued at $47 billion. Two years later after WeWork SPAC IPO (it was the merger with BowX SPAC) the company was valued at $9 billion. As of November 25, the WeWork market cap is $7.3 billion. Lol.

@Curbalnk 3 ай бұрын

She goes by ‘’Heather Ann Christensen’ I suggest you look her up. To be honest, I almost didn't buy the idea of letting someone handle growing my finance, but so glad I did.

@SpyinGirly 4 жыл бұрын

when someone describes their company as a "family," that's your cue to leave

@gringo5 4 жыл бұрын

Why

@raf8474 4 жыл бұрын

My Magnises famly begs to differ.

@GARY84ROCKS 4 жыл бұрын

Michael Scott does not approve...and if he doesn't, then I don't.

@cameronbates9185 4 жыл бұрын

"do you offer health benefits?" "No but we have a therapy dog that comes in for an hour on Thursdays and yoga balls for chairs"

@kayele 4 жыл бұрын

@@Eliketi You have to prove you are a family not just say it, when it's thrown out like that then yes people beware

@tommc49 4 жыл бұрын

Is this a "tech company" because people are sitting around using laptops? By that measure, perhaps Starbucks is a tech company....

@wolfsden6479 4 жыл бұрын

well wework is just a overgrown coffeeshop soooo

@aungthuhein007 4 жыл бұрын

@Rajmund Csombordi lol

@tonyngbc 4 жыл бұрын

🤣🤣👍👍

@darkmage4648 4 жыл бұрын

I think it also provided presentation spaces, conference rooms and other infrastructure that companies generally need. But yea, I think it lost sight of core ambition.

@thatdude034 4 жыл бұрын

Wait.. you're telling me i'm a tech company??

@denniss8644 3 жыл бұрын

I can't believe that the Bloomberg piece didn't mention it and I've seen a lot of the comments here don't get it either. The reason WeWork failed is because *they were renters themselves* . They basically didn't own any of the spaces that they were at. It had such a spectacular failure because there's no assets, no buildings, no real estate, nothing. The chart in the video comparing to IWG is completely misleading because if you were to compare the *owned* real estate square footage, WeWork would be zero while IWG does own some of it's buildings.

@lindazhang8004 2 жыл бұрын

wow

@DoctorZisIN 2 жыл бұрын

I got that. Many startups today are about being a middleman with an app, to make life easy for millennials. Find a hotel, find a ride, send news mailers, rent a house, get a date, find a place to work. "We have an app with a catchy name, a charismatic CEO and cult-like culture. It's a revolution!

@julesfalcone 2 жыл бұрын

Dennis: it's even worse. Newman bought a building then leased it to WeWork.

@micheledevilliers3474 2 жыл бұрын

oh, interesting

@rj6404 2 жыл бұрын

Ya something like Uber or A B n B , they r called the gig economy .

@owenb8636 4 жыл бұрын

The guy who says "I thought I'd give you a tour of where wework" and repeating the joke twice kinda sums up the whole company to me. Like people who thought something that was mediocre was really profound

@pathtobillions8070 4 жыл бұрын

It was bound to fail. A real estate company being valued as if it was a silicon valley tech start up.

@migkillerphantom 4 жыл бұрын

I too saw some youtube videos where this was explained

@evilotto9200 4 жыл бұрын

Didn't fail; Succeeded spectacularly. Neumann's $685 million buyout should be legend among hype-men and hustlers.

@Cuyt24 4 жыл бұрын

The space is overpriced. $600 a month for a work station at a table. You can just go to Starbucks for the price of a latte.

@dskymedia9347 4 жыл бұрын

WeFail

@a1bells501 4 жыл бұрын

@@migkillerphantom links?

@Rethanos 4 жыл бұрын

This is what happens when a bunch of rich people have convinced each other they are the smartest people on this planet.

@ACNEBOSS 4 жыл бұрын

Kevin Schmidt 😂😂😂

@musama8771 4 жыл бұрын

Actually it's just the dying old employees at Bloomberg hating on WeWork. WeWork will be just fine

@Rethanos 4 жыл бұрын

@@musama8771 hahaha you're funny

@prof.m.ottozeeejcdecs9998 4 жыл бұрын

Getting rich fast is like a drug, a make-believe drug, that the top-dogs know all, and those skeptics know nothing!

@garyoakham9723 4 жыл бұрын

Liberals. None of these people voted for trump

@martixbg 4 жыл бұрын

"Let's make everything happen faster with more money" Ah... the classic corporate absurdity. If one woman can carry a child in 9 months, lets get 9 women in here and do it in a month!

@greenstorm5568 4 жыл бұрын

Exactly what im saying, slow growth is better than a steriod injection from a large bank. If wework would have slowed down and stayed humble, it might have lasted longer or maybe even grown organically into a success

@jessicafb5398 4 жыл бұрын

That happened to a company here in LA called Juice Serviced Here... huge early success, followed by lots of capital raised, followed by opening numerous multi-million dollar locations all over that were also cafes, followed by bottling in plastic and trying to sell in grocery stores, followed by bankruptcy. Everyone loved the product. Organic growth would have built a more stable company.

@Georgie13 4 жыл бұрын

In my experience this is a common Japanese company philosophy. In the end everything is done sloppily and ineffectivly because the focus is on spending money

@kaylaandjenelleshow 4 жыл бұрын

martixy lol

@fredgalaxy7632 3 жыл бұрын

I don't That's how the process of pregnancy works!

@ziksy6460 3 жыл бұрын

It's great to have optimists. They get people moving. But in a company, you also need the realists to stop those people from moving too far and fall off a cliff.

@malikdespanie4344 2 жыл бұрын

And then there are some of us who are in the middle. We're optimistic about our expectations but also concerned about what the numbers tell us so that we can be flexible and plan accordingly.

@GB-gf3dm 2 жыл бұрын

Hahaha. You just described SOCIALISM and why it always fails! Keep in mind that Socialism is not welfare. Socialims-Communism is about government control of the business.

@tysonliu1838 4 жыл бұрын

Sounds like it is just a office space rental company to me, with lots of bs and exaggeration

@PengTeo 4 жыл бұрын

Tyson Liu, that is how they dress it... 😅😅😅

@mikeaskme3530 4 жыл бұрын

@Tyson Liu, that is what it sounds like to me also.

@wade2112 4 жыл бұрын

The spectacular rise and fall of WeWork. Anyone could see that when it was starting up it was going to be destroyed by the next recession. It didn't even take that long, such an overvalued startup.

@roadtomanitoba9753 4 жыл бұрын

"lots of bs and exaggeration" you mean "genius marketing"?

