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re: Japanese bank will pay WeWork ceo Neumann $2b to go away. (Payoff details are insane)
Posted on 10/22/19 at 12:37 pm to SlowFlowPro
Posted on 10/22/19 at 12:37 pm to SlowFlowPro
That business model was so damn intriguing initially but now it’s getting absurd. I guess S long as you can keep talking Saudi royals into pouring good money into the scheme why not milk it
0
Posted on 10/22/19 at 12:42 pm to usc6158
My favorite part is how his wife, who I believe is related to Gwyneth Paltrow, was firing people because she didn’t like their “aura” based on 15 second interactions.
And then after they fired a ton of employees to cut costs, the CEO tried to raise morale by giving people tequila shots while Run DMC played a concert.
And then after they fired a ton of employees to cut costs, the CEO tried to raise morale by giving people tequila shots while Run DMC played a concert.
Posted on 10/22/19 at 12:43 pm to Keys Open Doors
I thought one of Run DMC was dead.
Posted on 10/22/19 at 12:44 pm to Keys Open Doors
quote:
My favorite part is how his wife, who I believe is related to Gwyneth Paltrow, was firing people because she didn’t like their “aura” based on 15 second interactions.
sounds like my kind of gal
Posted on 10/22/19 at 12:46 pm to agregime1
quote:
How bad was the IPO going to be? If you invested $100 at the IPO date, you would have $17 right now.
I bought $100 worth of Guinness. The beer, not the stock. I returned the empty bottles for the deposit and got $18. Better investment.
Posted on 10/22/19 at 12:48 pm to teke184
Their DJ was murdered in 2002 but the two rappers are alive and seem to be doing fine.
Posted on 10/22/19 at 12:58 pm to SlowFlowPro
quote:
i honestly think WeWork will be the inflection point on the tech bubble
But its not a tech company. I feel like I'm taking crazy pills.
They buy real estate, paint it hipster colors, and lease/sub-lease it out.
It's just a real estate company.
Posted on 10/22/19 at 12:59 pm to agregime1
Such an interesting story. WeWork is too big for their investors (banks) to allow them to fail. Entire buildings have been built to support WeWork offices in larger cities.
Almost pulled the trigger on an office in LA and NYC, and very glad I didn't. I've had meetings and worked from WeWork space in a few cities now - always a positive experience, but the sheer volume of offices in large cities always amazed me. They have 30+ locations in Los Angeles alone, some blocks from one another.
Definition of growing too big too fast, and cannot believe this guy is getting out as he is.
Almost pulled the trigger on an office in LA and NYC, and very glad I didn't. I've had meetings and worked from WeWork space in a few cities now - always a positive experience, but the sheer volume of offices in large cities always amazed me. They have 30+ locations in Los Angeles alone, some blocks from one another.
Definition of growing too big too fast, and cannot believe this guy is getting out as he is.
Posted on 10/22/19 at 1:05 pm to agregime1
This is a classic example of “owe the bank 1 million dollars and the bank owns you, owe the bank 500 million dollars and you own the bank”
Posted on 10/22/19 at 1:06 pm to TheCaterpillar
quote:
But its not a tech company.
it was valued/invested in as one
Posted on 10/22/19 at 1:09 pm to SlowFlowPro
quote:
it was valued/invested in as one
And I just don't get why
They have no proprietary technology. They don't sell technology. They sell temporary office space with wifi and rose pedal flavored toilet water.
It is a real estate company. Why hasn't the world realized this?
Posted on 10/22/19 at 1:11 pm to agregime1
I wish I could get paid to go away
Posted on 10/22/19 at 1:12 pm to SEClint
quote:
I wish I could get paid to go away
Yeah, I'd be really good at going away
Posted on 10/22/19 at 1:14 pm to TheCaterpillar
quote:
They buy real estate
quote:
They buy real estate
They generally don't buy it, with a few exceptions. They lease it at above market rents from usually legitimate office real estate operators. The have huge outfit demands and sublease the space out on short term leases to usually smaller firms (again, with some exceptions).
The idea is not a terrible one. The execution was an issue. The initial valuation and growth targets were catastrophic.
It's now a potentially systemic issue in places like NYC and SF where WeWork and affiliates are the biggest tenants in the city. If they go down, real estate owners (big $$ investors, REITs, etc) could take a big leasing hit.
This post was edited on 10/22/19 at 1:16 pm
Posted on 10/22/19 at 1:16 pm to TheCaterpillar
quote:
They have no proprietary technology. They don't sell technology. They sell temporary office space with wifi and rose pedal flavored toilet water.
It is a real estate company. Why hasn't the world realized this?
you're kind of proving my point
investors have been mystified by tech guru CEOs for 15 years now. it's gotten beyond useful or profitable into pure fantasy
once the cult-like veneer of confidence cracks, these stocks are revealed to be a flea circus and crash. we're out of good tech ideas and into things like WeWork being pushed as "tech" to convince people to invest in it
Posted on 10/22/19 at 1:19 pm to Crowknowsbest
quote:
They generally don't buy it, with a few exceptions.
You're right, my bad.
They're still a real estate sub-leasing company.
There are plenty of competitors in that space with a fraction of the valuation. WeWork just has this absurd momentum that is not founded on reality.
ETA:
I will admit I've used on of their spaces and it was pretty nice, but I still don't get the valuation. And apparently no one else does anymore either.
This post was edited on 10/22/19 at 1:21 pm
Posted on 10/22/19 at 1:25 pm to TheCaterpillar
quote:
They're still a real estate sub-leasing company.
There are plenty of competitors in that space with a fraction of the valuation. WeWork just has this absurd momentum that is not founded on reality.
ETA:
I will admit I've used on of their spaces and it was pretty nice, but I still don't get the valuation. And apparently no one else does anymore either.
Agreed on all of this.
As an aside, most institutional owners were limiting We's presence in their buildings to around 10% of square footage to limit systemic fallout should something happen. There's been skepticism in the industry for awhile.
Posted on 10/22/19 at 1:26 pm to TheCaterpillar
quote:I could make a career our of being paid to go away.
I wish I could get paid to go away
Yeah, I'd be really good at going away
Posted on 10/22/19 at 1:29 pm to Crow Pie
quote:
I could make a career our of being paid to go away.
It's called Charlie Weising
Posted on 10/22/19 at 1:30 pm to Crowknowsbest
quote:
It's now a potentially systemic issue in places like NYC and SF where WeWork and affiliates are the biggest tenants in the city. If they go down, real estate owners (big $$ investors, REITs, etc) could take a big leasing hit.
It's almost smart, they have ensured they won't be allowed to go bankrupt/fail - too many other parties who would be negatively affected.
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