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Started By
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WeWork Cites ‘Substantial Doubt’ That It Can Stay in Business
Posted on 8/8/23 at 11:36 pm
Posted on 8/8/23 at 11:36 pm
Where have I seen this before?
The New York Times
quote:
WeWork, which lost billions of dollars building and operating a global empire of co-working spaces, warned investors on Tuesday that it might not be in business for much longer.
“Substantial doubt exists about the company’s ability to continue as a going concern,” the company said in a financial filing.
The New York Times
13
Posted on 8/8/23 at 11:43 pm to H2O Tiger
Dammit, AncientTiger got me in this and Lordstown Motors on the money board in 2021
Posted on 8/9/23 at 12:00 am to tigerpimpbot
These were on a huge upswing prior to Covid. I considered creating one. Guess the model just didn't recover. Glad I decided against it.
Posted on 8/9/23 at 12:21 am to Onyx Aggie
quote:
These were on a huge upswing prior to Covid.
They were talked about, and somewhat popular, but they were never making money.
quote:
WeWork has been on the brink before.
It nearly collapsed in 2019 after it failed to carry out an initial public offering. Then, it was bailed out by SoftBank, the Japanese conglomerate, which ended up becoming WeWork’s largest shareholder and a major creditor.
quote:
I considered creating one.
Be glad you didn't
Posted on 8/9/23 at 12:40 am to H2O Tiger
I honestly want to know, who uses these places? In the era of many people working from home, why would you leave your home to go work in an office that's not even the office of your employer?
Posted on 8/9/23 at 1:48 am to H2O Tiger
quote:
Be glad you didn't
I definitely am!
Posted on 8/9/23 at 3:05 am to H2O Tiger
Total bullshite from day one.
Posted on 8/9/23 at 3:46 am to tigerpimpbot
quote:
Lordstown
Ouch.
Posted on 8/9/23 at 3:52 am to H2O Tiger
The show about it on TV was called We Crashed when it would have been more accurately named He Crushed because the dude made out with billions.
Posted on 8/9/23 at 4:58 am to HubbaBubba
quote:
honestly want to know, who uses these places? In the era of many people working from home, why would you leave your home to go work in an office that's not even the office of your employer?
The company I work for used them a couple of years. Now we are 100% remote. The idea was it gave us an area to meet and work together. Plus host potential clients. We just used it less and less, so it didn't make sense to keep paying for it..
Posted on 8/9/23 at 5:09 am to Onyx Aggie
quote:
These were on a huge upswing prior to Covid. I considered creating one. Guess the model just didn't recover. Glad I decided against it.
It will be bought then rebranded but they may try this business venture again after more companies force people back in the office.
Posted on 8/9/23 at 5:14 am to HubbaBubba
WeWork convinced people they were tech when nobody cares if tech actually made money. Once purses started tightening and people cared about returns the writing was on the wall.
Posted on 8/9/23 at 5:19 am to H2O Tiger
I am considering starting a similar idea, for outdoors. Bring your lawnmowers to my yard, and use them here. Also considering a weedeater division. 
Posted on 8/9/23 at 6:11 am to H2O Tiger
Another company and its former CEO that grifted the public and private equity out of their cash…as soon as you read that they “ served beer and kombucha to build a sense of community” you know this thing was destined to fail. This whole movement where a company must build a sense of community is laughable. How about build a sense of revenue and positive earnings and pay your staff accordingly. In the end it’s about that deposit going in the bank each month not how much beer and Kombucha they give you. Then again maybe the beer is served to make you forget about their crappy business model.
Posted on 8/9/23 at 6:30 am to HubbaBubba
quote:
honestly want to know, who uses these places? In the era of many people working from home, why would you leave your home to go work in an office that's not even the office of your employer?
Either WeWork or another company similar not only did the individual work place but also marketed to growing business to have short term leases with them. It allowed places to grow and not sign a long term lease.
The idea was just the flexibility. A lot of people have roomates or family or just like to get out of their house to a quiet place. It’s not a terrible idea but they tried to grow it way too big way to fast.
Posted on 8/9/23 at 6:35 am to H2O Tiger
I've always thought their business model was genuinely retarded.
Relying on people who are self employed and working from home to pay you so they can come to your building to work is so stupid and no sustainable at all.
Why would anyone rent one of these spaces out?
Only customers that probably kept this place afloat is hipsters
Relying on people who are self employed and working from home to pay you so they can come to your building to work is so stupid and no sustainable at all.
Why would anyone rent one of these spaces out?
Only customers that probably kept this place afloat is hipsters
Posted on 8/9/23 at 6:37 am to Jcorye1
quote:
WeWork convinced people they were tech when nobody cares if tech actually made money. Once purses started tightening and people cared about returns the writing was on the wall.
That’s the most amazing thing. How they convinced people that basically a subleased office space company deserved a tech like valuation is completely insane.
It has absolutely none of the low variable cost model and other dynamics that can result in tremendous profitability once you reach a certain scale that you see in tech companies (at least theoretically in some cases). But here your margin was always limited as you had to lease and build out the space. Insanity. Also no barriers to entry and no proprietary IP or other similar assets.
Posted on 8/9/23 at 6:44 am to H2O Tiger
Don’t they own a ton of valuable real estate? They’ll do alright selling those assets.
Posted on 8/9/23 at 6:44 am to Koach K
quote:
Total bullshite from day one.
Posted on 8/9/23 at 6:49 am to TigersSEC2010
quote:
Don’t they own a ton of valuable real estate? They’ll do alright selling those assets.
To who? A lot of companies aren’t exactly looking to expand their office space right now. You may not be wrong, idk. But I’m not sure their assets are that great is all.
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