@wade2112 4 жыл бұрын

@@roadtomanitoba9753 not like it takes much to trick boomers into think your idea is new and revolutionary "We have an app" "Oh you mean like that snapchat"

@tanya292 4 жыл бұрын

Running a real estate company like a tech one is stupid. Having an app doesn't make it a tech company.

@jamesgerardmccarthy2897 4 жыл бұрын

It's insanity!

@tamathemad 4 жыл бұрын

I remember someone argued that Uber is a tech company but their service is cars instead of rooms and use an app, therefore WeWork is a tech company. How absurd can people be xD

@frankfahrenheit9537 4 жыл бұрын

wework rents desks! with wifi and coffee machines! How tech is that?

@Writtenmirror 4 жыл бұрын

🙈🙈🙈

@sebastienplourde9845 4 жыл бұрын

Having an app doesn't make you a new Taxi company

@christiankalonda7990 4 жыл бұрын

This wasn’t a tech company, it was a renting space to put it simply. They got way too much cash than they knew what to do with basically.

@17teacmrocks 4 жыл бұрын

no, they were in the red even up until recently... getting cash doesn't mean you're profitable. it just means your revenue flow is of a large magnitude. you have to consider costs as well. just having large CF may get you new funding but eventually everyone's LF profitability

@xubarney1326 Жыл бұрын

pretty much and they SPLURGED it founder's fault

@sakshum4455 Жыл бұрын

The idea is great actually. And it would be no surprise to see other companies doing the same in the future. The problem with WeWork is bad management and bad execution. Being greedy is usually looked down upon in society. “Lack of oversight” should be looked down upon as well.

@ProfAzimov Жыл бұрын

@@sakshum4455 It is very unstable as a venture.

@standardpecan5294 2 жыл бұрын

My company still uses WeWork, which is incredible through the whole crumble and covid era. Office space is nice, pantry is always interesting. Their biggest problem is that people overvalued them as the next frontier or something.

@jayhm9393 4 жыл бұрын

More content like this Bloomberg. Thoroughly enjoyed this style and topic. Kinda like Vox's "explained" but with business.

@WealthEngineering 4 жыл бұрын

OMG yes please!

@dantevxv1501 4 жыл бұрын

Personally thought it took a long time to not mention pump and dump. I agree its "kinda like vox"

@candace.coffman 4 жыл бұрын

Agreed!

@arifkazi7939 4 жыл бұрын

Same thought here

@PrakashKalapala 4 жыл бұрын

I'm Curious; What's wrong with Vox ??? . I'm asking this because Jousua Topolsky was the one who started the "The Verge" and eventually "Vox Media"...was the same guy on whom Mr. Bloomberg entrusted with revamping the Company's Digital side and making it even more accessible to the wider spectrum of audience. Otherwise; 10yrs ago who would have thought that the company like Bloomberg can also mobilise the not so elite-business croud. P.S. I'm in no way taking the credit of those who are currently at the helm of this division; it's just that the I believe Topolsky was the one who spearheaded the new outlook of the company.

@baatile 4 жыл бұрын

Can’t think of anything worse than trying to concentrate with 100 strangers surrounding me 😭

@johntorres2144 4 жыл бұрын

Exactly. Could not agree with you more.

@w3w3w3 4 жыл бұрын

My guess was that was a work place? though I think some buildings was "open" to public to sit and work lmao... I could not do that!! Fuck me, sounds aweful you are right lol. Fuck that.

@americancitizen748 4 жыл бұрын

Sounds like college...

@radcliffesaddler3811 4 жыл бұрын

Agreed, my current employer is located within a wework and during the week I find ways to avoid people so that I can concentrate on work.

@powerstack123 4 жыл бұрын

Don't you love these new all-glass buildings? Who needs privacy? Who needs cubicles? So much better to have everybody watching you and you watching them all day.

@gbreeze99 4 жыл бұрын

So... they're charging people money for what they could easily do at any library.

@janepatrick97 4 жыл бұрын

Thanks for explaining,I wasn't getting it

@Chris-ci8vs 4 жыл бұрын

Pretty much hahaha

@spongedudeZ 4 жыл бұрын

@@darkale658 Spot on 😂

@powerhouseinco9664 4 жыл бұрын

entrepreneurship isn't for everybody, so its no wonder you don't get it. Name one public library where people are allowed to congregate in large numbers, laugh, talk out loud, drink coffee? Where employees are offered storage space, play area for their kids, gyms, all things that are definitely existing in typical offices today, and out of all these things, We work was catering for all and more. The video clearly says the idea behind WeWork was nothing short of genius and it was actually solving a major problem, the let down was the poor management !!!

@BrokTheLoneWolf 3 жыл бұрын

Does a library have Starbucks tho? Huh?? Think about THAT!

@jorianx2197 4 жыл бұрын

Key lesson: there is a difference between raising money and making money.

@lindazhang8004 2 жыл бұрын

so true

@andrefecteau 2 жыл бұрын

yeah people seem to miss that

@michellet7013 4 жыл бұрын

I don’t exactly understand why they keep calling it a technology startup? It wasn’t.

@ten_tego_teges 4 жыл бұрын

EXACTLY!!!! The king had no cloths, I can't imagine how sb can throw 4B at a company that it literally just renting office space. There are hundreds of companies like this. There is no innovation here, except for big talk.

@Sugumarsmi 4 жыл бұрын

Rightly said,

@happybureaucrat1311 4 жыл бұрын

Because Silicon Valley is a bunch of liberal cultists.

@movinon1242 4 жыл бұрын

I think in total SB invested $7B USD into it, and just loaned it/ themselves $2-3 billion USD more in October 2019. In comparison to IWG, the 30 year old mature company they are competing against, We shouldn't be valued at even $1B USD. In fact, SB could have bought IWG twice over with their investment in We. That's why you know it was all a scam from the get-go. If they had really wanted to change the world, they would have just purchased IWG and turned it into this magic vision for half the investment. Instead, the plan was to inflate a new company's valuation and the pawn it off on the retail investors of the world while we are at the peak of the current economic cycle. It wouldn't have been possible with an existing public company with an established, realistic valuation.

@nomooon 4 жыл бұрын

Only companies like deepmind are real tech companies. When Amazon and Facebook started they shouldn't really be called tech companies.

@JoeKickass324 4 жыл бұрын

When you CEO has a private 65 million dollar jet, and then Vote himself not to be CEO you know theres a problem

@RsDefcon 4 жыл бұрын

JoeKickass324 Honesty it's a cool level headed trait to vote yourself out. But it's also like calling an Uber from the titanic...

