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(CNBC)   WeWork co-founder begins updating his resume   (cnbc.com) divider line
    More: Followup, WeWork cofounder Miguel McKelvey, Chief Technology Officer of the United States, Estate, Adam Neumann, Class action, Tender offer, last executives, Orders of magnitude  
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830 clicks; posted to Business » on 05 Jun 2020 at 10:01 PM (5 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook



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2020-06-05 11:28:04 PM  
Introducing their sister company, UsedToWork (tm)
 
2020-06-06 12:04:19 AM  
So it's a tech company with no employees that never made any money, right?
 
2020-06-06 2:08:50 AM  

HotIgneous Intruder: So it's a tech company with no employees that never made any money, right?


no, some employees siphoned off a healthy amount while the revenue flowed thru the company.

the company on the other hand...
 
2020-06-06 3:23:05 AM  
From $47 billion to $2 billion? Holy crap a goalie. Did they just stuff their pockets with gold dust every time they left work? Did they us dollar bills instead of toilet paper?

If I was an executive with a track record that malfeasant, I would also be leaving before Trump leaves office. Last guy in a corner office is gonna be in for one hell of an investigation once Biden has his regulators in place.
 
2020-06-06 6:50:07 AM  

HotIgneous Intruder: So it's a tech company with no employees that never made any money, right?


More like the Amway of commercial real estate. This guy was at the top of the pyramid. Everyone else got screwed.
 
2020-06-06 8:13:22 AM  

Another Government Employee: HotIgneous Intruder: So it's a tech company with no employees that never made any money, right?

More like the Amway of commercial real estate. This guy was at the top of the pyramid. Everyone else got screwed.


Adam Neumann talked up the company while knowing the risk.  He also took liberties with company property (private jet), bordering on embezzlement. SoftBank also knew the risk, it was obvious.  If a downturn in the economy occurred, WeWork was stuck with long term, expensive leases guaranteeing bankruptcy.  As we type, SoftBank is bleeding out cash paying for empty office spaces in New York, San Fran, and other pricey places.
On a society note, they also helped damage labor by promoting the idea of "gig" economy work for traditional office jobs.
There are rumors that SoftBank is laundering money, so they didn't mind the risk.  WeWork was the new Juicero or Theranos it just dealt in commercial leasing.
They can DIAF, and prosecutors should investigate Neumann and SoftBank for fraud.
 
2020-06-06 11:20:42 AM  

HotIgneous Intruder: So it's a tech company with no employees that never made any money, right?


It's a real estate company masquerading as a tech-company to attract investors with their buzzwords bullshiat.
I'm surprised they didn't fold yet due to the fact they were barely hanging on before COVID-19 and now people are even less likely to use their offices.
 
2020-06-06 1:37:04 PM  
Probably goes to show how easy it is to bullshiat people to a $50 billion valuation.

Maybe the stock market is completely full of shiat, WeWork being a prime example.
 
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