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I agree! But that doesn't make it factually untrue that WeWork disingenuously leverages those dreams to feed its growth. There's a reason why Simon Cowell was
by exogeny 9y ago
I agree!
But that doesn't make it factually untrue that WeWork disingenuously leverages those dreams to feed its growth. There's a reason why Simon Cowell was as compelling as he was: he was the only one who was actually honest with people when he told them that they were wasting their time pursuing their dreams of stardom. Everyone I've ever met associated with WeWork, comparably speaking, is Paula Abdul.
It's unsustainable - because a lot of the companies that are there, frankly, are losers and will churn out quickly - and they need to constantly refill the supply at the bottom of that pyramid. That supply is not infinite, and most certainly not at the rate they're expanding.
And again, the ultimate salient point here is that they've got orders of magnitude less property under management and yet they're trading at higher multiples than just about every other realty holding company.
It's bubblicious, bro. All the feel-good bullshit about wanting to disrupt the world doesn't change that.