@Vicobop 4 жыл бұрын

@@RsDefcon What if he wanted to do that so he could cash out early and have less headaches to deal with? If we assume the charlatan route for him, then this makes sense. Avoid any further issues and run off with your gains than waste any more time on it.

@edgecase1047 4 жыл бұрын

CEO wanted out because he got 1.7 billion dollars. Sucker in this plot is Soft Bank and it's share holders. A company like Lockheed Martin, which in place for decades and has made stealth Fighter jets, drone, cyber security, weapons.... With big Governments as its customers is worth 100 billion dollars. how can 'We Work' with few real estate ventures be worth 47 Billion dollars? What was soft bank's CEO smoking?

@YoungDen 4 жыл бұрын

@Facts Matter - The future for startups and their work spaces. When they start making huge profits (the startups) WeWork will lease out higher priced spaces on properties built to accommodate these companies. And yes it sounds far-fetched but they think they have something that no one has figured out

@marufio 4 жыл бұрын

@@edgecase1047 he thought it was a tech company had he known it was only a real estate company he never would of invested.

@wpalma1965 2 жыл бұрын

I'm surprised that WeWork didn't just make a bid for IWG with all the cash they were getting at such a lofty valuation. They would have more than doubled their footprint overnight and acquired a profitable business. With so many bankers on the cap table I'm surprised they never thought of it.

@patriciabarajas7925 8 ай бұрын

Yes, an amazing thought.

@Dhananjai284 2 жыл бұрын

This story is very timely especially given the high speculation in many tech industries. Really goes to show how "slow and steady" really does win the race

@wayne8797 4 жыл бұрын

Wait, he registered the trademark personally and then sold it back to his company and then board is like, 👌. and no one asked any questions?

@dickburt69 4 жыл бұрын

Wework board at that time was all of his friends and family lol

@Lorelcom 4 жыл бұрын

This is how our criminal US "leader" works.

@AlphaCentauri24 4 жыл бұрын

@@Lorelcom but Clinton is no more the prez & his crook wife lost.

@drunkensailor112 3 жыл бұрын

@@AlphaCentauri24 he was talking about trump of course

@WestCoastAce27 3 жыл бұрын

They were ALL going to get rich; they willfully hitched their wagon to the tall, dynamic speaking pretty boy’s wagon. Greed corrupts.

@ricosrealm 4 жыл бұрын

The real problem was believing an office rental business is some high-flying software tech startup with low overhead and huge growth potential.

@Black182heart 4 жыл бұрын

True

@Funkotronimus 4 жыл бұрын

They probably could have made it work, but they just seemed to take on too many verticals, too early on

@crimsonstrykr 3 жыл бұрын

@@Funkotronimus How?? Is there really that high a demand for working space that EITHER current landlords/property giants can't meet OR is missing something that WeWork alone had figured out that can also guarantee WeWork not only the money to cover it's 15 year or so leases on its buildings but also profits??

@Funkotronimus 3 жыл бұрын

@@crimsonstrykr what I was referring to was how WeWork had dabbling in random areas that had nothing to do with their primary focus of leasing work spaces.

@crimsonstrykr 3 жыл бұрын

@@Funkotronimus You didn't answer my question. How does the WeWork business model make any sense?

@Vikas-gz4ov 6 ай бұрын

Who's here after We work's bankruptcy..😅

@billvolk4236 4 жыл бұрын

Having an app does not make you a tech company. Steak & Shake has an app.

@demetriusmiddleton1246 4 жыл бұрын

What makes a company a tech company?

@Wedneswere 4 жыл бұрын

Baby Boomers think it does. If you make an app they wonder why you're not making hundreds of thousands of dollars, and don't realize any 12 year old could do it.

@demetriusmiddleton1246 4 жыл бұрын

@@Wedneswere I'm a software developer by trade. It is completely false to think that any 12 year old can make a functional app for a company. Making an app vs making a fully-featured app with actual functional requirements are two different things. Why do you think we get compensated by LEGIT companies the way we do if "any 12 year old" do it? Meanwhile, the company's that I come across who attempt to hire senior level developer Talent at entry-level rates, are always crappy failing companies. You have no idea what you're talking about.

@Arquiteto-em-Sao-Paulo 4 жыл бұрын

milenials and x y and z generation belives companies like wework are tech and they will supress classic ones. No plan for tomorrow. Is it what, a typical yung sight or an old man style? sure a kids faery tale. Old people are not that dreamy. And WE dont base our existence on the smartphone, its just a small tool. Kids belive its the new center of galaxy, or the next big bang point of explosion hahahaha

@billvolk4236 4 жыл бұрын

@@demetriusmiddleton1246 Well, it helps if your main product is computer hardware or software. But really, the whole category of "tech company" has become a meaningless buzzword used to attract investors. Since the 90's everyone has been trying to find the next Apple or Microsoft, and startups know this and exploit this.

@quinnp8493 4 жыл бұрын

I've really liked this simple line to sum things up "WeWork was a real estate company being valued as if it were a tech company". Expecting exponential growth with software isn't too crazy; expecting exponential growth from real estate is.

@SanusiAdewale 2 жыл бұрын

According to Adam, wework is a Space As A Service (SAAS) Company 😂😂

@bball767 2 жыл бұрын

They didn't own any real estate. All they were was the service, brand and tech

@billblaski9523 10 ай бұрын

@pcbs5211 that's where I'm confused, I thought they did own real estate and then they would turn that real estate into office spaces and rent those offices out to other people?

@attilakohbor3360 9 ай бұрын

Where reality collides with virtualitie , real estate is not a software tech company .

@andyhaochizhang 6 ай бұрын

Even in software, it's unreasonable to expect exponential growth without a concrete and realistic plan to profit. Most software companies don't see exponential growth either. Thinking every shiny new thing can do that when only a handful of outliers had achieved it in a different market is exactly what led to the hype and wistful thinking that create things like wework.

@Johnnyboycurtis 4 жыл бұрын

wework: aesthetics before business

@2255223388 3 жыл бұрын

How rich does your Dad have to be so that you can move to New York in your twenties and just start 3 companies?

@gungholio3416 3 жыл бұрын

Yeah, this guys family had to be super rich. Did you see those baby knee pads? How else on earth could you startup something for THAT? Lmfao

@fredgalaxy7632 3 жыл бұрын

You need to have exactly $2.53 per second.

@WestCoastAce27 3 жыл бұрын

I can’t remember if the Hulu documentary mentioned that. He was a tall pretty boy and could have schmoozed people to invest.

