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How Did WeWork’s Adam Neumann Build a $47B Company?
- mdorazio 7y agoCynical answer: he convinced VCs that his particular brand of shared office space was better than everyone else's, actual revenue be damned, and they believed him. That's it. Straight from the article: "Neumann declared that WeWork’s “valuation and size today are much more based on our energy and spirituality than it is on a multiple of revenue.”"
- thedudeabides5 7y agoAnyone know what revenue for the next largest coworking space is?
- phonon 7y agoYou mean "largest" :-) https://en.wikipedia.org/wiki/IWG_plc https://en.wikipedia.org/wiki/IWG_plc About $3 Billion in revenue, been around since 1989. Not considered hip, no glass partitions, but actually profitable.
- alasdair_ 7y agoYeah. I still don’t see why wework is meaningfully different to regus.
- GCA10 7y agoSo IWG plc, which has a British stock-market listing and does business mostly as Regus, had 2018 revenue of £2.5 billion and a current market cap of about £3 billion. It thus trades at about 1.2x annual revenue. WeWork's multiple is way higher.
- olivermarks 7y agoWeWorks multiple is irrelevant when it is losing money every quarter. This current era is redolent of the dying embers of the dot com boom - over leveraged loss makers trying to go public to pay back vast sums of borrowing from investors
- GCA10 7y agoThis gets tricky. Yes, some loss-making businesses never turn profitable. But others do (i.e. Amazon). And when it comes to real-estate companies, the rather goofy U.S. tax rules mean that even quite robust companies will engineer huge depreciation losses when they actually are doing fine. WeWork might still be way overvalued in the private markets. But it could also be a lot healthier than its reported losses.
- tshanmu 7y agoAFAIK, we work does not own the offices, they rent from another company owned by the CEO probably
- BubRoss 7y agoAmazon reinvested in itself to grow, it was losing money while building into a company worth more.
- ahartmetz 7y agoAND it was relatively easy to see that that was what was really happening, i.e. that they had the the choice to be profitable much earlier.
- cutenewt 7y agoI'm curious what Regus' take is on WeWork (i.e. strategy). In other words, did they start a hip new WeWork-killer? Attempt to compete on price? Have special retention marketing campaigns to stave off clients from going to WeWork.
- cangencer 7y agoSee https://www.spacesworks.com/ https://www.spacesworks.com/ which is basically Regus with a different brand name. I am using their co-working in Copenhagen since a few months and quite happy so far.
- eckmlj 7y agoInteresting, I did not know Spaces was under IWG! They are here in DC as well. Materially the office space is the same offering as WeWork, but there is a noticeably different vibe/sheen that is hard to pin down. Neither appeals to me as I find it hard to focus / get work done in coworking places like this, but WeWork just feels better executed / 'cooler' at first blush.
- cangencer 7y agoI've only been to WeWork in London, yes I agree the vibe is a little different. You could argue they're both faking it being hip but WeWork does a slightly more convincing job while Spaces feels bit more corporate. That said, I found the WeWork in London extremely noisy and tight compared to my current space. It might be just a side effect of real estate prices in respective cities, though.
- rexreed 7y agoI've been to that Spaces Noma in DC many times, and I immediately said to my coworker that it was a "cheap imitation of WeWork". The same entrepreneurs in glass cages concept, the same barista upfront, but without any real originality. I don't like the WeWork vibe but at least there's some original thought going into it. Spaces is just an imitation, but you know what, does it matter? From a business perspective, immitation is the sincerest form of flattery, even if it feels like a cheap imitation.
- avip 7y agoA more cynical (and arguably more accurate) answer would be "he didn't".
- wbronitsky 7y agoCame here to literally type "he didn't" thank you for doing it first!
- avip 7y agoThere are 3 ways to gain Karma in this place: be first, be smarter or cheat.
- wbronitsky 7y agoI'd also add "be pedantic, but use enough words to not be trite" but that would be a bit pedantic without being trite
- harryh 7y agoNow, I don't cheat. And although I like to think we have some pretty smart people in this message board, it sure is a hell of a lot easier to just be first.
- ikeyany 7y agoAlso "swing for low-hanging fruit, like vague I-told-you-so warnings whenever a security breach is disclosed".
- emiliobumachar 7y agoNot that I plan to try, but what do you mean by "cheating"?
- ikeyany 7y agoLogin with multiple usernames to upvote yourself. Pathetic? Perhaps. Effective? Also perhaps. Worth it? You be the judge [1]. [1] - https://en.wikipedia.org/wiki/Unidan https://en.wikipedia.org/wiki/Unidan
- enahs-sf 7y agowhat's the liquidation preference on their energy and spirituality?
