Incredibly hard hitting cuts, hopefully they yacht is spared at least
You know things have really hit rock bottom when the private jet has to go.
I'm a member at WeWork in Brooklyn - personally I think they could use more staff. Our community manager told me her inbox is flooded w/ "tickets" from petty things about chair noise to room temperature. Overall, I like it here though.
Feels like they need to clean house at whoever invested billions in a company run by a guy embezzling and his in-laws.
>"Also out are some of the 10-plus staffers who worked directly with Mr. Neumann in a group that was referred to internally as the “oval office” and included some friends who worked on personal deals for him."
Wow so there were people on the We payroll that were being paid by We Co. to work on private deal's that only benefitted Adam and not We Co? The level of of greed and hubris involved in the We story is really incredible.
Wonder if they'll do tequila shots after the Jet leaves the building?
What's the utility of a private jet for an office space broker?
Why did they need the jet? Was it to swiftly fly startup founders around the world conveniently when they needed to attend something?
And to think that this mess nearly got listed :(
Amazing how quickly the WeWork brand has been demolished
> He will remain nonexecutive chairman of the New York company
Phew. At least they haven't lost him completely. /s
I am not even sure who to blame for all these shenanigans. The CEO or the people financing him?
And they always told me you couldn't party your way to the top. I could have had a private jet if I kept it up!
But what if I want to have a group, shared meeting in a private jet? Hardly forward thinking, WeWork!
That guy had it all, he was a year too late, he could have cashed out and bounced.
...and the wework obsession at HC continues
I've worked for CEOs like Adam, tho with way less access to cash. Ambition is good only if you can pull it off, otherwise like like the greatest warrior poet of our generation Dominic Toretto would say: it don't matter if it's by an inch or a mile, losing's losing.
This dude had a plan, had big energy, earned trust, spent like a king, and came up short some miles and inches. He was building We to be a holdings company since the late-2010's-era, a la Zuck with late-2010's-era Facebook or a la Mayer with mid-2010-era Yahoo.
This is what a WeWork tech stack would have been:
For construction: * Case - property development management software * Fieldlens ($12.6MM raised) - construction site management software
For space management: * Euclid ($43.6MM raised) - space tracking software * Welkio - lobby digital sign-in software * Waltz - digital lock software * SpaceIQ - office management software * Teem ($100MM buyout) - room booking software * Manage by Q - office vendor solution management software * Spacious ($9MM raised) - restaurant downtime
For business management: * Conductor - digital ads spam software * Unomy - sales marketing spam software
For training management: * Meetup ($200MM buyout) - event and group management software * Flatiron School - coding school * MissionU - fake college
For expansion: * Naked Hub ($400MM buyout) - Chinese wework clone * Spacemob - Singapore wework clone * The Wing ($32MM investment) - Women wework clone
For fun: * Wavegarden ($12MM investment)
All of this prob has been a $2B spend. But Steve Jobs he ain't with the integration so it's all loosely organized and disjointed. But Adam's at least Steve Job's esque enough to convince Ashton Kutcher to call all this pile of parts a tech behemoth.
Divesting all this will be a mistake.
Find a better CEO, get it all done.