@palakkaistha5993 2 жыл бұрын

VERY

@NYKnicks33 4 жыл бұрын

So, basically they created something that’s been going on at Starbucks for years... A bunch of people drinking coffee and “ working “ on laptops surrounded by a bunch of strangers🤔

@powerstack123 4 жыл бұрын

This is unironically the way all new offices are built. No walls, just glass windows everywhere. You're lucky if you have some privacy in the toilet.

@jessicacole8404 4 жыл бұрын

It's been proven that people do worse in open floor plans

@twilightcitystudios 4 жыл бұрын

I don't like working at Starbucks and these kind of places offer more amenities than a Starbucks does. Many of these also offer 24/7 access can't say the same for Starbucks.

@twilightcitystudios 4 жыл бұрын

@@jessicacole8404 I found myself being productive in an open floor plan I was doing it yesterday at a uni. library and I'm planning to give one of these places a shot, there's more companies out there than just wework.

@twilightcitystudios 4 жыл бұрын

@@jessicacole8404 Also if you wanted an individual office those plans are offered at some of these places to. It's not like your only option is the open floor plan.

@barryallencoffee 4 жыл бұрын

It's rental space for people that miss their time at university, where you can hang out with people with similar interests.

@dewinmoonl 4 жыл бұрын

And it's a great idea honestly except those college kids without clue also tried to run the company and it failed. University is run by hardened management regents that eeked out the living for hundreds of years, connecting government funding to private doners. Wework couldn't hold up a candle to that

@alex_evstyugov 4 жыл бұрын

At a university, there's always a critical mass of people to hang out with. No matter what your interests are, there's always a whole bunch of other people who share not just one, but many of your interests. Plus they've got all the time in the world to hang out with you. At a co-working space, you go there and there's like five people there and nobody has anything in common with you. And they're not there to hang out with you anyway, they're there to get work done. Worse still, if one of them does share your interests and is working on the exact same thing, they're not your friend, they are your competitor. You're eating into their profits and they're eating into yours. Best case scenario, you and them combine efforts and start a company together. But that's not the best case scenario _for the co-working space._ It's their worst nightmare. You just use them for a couple months until you've found enough like-minded people to start a business with. And then all of you are out of there all at once.

@chrisamazing9523 4 жыл бұрын

@@alex_evstyugov Wise points

@ten_tego_teges 4 жыл бұрын

@@dewinmoonl I mean, how does WeWork differ from all other office spaces? Office area can be rented in every possible variety, there are start-up incubators that resemble WeWork's offices in every inch. The mystery of WeWork is that this isn't a revolutionary idea and that anyone can rearrange their office space to sth similar in a couple of weeks. When you turn down the marketing you'll see that it's just another real estate company, not a multi-billion tech start-up.

@TheGo4live 4 жыл бұрын

@G P yeah cuz their job is to create jobs for the rat race people

@diodoruscronus 4 жыл бұрын

when a company focuses on coffee mug production, it deserves to go under.. I've got one at home to remind me to never be a mug.

@danielclarke5743 3 жыл бұрын

lol watching this in 2020. COVID was probably the final nail in the coffin for wework

@SimonG3 3 жыл бұрын

It's actually potentially going to help them... companies want 'flex' office space

@nittojoe136 3 жыл бұрын

You look creepy, especially with your short off bruv

@neofromthewarnerbrothersic145 3 жыл бұрын

Adam Neumann's WeWork failed long before Covid. Rebekah Neumann was the true downfall. Got a little bit of money to build the company, little bit of hype, and suddenly felt like they were going to take over the whole world and turn it into a new age spiritual utopia. Complete delusions of grandeur. Highly recommend the doc that just came out on Hulu, shows just how batshit they both were.

@storytimewithunclekumaran5004 3 жыл бұрын

Adam was the nail in it...

@everythingtechpro007 3 жыл бұрын

lol.

@JanitorIsBack 4 жыл бұрын

Adam Neumann talking about working but really never worked in his life should have been a sign

@braing6841 4 жыл бұрын

JanitorIsBack 😆

@donny83 4 жыл бұрын

@Cosmonauteable Yeah he's loaded... He trademarked 'We...' and sold it back to the company at $5.9 million. Totally not sketchy or anything /s

@SoDodgy 4 жыл бұрын

@@donny83 "Neumann will walk away with as much as $US1.2 billion as well as a $US500 million credit line from SoftBank, after it pushed him out"

@michaelambrose 4 жыл бұрын

JanitorIsBack Thats a pretty ignorant thing to say.

@maman89 4 жыл бұрын

Sick burn. Too bad that prick is not in prison for fraud.

@SuperKillaki 4 жыл бұрын

I remember going to their annual 3 day Summer party in the UK back in 2017. It was extravagant as expected. The first WeWork employee I met was a bit tipsy, said hello and then proceeded with "Our CEO smokes weed...how awesome is that." It was at that point I knew...

@Jacob32905 4 жыл бұрын

I saw his face and heard the first three words out of his mouth. It was at that point I knew ....

@karladrianaguro9128 4 жыл бұрын

This is really great content. I was baffled as and couldn't find a comprehensive explanation about this topic and glad to have stumbled this video. More of this, please!

@politicalwatchglobal3509 4 жыл бұрын

Great video, thank you for this Bloomberg. Please keep content like this coming!

@xAckarax 4 жыл бұрын

"when you don't earn your money you don't respect it" is what I hear people say.

@ayanned 4 жыл бұрын

ain't that obvious to see from those elites spending all limitless from money taken off from the people who really worked their ass off of EARN meager amount of money

@kwaichangcaine8234 4 жыл бұрын

Yeah I see it all the time when people don't actually earn the money they don't appreciate the value of a dollar from ex wife to children to people who have inherited money they just waste and blow the hard earned money of other people till it's all gone

@avamasquerade 4 жыл бұрын

Fast money goes fast.

@CrydonPT 4 жыл бұрын

Easy come easy go

@buzzikea 4 жыл бұрын

@@CrydonPT is what it's called.

@SHINNBUCKED 4 жыл бұрын

Charles Ponzi would be proud of these characters.

@BerylWalubengoAnyitiNanyama 4 жыл бұрын

Charles Ponzi reincarnated

@dieselscience 4 жыл бұрын

I still can't believe all the 'smart' people who gave their money to a man named "Made Off."

@F15ElectricEagle 4 жыл бұрын

Ponzi?... Amateur!

@FourDollaRacing 4 жыл бұрын

Not a Ponzi; but, rather a Pyramid. The initial stakeholders will be slightly less screwed when the scheme collapses....

