WeWork, valued at $47B in 2019, files for Chapter 11 bankruptcy protection for its US and Canada locations, and reports liabilities ranging from $10B to $50B
The company reported liabilities ranging … Kritikopoulos Spiros : Today's diamonds may easily end up tomorrow's coal! Jerry Kallas : The company leases millions of square feet of office space in 777 locations around the world, according to its regulatory filings. Thomas Hadley : You mean to tell me lease duration arbitrage is not a $50B idea? David Kwok : For anyone who watched WeCrashed on Netflix or really for anyone who lived through social distancing during covid, this outcome will not come as a surprise. … Rashad Morton : See what happens when y'all don't come back to the office lol... Rick Lahkar : One day you're valued at $47 billion with a B. This valuation is done by the best of the best. Then a few years later you file for bankruptcy protection. … Yasir Shaikh : Renting Long and Subleasing Short," which left it “Exposed to Risk. Anukul Singh Mohan / Anukul Singh Mohan, PMP : Wishing WeWork a quick and strong rebound from chapter 11 — Firms exists because of high transaction cost of using the market. … Ryan Himmelreich : If a company worth $47B can file for bankruptcy...any company can. Seltzer Group Partners offers credit insurance and the real-time intelligence to avoid the losses & find the sales opportunities. … Simon Kesterlian / Simon Kesterlian, CFA : We(Didn't)Work — This is what happens when a business model can only work in a certain environment and that environment comes to a sudden end. … Dana Leonetti : A round of applause for all the white male-run “startups” that continue to excel! We could all learn something from them. #startup #greed 👏🏼 … Anessa Allen Santos / Anessa Allen Santos, JD : Remember when WeWork CEO Adam Neumann was hailed by Silicon Valley elites as some kind of genius? It was like they had never heard of Regus. … Peter Deans : WeWork was one of the startup boom's poster children. — It was however not so much a technology business, as a real estate play. … Forums: Hacker News : WeWork, once valued at $47B, files for bankruptcy r/economy : WeWork, once valued at $47 billion, files for bankruptcy r/business : WeWork, once valued at $47 billion, files for bankruptcy r/news : WeWork, once valued at $47 billion, files for bankruptcy r/popculturechat : WeWork, once valued at $47 billion, files for bankruptcy
WeWork, once valued at $47 billion, files for bankruptcy. This is why some folks don't want telework to become the norm. Because who will rent the office spaces the rich people own? 🤷🏻♂️ https://www.cnbc.com/...
... if Adam Neumann somehow buys back wework from bankruptcy with like 2% of the money he made selling his shares, sheds their crappy leases and makes it cashflow neutral, maybe he is some kind of genius afterall.
Lol Adam Neumann: the company's anticipated bankruptcy filing is disappointing. It has been challenging for me to watch from the sidelines since 2019 as WeWork has failed to take advantage of a product that is more relevant today than ever before.
Is there a more canonical example of “good product, bad balance sheet” than WeWork? $22bn in capital raised, and the only bit of that that's now worth anything is $2.1bn that Adam Neumann skimmed off the top [image]
What's crazy is that the WeWork founder, whom we all watched a documentary on Adam Neumann, last year raised $350 million for at the time a brand new startup. Talk about failing up.
WeWork's Adam Neumann was a guest at The Atlantic's Ideas Forum the same year the firm's market capitalization hit $47b. None of the journalists available to the Atlantic thought to ask Neumann to make that make sense. Oh well: “Womp, womp,” as they say.
I do love that FT now describes WeWork simply as a “desk renting business.” Son Masayoshi kept calling it a tech company and for years people went along with it.
Adam Neumann says impending bankruptcy “disappointing.” “Challenging for me to watch from the sidelines as WeWork failed to take advantage of a product that is more relevant today than ever.” Ch. 11 allows #WeWork to terminate leases early with little financial penalty in US/Can
Just because Masayoshi Son valued #WeWork at $47 billion does not mean it was worth that much just as FTX being valued by a few dozen clowns at $32 billion didn't make it so.