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Japanese bank will pay WeWork ceo Neumann $2b to go away. (Payoff details are insane)
Posted on 10/22/19 at 12:16 pm
Posted on 10/22/19 at 12:16 pm
Wow, never seen anything like this he is getting paid to leave a company he destroyed.
If you recall WeWork was worth as much as $47B a few months ago and even valued as high as $100B by a few banks, today the Company will have to receive an $8B Bailout from SoftBank to avoid bankruptcy, all because of the decisions of outgoing CEO Adam Neumann.
Dont forget to mention that earlier this year Adam Neumann cashed out on $700m before their IPO that opened up a can of worms.
Here's some other stuff he did
Nothing wrong with this, but dont forget him getting a whole private jet and hotboxing the plane all the way to Israel with his friends
Here is the package he will receive from softbank.
How bad was the IPO going to be? If you invested $100 at the IPO date, you would have $17 right now.
Man SoftBank got suckered including their 30B+ investment in Uber, Yikes.
At least most of it is Saudi money.
If you recall WeWork was worth as much as $47B a few months ago and even valued as high as $100B by a few banks, today the Company will have to receive an $8B Bailout from SoftBank to avoid bankruptcy, all because of the decisions of outgoing CEO Adam Neumann.
Dont forget to mention that earlier this year Adam Neumann cashed out on $700m before their IPO that opened up a can of worms.
Here's some other stuff he did
quote:
- Adam (founder) has lease agreements with WE where he's earning $250m from properties he owns! - The company has loaned him $30m+ dollars since 2013 at 0.64% APR, enabling him to re-invest! - $500m loan using... stock at collateral!
quote:
The S-1 form notes that Adam “currently has a line of credit of up to $500 million with UBS AG, Stamford Branch, JPMorgan Chase Bank, N.A. and Credit Suisse AG, New York Branch, of which approximately $380 million principal amount was outstanding as of July 31, 2019.”
quote:
The founder renamed his company from WeWork to We Company and paid himself $5.9M for the trademark because his personal holding company was already called We Holdings.
Nothing wrong with this, but dont forget him getting a whole private jet and hotboxing the plane all the way to Israel with his friends
Here is the package he will receive from softbank.
quote:
Neumann will sell $1b worth of stock to SoftBank.
Neumann will receive $185m consulting fee from SoftBank.
Softbank will extend $500m line of credit to Neumann
Neumann will receive $200m cash from SoftBank
How bad was the IPO going to be? If you invested $100 at the IPO date, you would have $17 right now.
Man SoftBank got suckered including their 30B+ investment in Uber, Yikes.
At least most of it is Saudi money.
This post was edited on 10/22/19 at 12:18 pm
16
Posted on 10/22/19 at 12:17 pm to agregime1
That what I call severance pay I could live with..
Posted on 10/22/19 at 12:18 pm to agregime1
I'll ruin a company for a 1/3rd that price.
Posted on 10/22/19 at 12:18 pm to agregime1
i honestly think WeWork will be the inflection point on the tech bubble
This post was edited on 10/22/19 at 12:18 pm
Posted on 10/22/19 at 12:19 pm to agregime1
quote:
Neumann will sell $1b worth of stock to SoftBank.
Neumann will receive $185m consulting fee from SoftBank.
Softbank will extend $500m line of credit to Neumann
Neumann will receive $200m cash from SoftBank
Posted on 10/22/19 at 12:20 pm to SlowFlowPro
Steve Eisman aka Mark Baum (Steve Carrell in the Big Short) thinks it’s Zillow.
Posted on 10/22/19 at 12:20 pm to SlowFlowPro
Softbank will lose their arse on this. Other than alibaba I don't think they have done very well.
Posted on 10/22/19 at 12:20 pm to SlowFlowPro
Someone explain to me what’s so special about WeWork
I hear the name or see the name all over here in the Bay
I hear the name or see the name all over here in the Bay
Posted on 10/22/19 at 12:21 pm to agregime1
A lot of holes in the desert
A lot of problems buried in those holes
A lot of problems buried in those holes
Posted on 10/22/19 at 12:22 pm to SuperSaint
A safe space to work remotely from. Lavender infused rooms and other odd shite.
Posted on 10/22/19 at 12:25 pm to SuperSaint
The idea was a good one but like Zillow they strayed far from the original idea.
WeWork was meant to be a working space for freelancers, contractors, and others who didn’t have a permanent office space. However it grew too fast and basically became a gigantic real estate company that holds way too many buildings (and is essentially paying mortgages on them).
Any real estate bubble in the next 5 years could kill the company.
WeWork was meant to be a working space for freelancers, contractors, and others who didn’t have a permanent office space. However it grew too fast and basically became a gigantic real estate company that holds way too many buildings (and is essentially paying mortgages on them).
Any real estate bubble in the next 5 years could kill the company.
Posted on 10/22/19 at 12:29 pm to Keys Open Doors
Oh I got you
Yes the bubble here in SF is insane. I just don’t see how it’s sustainable but it seems like people have been screaming that here did a decade but it’s defied the odds annually
Yes the bubble here in SF is insane. I just don’t see how it’s sustainable but it seems like people have been screaming that here did a decade but it’s defied the odds annually
Posted on 10/22/19 at 12:29 pm to SlowFlowPro
The fact that WeWork is considered a technology company is laughable. They're no different than Regus, minus the huckster front man, and their core business isn’t technology at all.
The same can be said for Netflix too. It’s just a streaming movie service whose best content belongs to Disney.
The same can be said for Netflix too. It’s just a streaming movie service whose best content belongs to Disney.
Posted on 10/22/19 at 12:31 pm to Keys Open Doors
Zillow's IPO was a LONG time ago and things have kept on chugging along
WeWork is a disaster and there have to be countless examples on smaller scale similar to Waitr. it's just to much.
even the successful companies still aren't profitable, by and large
WeWork is a disaster and there have to be countless examples on smaller scale similar to Waitr. it's just to much.
even the successful companies still aren't profitable, by and large
Posted on 10/22/19 at 12:33 pm to Keys Open Doors
And they were able to raise capital at a tech valuation, which is insane, when the company was always a real estate company with a web app.
The founder was always a complete nutjob also and was self dealing. He had trademarked "we" and was licensing it to the company for millions of dollars
There's a long WSJ article about him, which is amazing LINK
The founder was always a complete nutjob also and was self dealing. He had trademarked "we" and was licensing it to the company for millions of dollars
There's a long WSJ article about him, which is amazing LINK
Posted on 10/22/19 at 12:33 pm to Keys Open Doors
WeWork doesn’t own buildings, they lease space and have vastly overpaid for these leases in hot real estate markets and cannot sublease at a profit.
They do the exact same thing as Regus but they do it at a loss and target the hipster market.
They do the exact same thing as Regus but they do it at a loss and target the hipster market.
Posted on 10/22/19 at 12:33 pm to SlowFlowPro
I havent followed much financial news as of late but has Uber and amazon ever decide to start turning a profit for share holders?
Posted on 10/22/19 at 12:34 pm to SuperSaint
quote:naaaaa
has Uber and amazon ever decide to start turning a profit for share holders?
Profit ovr8d
Posted on 10/22/19 at 12:35 pm to SuperSaint
i think Amazon has started to turn a profit the past 2 years or so
i don't think Uber is anywhere close
i don't think Uber is anywhere close
Posted on 10/22/19 at 12:36 pm to Rouge
Amazon is profitable, mostly driven by AWS.
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