@garyoakham9723 4 жыл бұрын

Obama would be proud. None of these people voted for trump. All liberals

@picklepie5127 3 жыл бұрын

I guess WeWork might be appealing for extroverts, but introverts? Hell no

@ohmthenizer8984 6 ай бұрын

I am a digital nomad working in Bangkok and I have not repeatedly sat in the co-working space since 2020, because of COVID-19. Today's workplace is a cafe, hotel, restaurant, or anywhere else that has WiFi. Where am I working today? Mangrove, the riverfront cafe and restaurant in Amphawa, Samutsongkram.

@doubleeeeeee 4 жыл бұрын

It's always disgusting when a company tries to frame itself as a "family".

@bforty79 4 жыл бұрын

Absolutely. What other words are they going to bend the meanings of?

@junkersintutus4282 4 жыл бұрын

@@bforty79 ALL THE WORDS!!! Expropriate the expropriators!!!

@ZingsVideos 4 жыл бұрын

It's a friendly way of telling employees to work hard for the company while receiving less in return.

@ernestoyounes2946 4 жыл бұрын

exactly! this company tries to sell their gimmick by forming themself as a "family", all it does is making me cringe. When i work i still call my company a corporate, a business, not a family. A family is something that always has a bond with you since you were little, those that actually cares about you, not like company where they tries to backstab you everytime you make a mistake, those two-faced motherfuckers.

@MaxairEngineering 4 жыл бұрын

Big Bob FB: “friend”

@martincireg3862 4 жыл бұрын

I always get the feeling of throwing up, when I here a company wants to become my family.

@lauritammi4598 2 жыл бұрын

This is a brilliantly made documentary about WeWork’s rise and fall - and what it tells about the tech & startup world.

@fredgalaxy7632 3 жыл бұрын

In my area , I saw a wework venue open . 3 months later it closed down, now it's open as some sort of charity shop.

@phani8489 4 жыл бұрын

"The first mouse to chase the cheese is the one that gets caught in the trap" This is gold.

@lucasbleme1337 4 жыл бұрын

Or the one that eats the whole cheese (?)

@tattabox 4 жыл бұрын

@@lucasbleme1337 One outcome is true 100% of the times, while the other is only a possibility.

@tattabox 4 жыл бұрын

@@SadamYT It seems you don't understand. Let's start with the word "outcome". What are the outcomes here? Either the mouse gets caught in the trap or eats all the cheese. The first outcome is always true. A mouse that gets caught is always caught regardless of whether it ate or not the whole cheese. However, to have eaten all or just part of the cheese is not dependent on getting caught. See how your argumentation is just flawed?

@fetchstixRHD 4 жыл бұрын

SadamYT: You’ve made the assumption that those options are mutually exclusive outcomes...

@programSense 4 жыл бұрын

@@tattabox cut your losses kid

@finnkrogstad2541 4 жыл бұрын

The video goes over 13 minutes without once saying the word 'fraud'.

@Pongsk128 4 жыл бұрын

Finn Krogstad because it’s not

@soupforare 4 жыл бұрын

@@Pongsk128 banksters reporting on banksters yolked by laws written by and passed by/for banksters. Indeed only by the letter of this law is it not.

@mishael7863 4 жыл бұрын

@@soupforare it's just overvalued the business itself is not fraudulent

@MHiggins 4 жыл бұрын

Finn Krogstad I agree. There is another example of this which is Theranos and Elizabeth Holmes.

@Acast009 4 жыл бұрын

@@mishael7863 "Renting" your logo to the company at 5.9mil is a gray areas especially if the investors didnt sign off - but who knows we had to see what the SPA/SHA looked like. Soft Bank probably didnt even want anymore scandal either at risk of losing even more - just let him walk with that money, move forward.

@SnideImpact 4 жыл бұрын

I'd love a video where Ellen or someone from Bloomberg explained in-depth the appropriate controls a business should have before an IPO, with more examples.

@joelgrosschmidt5507 4 жыл бұрын

This is such a great analogy for our generation

@Bamieater 4 жыл бұрын

My startup rented office space at WeWork in the early days and I already wondered how the business model could be profitable. WeWork more than often provided lunches, holiday presents, and not to mention all the free beer from the bars available on every floor. Every Friday a big party was thrown with tons of snacks, all the beer kegs being emptied and a lot of happy tenants as a result. People were even dancing on the tables. The vibe was awesome, I've met amazing people and I have really nice memories to an exciting time. Next to that, my company had really affordable office space.

@xubarney1326 Жыл бұрын

hahahaha he is a philanthropist it turns out

@doodlebug1820 5 ай бұрын

Yeah i think people focus on the fraud and forget how this could have been a solution to the loneliness epidemic

@mohitkapoor4615 4 жыл бұрын

Adam was a very smart hustler, he played with investor money and got millions to exit.

@JamesWelbes 4 жыл бұрын

*billions

@allanhouston22 4 жыл бұрын

Adam has a hustler background

@dextermorgan2353 4 жыл бұрын

1.3billion man ,not millions

@Aroncare 4 жыл бұрын

Exactly, i think that was his plan all along, he just took vantagr of all the media app, boom

@KalifragilisticKev 4 жыл бұрын

$7 billion

@sinebar 2 жыл бұрын

"No adults in the room". Exactly! I'm only 25 but even I can see that just from watching the movie. But investors are partly to blame too. Too often they just throw cash at a startup with a catchy name and takes their chances. That's risky to say the least.

@west4coast77 4 жыл бұрын

Excellent reporting and production.Kudos all. (Holy crap! What a story).

@corbinbrown2624 4 жыл бұрын

I like how a woman in this video called it a “cult.” No wonder pyramid schemes love these places.

@commandercaptain4664 4 жыл бұрын

@Darius Kang The Japanese manufacturers I worked for that act EXACTLY like this. Sometimes the branch manager or national officer would drop in (with his yes men), inspect the workforce (beyond lunch breaks), and "encourage" applause and attention to his inspirationals during required briefings. I looked around the room, seeing almost everyone NOT BUYING IT (there's always one stooge clapping like an idiot). It was glorious.

@user-pc7ef5sb6x 4 жыл бұрын

Liberalism is a cult, yes.

@WestCoastAce27 3 жыл бұрын

The Hulu documentary goes into that in detail. Some amazing stories.

@vz-v 4 жыл бұрын

*Sunk cost fallacy:* We're done. *Softbank:* Hold my 9 Billion.

@valenciaburnette3949 2 жыл бұрын

Really interesting content. Thanks for the video. I can say that I've heard of companies not being able to lay off their employees...severance pay would be too high. Happens in my country and then the Government has to step in to help.

