I worked on a contract that was based out of a we work. Hated everything but the coffee in that place. I found out a few months later that they called themselves a tech company. I was like, but they just lease office space. That was in 2020, after the pandemic hit I knew it was just a matter of time, and here we are. I still don’t know what they saw in this to value it so high. Just goes to show that valuations are a whole bunch of bs.

"Who is the genius? The artist who created the painting or the salesman who sold it for $1 million dollars?" Irving Rosenfeld, American Hustle

I was a WeWork client in Colombia and in Costa Rica. The prices were way too high and the workspaces were often filled with snobs.

“We curate and create culture” Adam Neumann That’s a guy who really did sell a pipe dream

I worked for WeWork at the height of its existence. I had nothing but fond memories there. All food was paid for, all beer was paid for, and it was more of a playground than a work place. Lol

The golden era of scammers. The smart ones got away with billions of dollars to his name while the dumb ones found jail time (SBF).

Who knew that taking a long term lease and breaking them up into shorter leases was considered Tech? Also, it's a business that's been done long before and mostly with disastrous results. At least Uber came up with some fancy GPS monitoring.

he got really lucky with stepping down right before the pandemic and getting that severance

I’m actually surprised at how stupid these VC firms are. It’s the Theranos mindset. They aren’t as smart as they’d have you believe, gambling without any consequences.

"To elevate the world's consciousness" what a comedy 🤣

I am not surprised about WeWork filing for Bankruptcy, but by how so many investors thought its initial evaluation made any sense, given that an office lease business could never manage to provide such returns. I guess stamping a "tech" label on whatever startup these days is enough to secure crazy evaluations.

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

It goes from WeWork to WeSuck to WeBroke 😂😂😂😂😂

I’ve always heard of WSJ but I never took time to explore their content. This channel is so good! I love mini- docs on businesses rise & fall, stocks, random world events etc.

If a company can’t hold its valuation for over 15 years minimum… just consider it a volatile investment

Do I want to pay for a space and be surrounded by dozens of random noisy strangers instead of working from the privacy and comfort of my own home? That would be a hard 'NO'.

The coworking and gig economy stuff was clearly hyped up. None of those companies make any money. Anybody could see that they would up end just being a fart in the wind

He tried to market a office real estate company (which doesn't really 'produce' or 'revolutionize' anything) like a software company - which also didn't produce or revolutionize anything. Of course it failed.

The story is so much more than thus short clip. Watch the documentary...its wild

So now wework is wedon'twork?

I've watched a number of videos about this company and I still don't understand how this was supposed to be successful. I'm no business expert but it always seemed like a scam to me.

I don't understand how SoftBank didn't see that comming

He got $1 billion because he was so bad and it made sense to pay him to go away rather than stick with him. It was simply too late.

The offices were pretty cool. Loved that you could sit on various open-space floors and work. The phone booths were great for Zoom or other virtual meetings or when you didn’t feel like sitting in an open space or your designated office location. Also loved the all-day beer-on-tap 🍺 😂. Gonna miss that WeWork office a ton!!

Wow they had this video edited before they went bankrupt, wow!

a story of how greedy investors can always be duped by 1 fanatic.

It’ll be interesting to see if there’ll be any attempt to clawback some of that severance pay that Adam so richly un-deserved.

WeWork Files for Bankruptcy and I made WeWork's case my project in forensic accounting and got A+ I'm the only winner in term of Wework history

Common Desk in Dallas area is great which is a subsidiary of WeWork.

This was absolutely a scam. In fact, we had so many of these companies that were labeled as "tech" companies but were instead the opposite. This was the whole era of "disruption". Sigh!!!

When your expansion exceeds both need and demand you're gonna have a hard time.

Hoping to see a similar video about wsj some day soon.

I think it stills works very well en Europe since it's target consumers are digital nomads, here they have WeWork in all countries and flying from one country to another costs about 50 euros. What my friends do is they travel from one country to another and they can work from any WeWork office, it's very convenient for them. I only been to the one in Paris, my friend went to work there and took me along, we could see the Eiffel Tower from the rooftop, the place seemed cool and I stole a glass, one of those that says "always half full" I still have it hehe.

The remote working model kills it. Also I think its enter of barrier is too low might be another reason.

Maybe if Wework acted as a building rental marketplace, the story would be different. But wework instead takes the risk as a tenant rather than a market of tenants looking for a building to rent.

I am more convinced that when you look a certain way, it seems easier to swindle major companies out of money that could be used to invest in their infrastructure….rinse and repeat.

Thank you

Regus seems like a very successful and established player in this space. Id love to know how they compare.

That is a smart dude, create a company, overvalue it, get fired and collect $1 billion in severance. Company goes bust soon after.

Hes so happy about the Recession coming in, like hes super excited to be witnessing it.

can't imagine the noise

Well… I’m no Warren Buffet but when your CEO has an American Greed Episode…while you’re still in business, that ain’t a great sign. -To the point I thought the plane was headed toward the side of the mountain when I saw that episode. Was shocked when I saw this news😂😂😂 I was like “wait… the American Greed guy??” Wow.

Adam Nuemanns big break was finding a fellow traveler investor to value his company at 45 million dollars even though it was just an idea (that already existed) and had no assets or revenues.

is Wework's business really disruptive ? what stops office landlords go directly to the tenants in the same way as Wework?

I'm shooketh. More layoffs, though. So sad.

Whats sad about WeWork is their were ways to save it but they didn't adopt innovations. Old leadership and management consultants drove that company into the ground what a shame !