- AnimalMuppet 7y agoTheir valuation is based on spirituality? Are they a business, or a church? I mean, they can actually be more valuable than other such companies if they get the ambience right. Maybe that's what he meant. But if they're referring to the ambience as "spirituality", I cannot take them seriously. [Edit: And if by "spirituality" they mean something besides ambience, I still cannot take them seriously.] If I had more faith in the market's rationality, I would short them as soon as they IPO...
- MegaButts 7y ago> If I had more faith in the market's rationality, I would short them as soon as they IPO... Total tangent, but how much of the stock market do you think is fair? By fair I mean abiding by SEC regulations (and other obvious laws, such as regular fraud), versus unfair where people are using insider trading, trying to influence a short, or even have some ulterior motive perhaps related to politics? Now I hope someone more knowledgeable than me chimes in with links to articles or papers, because I'd really love to learn more.
- AnimalMuppet 7y agoI said that the market might be irrational, not that it might be unfair. "Irrational" is values that are not based on a reasonable interpretation of the company's financial state and reasonably forseeable future. This is what I think is meant by the saying "The market can stay irrational longer than you can stay solvent." "Unfair" means corrupt, rigged, or otherwise dishonest. I wasn't suggesting that. But like you, I'd love to see the results if someone can measure it...
- OJFord 7y agoPresumably he meant 'spirit', but thought 'spirituality' sounded more elegant or whatever (despite not being synonymous).
- creaghpatr 7y ago>But if they're referring to the ambience as "spirituality", I cannot take them seriously. I dunno, the Catholic church is doing just fine in terms of revenues and real estate assets, and that's just one example. Then again, religious organizations get preferable tax treatment...maybe WeWork will eventually pivot to religion down the road.
- robertAngst 7y agoIn my lifetime we will learn if 'tech' companies are overvalued. The fact that my friend, a total casual, is investing in Tesla and Apple via Robin Hood has me concerned the market is inflated with dumb money.
- arcticbull 7y agoThe fact your friend is using a no-fee platform to invest in the second-most profitable company in the world paying out a reasonable dividend is problematic? I mean, I guess they could invest in SPY but Apple's been a solid 5-year outperform. Tesla's worth half what it was 6 months ago, so seems like a balance of risky and less-risky assets. Now Beyond Meat, well, that's a different story haha.
- exogeny 7y agoHe made investors believe in a non-sensical vision that is not rooted in any sort of financial or commercial reality in the middle of an insane bull market. Simple.
- warp_factor 7y agoYou got it slightly wrong: He made investors believe that there will be bigger more stupid investors that will eventually buy out the shares for a higher price than those investors. (Also, see Uber, Lyft and other ponzy scheme based companies)
- b_tterc_p 7y agoMaybe! That’s what happened. Is it his initial plan? Unclear. Results don’t proof intentions or even competence.
- anbop 7y agoBy taking an old stodgy business (commercial real estate) and bringing it in conformance with modern expectations of design, ease of transactions, lease length, and vibe. The real estate owners couldn’t be bothered to do this because they make too much money by doing nothing to bother with doing something for an extra $47b (a rounding error on the value of global commercial real estate) The huge fundraising rounds are an important part of this because the hype is important for making it seem like a cool place which is essential to the economics. Add in some founder god complex which is not really necessary or sufficient for a successful startup but does seem to be often present.
- empath75 7y agoThey're signing expensive long term leases and then renting them for the short term at a loss, which is like exactly the opposite of how it's supposed to work.
- harryh 7y agoTheir unit economics are positive, not negative.
- Barrin92 7y agowith a sufficiently creative definition of unit economics aka "community-adjusted EBITDA", sure. In the actual world, not so much.
- harryh 7y agoYou are confusing unit economic vs profitability. They are very different things. If I manufacture a widget for $1 and sell it for $.50 then my unit economics are negative and, unless I manage to either lower manufacturing costs or raise prices I am in trouble forever. If I manufacture a widget for $1 and sell it for $1.50 then my unit economics are positive. My company might still be unprofitable due to other expenses though (R&D, Marketing, whatever). This is the situation that WeWork is in.
- code4tee 7y agoValuation inflation / delusion only really matters if you’re the last one left holding the bag. So long as there’s someone else willing to buy the game continues for another round. When the music stops though things get real ugly real quick.
