How WeWork is nearing failure after a valuation of $47 billion in 2019
How WeWork is nearing failure after a valuation of $47 billion in 2019
Following WeWork's warning that it could be headed for bankruptcy, FOX Business gives a timeline of the long-suffering co-working company's years of troubles.
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Telework killed it since they were left with empty buildings.
Man, just terrible timing overall. If not for COVID, they could have pivoted into something a little more long lasting. But COVID just blindsided them, as it did many others.
If they had some more time they could have pivoted to supporting hybrid work for companies that have a geographically distributed work force. As much as I love working from home, there are some times when it's better to be in person, and WeWork could let people work hybrid without having to move across the country.
Yeah, and dynamically rent out spaces for single meetings and stuff if you want to go overseas to meet a client or something. This is what I initially thought it was for back when I first heard about it.
Imagine a team in some satellite office in India is having trouble with something, they ship out a specialist there to fix it, and they can rent out spaces from wework for meeting up and stuff.
Weren't they fumbling a sure thing, even before that? I thought they were slightly on fire by mid-2019.
Lol, no. It was alllllllllll fake the entire time. It's just that once the IPO had happened and the founder ran off with his billions, they really had to try to make this completely unworkable business model work
"In retrospect, Neumann’s knack for amassing billions of dollars in venture capital with no viable business model was one of the greatest scams of the twenty-first century."
He had WeWork renting the buildings from him, the founder of WeWork. That's some A+ grifting right there.
It sure did. Interesting model, but just not quite right.
There were other factors like investors treating it like a tech stock rather than real estate and wasteful spending, but companies moving to telework really killed it.
Yeah weren't they doing all this weird things to try and become the next big tech company even though their whole business model is essentially leasing?
Perfect example of a company that tried to go too big
I feel like they did that because a real estate leasing company would probably have a stricter dress code than a tech startup