For a Bankrupt company WeWork had enough dough for a notable product placement in the new Michael Fassbender movie The Killer playing in theatres now and later dropping on Netflix on November 10. It is a great movie Fassbender will likely be nominated for a Best Actor Oscar in a tough awards season category this year.

Creating a coworking space is now the easiest business to set up. In my city they are all over the place. The business model is too easy for competitors. Back in the day, we only had Regus. Now every city has dozens of options. Not a fan of Regus, but they did it right. They serve the transient business traveller and have small, modest coworking spaces.

Still love wework more than 20+ locations in nyc alone, free breakfast and events all the time

The ipo prospectus was laughable. I ran.

I have my own company (small tech), and we are at WeWork. It was okay-ish initially, especially as I was bringing my dog to the office, but later it just went downhill. The desks are too small, and now and then, when I come to the office, I come home with knee pain, as I always hit my knee on the edge of the small container, which is located below the desk. Though, it's a cool and affordable approach when you are starting your business. What puzzles me the most is the capital they raised by selling that "tech company" story. That was funny to me back in 2018 when i signed for the first lease there. Tech is when you have the infrastructure to facilitate services and create value for the users. Having a website with an application form and sub-leasing property that belongs to someone else is far away from tech.

I nearly worked for a competitor way back before WeWork had started. They were expanding at a huge clip, but when I raised the question during my interviews about how matched LT liabilities with ST assets ( rent receivable ) they mentioned break clauses. The follow up question about how quickly they could break a lease, and source another office in the same city district got a lot of "eh, um" questions. I wasn't offered the job ( I would have taken it as they were paying well ).

Reminds me of Uber- something that is super useful and makes sense for customers, but not managed well at all.

there’s a wework here in Long Beach CA

The tables turned. For a change the investors loose out. Good for him.well played.

What a crazy story

saw this coming

I went to a training course in suburban Seattle held in a Regis (same concept as "WeWork"), and I wondered what all the high-tech buzz was about. I was simply attending training in a rented space. Nothing high-tech about that concept. Oh, yes, we were all computerized, and the amenities were nice -- but it was just furniture and haughty men and women strutting around looking "fabulous." 🤣

Part of a very important coin been talked about in the BCL

Super

“I work!” ~Ed Bassmaster

I thought they already declared bankruptcy before. This was a long time coming. ⌛️

Why rent out an office or desk when you can just work from your apartment? Cost of living is already sky high and when you've got your own room, just make the most of it. Why pay for someone else's place?

At its peak, I looked at Wework and kept thinking… this business doesn’t make sense, why do investors think this is a good idea? I thought maybe I don’t have that executive level forward thinking mindset hence I don’t see opportunities there. but hey here we are, listening to how this business is now bankrupt.

Still amazes me how they didn't see this.

One thing people should know is that a crash and bullish market provides equal high-yield potential, it's all about information and strategy application, I've seen folks make huge 7 figure profit in crashing market and pull it off much easily in bull market. Personally I’ve made over $310k in this year. There are lots of opportunities in the market, unfortunately people are not utilizing them.

During pandemic WeWork at home. After pandemic WeWork still work at home for some people. 😁

Isn’t this the second time?

Adam Neumann. Sam Bankman-Fried. Bernie Madoff. What is the running theme here?

Saw this coming from a mile away.

Whoever buys WeWork out of bankruptcy is going to get the bargain of the decade! The current shareholders who lost their money should claw it back from Adam Newman.

Mr. Neumann seems to be playing a finite game within an infinite game ☕ Gives me Vietnam flashbacks.

Adam is SBF of real estate. Surprised he was not tried!

When you talk about startup doom is frankly apparent for most of them.

VCs: We invest in founders, not businesses... Adam Neumann: I know...

but i am seeing wework from our client's books - they lease from wework

We Work No More

What a moment for Wework to file for bankruptcy 🍎

I don’t think the question should be how it became a penny stock, but how it ever got the valuations that it did. Regus had been doing the exact same thing for years, had more locations and was even profitable, but worth a fraction of WeWork? That should’ve alarmed people long ago

This is a good move. Now someone else can buy it and the bankruptcy allows them to renegotiate the lease. The landlords have no other option.

If you want to know how Neuman could fool so many people he met: He's really tall.

They wouldn't hire me. LOL. Thank you.

What does bankruptcy even mean anymore if business will just go on? Just steal money from investors and keep operating?

Won’t be missed !

How were they ever considered a tech company?

"desk rental giant" is wild

No wonder now i get commercials/ads about wework😅😂😂😂

In which year we work company fail ?

lets not forget the softbank vision fund investment which has even companies like apples money behind it XD

Many companies will follow suit with such business models. It's crazy how people buy into businesses that do not have any real bankable assets. We just assume that people who work in Silicon Valley are smarter than us when they simply just love to take crazy risks that often put lives at risk.

Sa mailad lang :D

Finally 😢

What I don't understand is why the stock exchanges let companies with no profits do IPO's with them. In the old days, you not only had to be profitable but had to show a track record of profitability to get on the exchange. And how many times are these supposed brilliant venture capitalists going to fall for these nerdy "tech" personalities like Adam Neumann, Elizabeth Holmes, or Sam Bankman-Fried?

This is satisfying to watch.. Sadly, there not done yet.. Like a bad tooth that needs to be pulled.

WeWork had no assets. I wasn't surprised

We build culture…… lol, please. Culture of any value is based on years, decades and often centuries of striving with one another.

WeWork agilely pivoted to WeQuit.

Remember The People at the Top of those Investment Firms Write themselves Fat Cheques for their Hard Work. 🤣🤣

I mean good job Newman, that's the lesson here.

Under chapter 11 bankruptcy they can now change their name to “WeBroke”