- espeed 7y agoValuation inflation / delusion only really matters if you’re the last one left holding the bag Not if you're positioned as too-big-to-fail [1] and can force a government bailout. [1] https://www.cbinsights.com/research/report/wework-strategy-teardown/ https://www.cbinsights.com/research/report/wework-strategy-t...
- manishsharan 7y agoShort Answer: he is riding the Gig economy just like Uber etc. Most viable businesses with a steady revenue stream can afford to rent office space and furnish it on their own. But the self employed folks -- the web designeers, SEM experts, and various other professionals without a steady employer need a place to work. For some, working from home is not an option due to regulation or family consideration etc. For most, working from a coffee shop is a very bad idea for various reason including ergonomics. WeWork fills this niche. Is this a $47B niche ? very unlikely .
- deleted 7y ago[deleted]
- netaustin 7y agoThe"real business" of WeWork et al seems to be selling an entrepreneurial vibe to big companies. Lots of folks in my distributed company work at WeWorks around the country, and most of their neighbors work for big companies. One of my colleagues is almost fully surrounded by a Dish Network call center. WeWork will even custom build for big customers — in fact, their Enterprise landing page is a good an index to their view of the future as anything: https://www.wework.com/enterprise https://www.wework.com/enterprise I think the Short Answer is that the solo renters are the sizzle and the Fortune 500 is the steak.
- secabeen 7y agoThe question is, why would a F500 company rent space from WeWork at a double-digit markup when they can do it themselves? This is not super hard or special stuff, and F500 companies need to do it enough that they can maintain the expertise. If the answer is "wework allows us to be elastic with real estate as our needs shift", then WeWork will be in for a lot of hurt at the next recession. If the answer is "we are using a lot more remote or geographically-diverse staffers, and WeWork allows us to have small office space available all over the world", they might do okay. The single-company WeWorks described in the article lean towards the former, though.
- 7y ago
- sharadov 7y agoI have the next billion-dollar business idea, an " Airbnb for coworking spaces". Convert your existing house to a co-working space. Looked at Wework, already pay too much for rent in the Bay area. I work from home, and would not mind the company. Got good coffee and great beer as well!
- cutenewt 7y agoHow much would you be willing to rent "a desk" each month?
- ChainOfFools 7y agoThis is actually a pretty good idea, I'd expect AirBnB doesn't attempt something along these lines in the next couple years.
- dpau 7y agomind blown. although i think you should focus on car garages and backyard sheds for that authentic start-up experience. for extra, clients can have their garage pre stocked with technical-looking equipment and stray wires hanging everywhere.
- sharadov 7y agoI thought at some point why not convert the garage, that way they're not bothering me. Would have cost me 10K tops to put an AC, nice flooring in the garage.
- 7y ago
- hdpq 7y agoI'll just go on the record to say that I think WeWork is the biggest deck of cards that is begging for a collapse. I've only been to a handful of locations, but they never seem busy and I'm not sure how they're making rent. Plus, not to mention, back in my day, when you did a startup and got funding from your rich uncle (not Uncle Rich), you grew your startup from your apartment, and when you outgrew that space, you got a bigger apartment. (ala Silicon Valley style) I dunno, I can't put my finger on it, but I think this whole thing is a massive game of charades...
- baxtr 7y agoThe ones I saw were very busy, and, filled by large corporates that wanted to be hip. I think for them value proposition is that they are able to hire some hipster people who don't want to work in the old buildings and also build some marketing stories around their "labs". That said, I "worked" in a WeWork for about 6 months and it was just terrible. Tiny offices, lots of visual distractions, lots of noise, many parties. I wouldn't ever do it again.
- onion2k 7y agoI don't think it's a matter of wanting to "be hip", but a case of recruiting being a huge problem for most companies. Renting out the 'cool' co-working spaces of WeWork probably isn't their long term goal. If BigCo has exhausted the talent in their city they have three options left: employ remote workers, pay people to relocate, or open satellite offices and pay a little more than then the local businesses to get people. WeWork is enabling the last option at scale. Renting managed office is a viable business model that's been happening for decades. Whether there's enough of a market to make WeWork work is another question, but there might be. Anecdotally, a large insurer recently opened a new office in my city here in the UK because they've had 40 open positions in their London office for years. They've already filled half those positions. They wouldn't have done that without renting a large office on a business park.
- winningcontinue 7y agoI don't understand why BigCo would ever go with the last option after talent exhaustion. The former two make way more sense.
- jshowa3 7y agoSounds like a cult to me. Next business idea. WeX. Just put We in front of every building name and get richer just from branding.