@kyondance 4 жыл бұрын

I got to talk with one of the talent team of WeWork in Japan at their office but everything was so off and I couldn’t even get a slight idea of what they are doing, how they are different and what business model they are based on.

@SirMangoMantango 4 жыл бұрын

My local WeWork was just filled with very young adults that had recieved money from their parents to try and run a start-up. For most of them it seemed to be about being an entrepreneur, not actually growing all their niche webshops.

@Opinlinz 4 жыл бұрын

So basically it was a Starbucks that people paid rental space for 🤔

@michaelambrose 4 жыл бұрын

OpenLinz You haven’t worked from a coworking space before have you?

@namenotfound8747 4 жыл бұрын

We have unlimited beer on the tap too. At least where I go at least. I would say more of a Starbucks the you need to pay to enter, but you always have a spot to sit at. Coffee is okay. People are generally alright. I work in healthcare, not there to make a start up, but like the atmosphere. and I get my work done, study in peace, don't have deal with homeless people being loud, and it helps me stay on track with what I need to do.

@MrEeeaddict 4 жыл бұрын

@@michaelambrose No, I'm a grown up and can happily work from a library or starbucks and not pay 1/3rd of what it costs to rent an apartment

@michaelambrose 4 жыл бұрын

MrEeeaddict Grown ups don’t work from “Starbucks and library’s” 😂😂😂

@Opinlinz 4 жыл бұрын

@@michaelambrose Before WeWorks came along that's exactly what Grown ups were doing; working from Starbucks and libraries. You might want to look up history and see all the scientists who spent hours upon hours working in libraries for research. Or we could look at entrepreneurs who spent hours in Starbucks going over their plans for a larger enterprise. Stop acting like this is some new invention that is beyond understanding. I've had meetings in coworking spaces before because my agent had one. It was nothing special

@chewyluigi 3 жыл бұрын

This was the video that got me interested in the wework story and is probably the summary of the hulu wework doc.

@jakedoc4610 4 жыл бұрын

whenever i hear "The fundamentals" remain strong, you know things are f'd up to the nth degree. remember when they said that in 2008, right before the great recession started.

@glowingunknown5625 2 жыл бұрын

"As long as the foundations remain strong .... " Korg *Asgard blows up in the background*

@ozzyfromspace 4 жыл бұрын

3:25 WeWork's $10B valuation happened when it had 23,000 customers paying as little as $45/month. Can investors not do basic math?! That's about $12M/year. Assume the average is 5X higher by magic, that's only $60M/year. Even at this crazy level, revenue of $60M/year would imply a 166X valuation. Further, if an investor puts money into a startup for some post money valuation, said investor hopes it'll go up 3-10X depending on stage, so they were implicitly saying, "Oh, don't worry. WeWork's gonna grow their revenue 500X to 1660X." Ignoring all this craziness and investing anyway shows how out of touch with reality private startups & investors have become. The great thing about WeWork is it was a vigorous reminder to investors that growth isn't everything, and that sound underlying economics are King. Hopefully we'll start to see companies that have given their business models more than a glance.

@SerBallister 4 жыл бұрын

I don't think these investors will survive long in the investment world. Economic Darwinism in action.

@sharefactor 4 жыл бұрын

@Float Too bad for you the revenue is GIVEN IN THIS VIDEO at 7:23 . It's 1,8 billion. Not 0,06 like you guesstimated.

@bliz85 4 жыл бұрын

@@sharefactor still, the valuation of 47B is 26 times 1.8B, and that's assuming the revenue is magically all profit. Assuming things are linear, they need to increase the number of customers from 0.5M to 13M. A googled estimate puts the global coworkers at 3M. I'm not an economist, real estate or business person, but it seems like crazy numbers.

@douginorlando6260 4 жыл бұрын

Float Circuit They invested based on the bigger fool theory ... not on the fundamentals

@danlightened 4 жыл бұрын

@@douginorlando6260 Ah, exactly!

@D_HongKongVideos 4 жыл бұрын

Everyone talks about the ceo but no one talks about SoftBank’s wrong vision of the company.

@PedroSilva-re6ck 4 жыл бұрын

The bigger picture is even scarier... how soft bank has this huge ammount of money to bet in this bs idea?

@cxMLG 4 жыл бұрын

All the cocaine changes perspective

@lostinthelookingglas 4 жыл бұрын

SoftBank is run by people with money to burn. Their philosophy is to throw money at anybody who asks. They want to lower the barrier to entry for small companies.

@PedroSilva-re6ck 4 жыл бұрын

@@lostinthelookingglas central banks trying to estimulate the economy and failing miserably...

@soulscanner66 4 жыл бұрын

@@PedroSilva-re6ck When you have that amount of money, you bet on 9 bs ideas to find one that will give you a 1000% return and keep your shareholders pockets stuffed. You then create a monopoly with that company to keep the cash streaming in while you screw your customers. If you're the Wework guy, you're skimming off enough of that pile in salary to set you up for life before the company goes tits up.

@bcnicholas123 3 жыл бұрын

I don’t think it’s a particularly bad idea. It was just executed by a swindler who made it look more exciting than it was

@aurimasmaldzius5345 2 жыл бұрын

youre half right, that swindler did make it exciting and it really was exciting but that excitement spent all of that money haha, theyre coming back now bit by bit, suddenly everyone is coming to WeWork when its not smart to take an office lease for 10+ years in fear of another pandemic or war

@Katy809RD 2 жыл бұрын

I interviewed for this company and wanted to work there so badly. They rejected me and now I am happy they did.

@cybertrk 4 жыл бұрын

"Oh man, I lost 3bn... better cash out and vote myself out as CEO so someone else can handle this pile of turds"

@arcadion448 4 жыл бұрын

"Exponential growth" in everything except the one thing that mattered...profit.

@raggedcritical 4 жыл бұрын

Yeah, this pretty much. When building an Internet startup there's a sense that it has to grow to global scale right away or else a bigger competitor will come along and swallow them so they blow billions of dollars growing without finding out if there's an actual market for the thing they're growing. In WeWork's case it should have been obvious to all that there wasn't - it's co-working. There's no special sauce there, no special technology, no patents, no IP, no meaningful network effect, nothing stopping anyone from just setting up shop down the street. Just Neumann blowing neo-new-age smoke up everyone's ass.

@gvasilyev84 4 жыл бұрын

I disagree - Neumann profited quite a lot, actually, "and that, kids, is what really matters".

@ankitdixit6389 4 жыл бұрын

amazon ecommerce has still not made profit. lets get realistic. Profit doesnt matter growth does.

@arcadion448 4 жыл бұрын

@@ankitdixit6389, you're stupid. It's a matter of public record that from 2016-2018, Amazon MADE net profits of $2.3B, $3.0B, and $10.3B. Amazon may be more than just an eCommerce company with AWS now, but they're profitable.

@arcadion448 4 жыл бұрын

@Tradin War Stories, Liberal Snowflake. Go invest in another WeWork.

@drew9312 Жыл бұрын

Excellent documentary- thank you Bloomberg

@feliciacarty2673 4 жыл бұрын

Whatever the clicking is in the soundtrack, when it happens, I can feel it in the back of my head.

@mohammedhussain6749 4 жыл бұрын

TBH the way wework advertises their space looks more like it’s a university study area not a place of work.

@thatdude034 4 жыл бұрын

Their target costumers are aspiring entrepreneurs coming out of college/uni so it kinda makes sence..

@crimsonstrykr 3 жыл бұрын

@depressed cockroach Thats the thing! Their business model is nonsense!

@ThePerimeters 4 жыл бұрын

"They felt drained afterwards..." that's what narcissism does once it's done with it's victims then happily moves on with the goods.

@reservedartist1141 4 жыл бұрын

.....moves on to the next victim

@krishanumukherjee2499 3 жыл бұрын

It is a very nice analysis for the case study of the rise and fall of WeWork .

@AY-ln1mk 2 жыл бұрын

Interesting.. In my relatively short experience with startups I encountered 2 that failed, and both couldn't afford the severance and/or payroll. It seems to be a very common situation, which is both intellectually comprehensible and common in the real world.

@4793bigdaddy 4 жыл бұрын

Watched the whole thing and still no clue what WeWork is or does.

@TonyRule 4 жыл бұрын

They lease large commercial real estate then sublet it at various tiers to others on a casual or subscription basis while providing amenities.

@David-sq2en 4 жыл бұрын

People that can't afford to have an office pay a subscription and they get time shared office space.

@TonyRule 4 жыл бұрын

@@David-sq2en It's not always simply a question of whether they can afford it. Not everyone needs a full-time office.

@David-sq2en 4 жыл бұрын

@@TonyRule If you put it that way then... Nobody needs a full-time office.

@4793bigdaddy 4 жыл бұрын

@@David-sq2en Thanx for the reply.

@joseluki 4 жыл бұрын

The airbnb of offices... when you could just go to your local library to work.

@GeneDexterExperience 4 жыл бұрын

Or Starbucks

@marisaweiner783 4 жыл бұрын

José Luis WeWork user here! I work in a 30 person branch of a much larger company and we rent an entire room at the WeWork. It may be pricy for just one person to use a WeWork (Versus working somewhere else like a library or coffee shop as you pointed out) but it’s way cheaper for my company to put our small remote office in a WeWork versus renting an entire office. One of the benefits of WeWork this video didn’t highlight at all.

@JCizzleSoCal 4 жыл бұрын

Marisa Weiner Why not just all work remotely and meet virtually via Skye?

@shobvious 4 жыл бұрын

@@JCizzleSoCal Some clients want to meet you in person. If you are a sole proprietor or small company, having something like WeWork makes it possible to meet your clients in larger cities like NYC. You would never be able to rent office space to meet the occasional client where they want to meet otherwise. I had like one meeting per year, in NYC or Philly.

@unregisteredaccount6555 4 жыл бұрын

No VPN at the library, who are you allowing access to your clients and confidential information to.

@noahorakwue2653 4 жыл бұрын

My dad's startup had office space in wework for a while looks like he got out perfectly.

@MsAnnieBaker 3 жыл бұрын

My husband worked at one of these buildings in London, it was awesome! I was really intrigued by the bottomless beer offering....surely it couldn't be bottomless....???. Eventually WeWork cut it down to 4 beers per person per day...If you are only paying $48 a month for a desk that's an excellent return on investment!! Granted it was probably more than $48, I am pretty sure people filled their boots on the snacks!

@PirateTubeTV 4 жыл бұрын

Been in business since 2010 still call themselves a start up company.

@GlutesEnjoyer 4 жыл бұрын

Protip: if you go interview for a job and the company calls itself a startup even though it's 5 years old and has 2000 employees just walk out the door and don't look back

@EricZhouWu 4 жыл бұрын

@@GlutesEnjoyercan you explain why?

@retkimies 4 жыл бұрын

Technically it is not incorrect, many companies that have been in business for less than 10yrs call themselves startups. There is no definitive definition for it

@mesimesi2313 4 жыл бұрын

Yes, like Uber

@ZarkowsWorld 4 жыл бұрын

@@EricZhouWu Startups have low salaries, long work-hours, shitty managers (early in, not promoted due to skills) and can collapse any day due to trying to hit a super-growth phase while begging for lot of investor-money.

@migkillerphantom 4 жыл бұрын

Looks to me like Adam Neumann got exactly what he wanted from all this lol.

@mhjunky4278 4 жыл бұрын

no, I think he still got out with 1 billion $.

@OfficialYeat 4 жыл бұрын

@@mhjunky4278 thats plenty more than he started with mate

@FizzyGajing 4 жыл бұрын

@@OfficialYeat How much did he started 5 years-ish ago? There could a chance that his net worth plummeted slightly cause of WeWork.

@Jxc95 4 жыл бұрын

That’s what I’ve been saying all along.

@marcopolo2230 4 жыл бұрын

He’s still laughing every time he goes to the Bank you fools...That’s American Business for you....fire them all and take them money and run!!

@MrTechTok 2 жыл бұрын

Who’s here after watching “wecrashed” series?

@garyv3580 2 жыл бұрын

Watching this as I sit working at a WeWork location lol. Things are starting to pick up around here and fast. I see new people coming in every day. Mental sanity of work/life balance is going to start weighing on people as the walls of their homes start closing in on their mental state.

@puneetarorax 4 жыл бұрын

A startup I refused the offer from last year, cos they wanted to work in “coworking” space. No. Sorry. I need a desk and preferably a cabin. I need to think. Work isn’t daytime party. Work is a creative process, that which fires the engines of the company. If i needed to socialise, I’d go to a bar.

@stryyker9 4 жыл бұрын

avoid the agile culture.

@alanai1981 4 жыл бұрын

puneetarorax I KNOW THATS RIGHT

@alexandradonahoe4971 3 жыл бұрын

You said it. I'm the same way.

@lindazhang8004 2 жыл бұрын

lol

@shekhartripathi4300 2 жыл бұрын

Then you should sit at home.....and work , probably WFH is a better option for people like you !

@westechmedia4567 4 жыл бұрын

We tried 5 x times to open an office with Regus and they had such poor customer to the point that we spent six months waiting for a contract and the keys. In the end we found other offices. So one of the things Mark Dixon could do as CEO is actually try to speak and listen to his potential customers.

@hayktadevos 2 ай бұрын

Watched 13.5mins video, with no explanation on WHY this happened in first place, just like a mistery movie!

@ozioma 4 жыл бұрын

I love my time there! It’s an amazing space!

@lichi1244eva 4 жыл бұрын

I had a friend who worked for We Work for several years, until this past spring. She hated it and talked about the nonsense that would occur during their company outings and the rampant sexual harrassment that took place. She was so burned out and is so relieved she got out when she did.

@ThatKa5p3r Жыл бұрын

SEVERAL years?? "Got out when she did"?? Uhhh..... This is another reason why toxic companies like this get as far as they do, people not willing to stand up & say something right away...or just simply leave. People that work at some amazing game-changing/disruptor unicorn that put up with this kind of behavior & rampant greed & fraud because they think it's their only option boggle my mind. Apparently Kool-Aid is a helluva perk...

@billblaski9523 10 ай бұрын

Do u mean worked as they rented an office at one of those Wework buildings or actually worked for the WeWork company itself?

@lichi1244eva 10 ай бұрын

@billblaski9523 the company itself. She was one of their early hires and leveraged it to work for one of the FAANG

@a.gabbey5569 4 жыл бұрын

WeWork - Theranos' cousin, Enron's grandchild.

@PirateTubeTV 4 жыл бұрын

I was just thinking about it when I heard about this company. It's obviously Enron over fake inflated value company all over again. The former CEO and most of the people speaking in this video should be arrested for fraud.

@packergeek10 4 жыл бұрын

I thought about both companies in this video. The other thing that concerns me is how many other companies are in the same boat but are hanging on with investor money.

@MLennholm 4 жыл бұрын

I think that's a bit of an exaggeration honestly. Theranos never delivered the product they promised and lied about it when they realised they never would. Wework on the other hand has thousands of tenants who are perfectly happy with their office space. My company has its main office in a Wework place and we've successfully grown our business while enjoying the complimentary beer. So at least Wework has delivered the product they promised and as a customer that's all that matters to me, I couldn't care less what happens on the investor side of it. The day Wework folds, my company will just move on. If I had been a customer of Theranos, I wouldn't be quite as happy.

@danielmeech2418 4 жыл бұрын

Not quite theranos, but definitely a bit of Enron - no board oversight, buying crazy acquisitions to boost stock price, hiding losses from investors, trying to convince people the company is a "tech startup" even though it's all asset based and has huge overheads... List goes on.

@bazoozoo1186 4 жыл бұрын

Bloomberg tries to destroy the idea of venture capital. They want to see money flowing only through investment funds of theirs buddies into big corporates of yet another buddies. FUD stories.

@MultiPtest 4 жыл бұрын

I wish Bloomberg could adopt wsj's style videos and how they transition smoothly with music background keeps viewers locked. I could be wrong.

@kitcoffey7194 4 жыл бұрын

Tip, there's not this huge demand for co-working spaces. I'm available to consult.

@saulsavelis575 4 жыл бұрын

fund scientists not charlatans

@masterdriveroftoyotazupr4164 4 жыл бұрын

I agree, although there has been a lot of Science Philanthropy from big names like Stephen Schwarzman, Ted Stanley, Paul Allen and so on. We need to fund more of the younger scientist so they can afford to stay in the field. Most Scientist don't get their first federal grant until there 40's.

@halohaalo2583 4 жыл бұрын

@hytwoxy yup

@resmarted 4 жыл бұрын

Fund whomever you think is competent enough to give you a roi.

@resmarted 4 жыл бұрын

@American Pride how

@maxdondada 4 жыл бұрын

Saul Savelis Amen brother

@sakrokz 2 жыл бұрын

I own a co-working space putting all my savings into it and it's one of the worst decisions I've taken. The pandemic hit us badly.

@alexm566 2 жыл бұрын

did you open it before the pandemic?

@jamesc.7990 4 жыл бұрын

Nice presentation/reporting.

@interwebtubes 4 жыл бұрын

Emphasis on the word , “Cult like” ; The kool-Aid wore off, This company is a sham

@bestintentions6089 4 жыл бұрын

take a shower in own office, smoke a joint while walking around the office. dunning kruger his way to the moon.

@Bill-xx2yh 4 жыл бұрын

pavelzaitsev I would work there for sure.

@MarioMadness1 4 жыл бұрын

Pyramid scheme

@geraldshields9035 4 жыл бұрын

Maybe, but they should have not abused that VC money. When Masayoshi Son was talking about them expanding, they should have thought about making a profit.

@kicka11 4 жыл бұрын

That’s not a word, it’s a phrase.

@braing6841 4 жыл бұрын

They sold it... to investors. The investors just couldn’t hand the hot potato to some other over-enthusiastic investors!

@jaysonmaharaj8003 4 жыл бұрын

Nice analogy

@leshanjordan4577 4 жыл бұрын

Best comment.

@Evocatorum 4 жыл бұрын

Pump and Dump. This is the type of thing that you'd see in the OTC stock market.

@skierpage 4 жыл бұрын

@@Evocatorum except this is not a publicly traded company, so there are rules limiting who can invest to "sophisticated" investors and funds. To Softbank's credit/insanity, it didn't dump, instead it pumped $9.5 bn *more* into WeWork to keep it afloat only to see the valuation drop to $8 bn within months... ouch!! "We believe in this company... wait where is everyone else?"

@tinycakesbakery5097 4 жыл бұрын

Sad to hear this. Im a member. Yes they advertise as a tech company but its office space with a lot amenities, and resources. I love it there

@martinmoxham6042 6 ай бұрын

I find how we work managed to raise so much money given the lack of lack of originality in the concept of the business business centres and incubator units have existed for years

@rivkahlevi6117 4 жыл бұрын

How can you make a 13 minute video about wework and miss out the fact that Adam Neumann is walking away with $1.7bn?!?!?

@asst.professor7009 4 жыл бұрын

word.

@sav7568 4 жыл бұрын

I don't understand why Neumann's personal fortune wasn't locked down by a pile of loan guarantees.

@rivkahlevi6117 4 жыл бұрын

sav ikr. And they're still paying him $46m a year!!!!

@Jack-he8jv 4 жыл бұрын

@@sav7568 because its a corporation so hes not responsible for it.

@sav7568 4 жыл бұрын

@@Jack-he8jv e most certainly is responsible. Any lender to WeWork should insist on a guarantee from each director/shareholder. That is the normal thing.