- alfiedotwtf 7y agoWeUber - Like UberPool, but everyone takes turns driving
- puranjay 7y agoMy WeWork has three kinds of clients. The first kind sit in the dedicated desk area, work 10-12 hours/day and rarely leave the space for community events. They're either serious consultants/freelancers or just starting their own startups. The second kind sit in the shared desk area and basically dick around all day. They attend all the community events and use WeWork as mostly a networking/dating hub. Who they network with, I have no clue. The third kind are companies with satellite offices in WeWork. GoDaddy works out of my space and has taken over an entire floor. Curiously, these are now the largest client type by far. Three floors in my space were earlier dedicated to independent workers and small startups. But now, WeWork opened three more floors of space, and of the six floors, four are occupied entirely by large companies.
- conanbatt 7y ago> But now, WeWork opened three more floors of space, and of the six floors, four are occupied entirely by large companies. This was interesting to me. I've seen wework turn corporate often. Startups are great candidates: they want to offer good offices and not worry about big moves, contract negotiations, get good branding, etc. But that is a small market..
- scarface74 7y agoYahoo also thought it was doing well when most of its profit was coming from unprofitable startups funded by VCs. Guess what happened when VCs stopped investing in startups in 2000?
- erik_seaberg 7y agoI will never forget hearing a software consulting shop had been around for 20 years until they picked too many customers who went under simultaneously.
- sharadov 7y agoIt's interesting that godaddy would opt for a wework rather than leasing office space and setting it up. Probably less cost and hassle?
- dmode 7y agoThe biggest revenue opportunity for WeWork is big corporations opening smaller office location in cities where just want to staff a small field office or operations office. Example, Uber opening an office in let's say Columbus. Now instead of Uber going on a real estate hunt, they can simply rent out space in WeWork Columbus which gives them flexibility to scale or shrink depending on business. It is essentially abstracting away the real estate inefficiencies. There is a definitely a market for it. But not sure whether it is worth $47bn
- sonnyblarney 7y agoThis probably true, and there's a company similar to WW in Montreal who did a presentation indicating that as well. The thing is: there's very little competitive advantage in that. Having 'cool decor' is less valuable to larger companies, and it's not as though other entities can't duplicate that if they want. Other, more established firms can inch their way into copying some of WW's mojo, and compete on price, which the CFO's of said companies will appreciate.
- coredog64 7y agoI wouldn’t say cool decor isn’t valuable to larger companies. If you’re a stodgy, older firm you’re going to get some chunk of Millennials that will decide that your beige cubicle farm isn’t anywhere they want to work. Or you might be running investors through the office and they don’t know jack about tech but if you don’t have a bunch of kids in hoodies clustered around the kombucha dispenser then they might just pass.
- sonnyblarney 7y agoIt's not that hard to fake up a bit of 'cool decor'. Landlords will do it quickly and cheaply if it's part of a contract.
- JauntTrooper 7y agoA good brand is a valuable form of competitive advantage. And real estate itself provides done scarcity value since each property is unique and there are limited attractive properties in high demand locations. I agree they’re in more danger from commoditization and competition than a company with strong network effects, but executed correctly they could have more natural advantage than say, a Chobani or Stitch Fix or Deciem.
- sonnyblarney 7y ago"“valuation and size today are much more based on our energy and spirituality than it is on a multiple of revenue.”" Literally valuation based on 'spirituality'. Not only do I call 'bubble' but also 'BS'. Very wary of companies leveraging 'morality' in whatever form (esp. all the way up to 'Spirituality'), unless it's somehow deeply authentic (i.e. a company that makes 'green' eqipment can claim 'greeness' that's fine), and are something to be cynical about. I find it kind of repulsive. My feeling is that WeWork must be the 'high tech startup' opportunity for all those non-tech 'Goop' reader types. ... like the NXVM of startup land. Tony Robbins of working real estate + SoftBank. “There are 150 million orphans in the world. We want to solve this problem and give them a new family: the WeWork family.” In L.A., Neumann told his employees that the newly formed We Company would now have three prongs — WeWork, WeLive, and WeGrow — with a single, grandiose mission: “to elevate the world’s consciousness.” Just beautiful ... WeWork’s size and scale could put it in a position to help deal with some of the world’s largest problems, like the refugee crisis, saying, “I need to have the biggest valuation I can, because when countries are shooting at each other, I want them to come to me.” How does anyone take this guy seriously? In the comments here there seems to be a lack of calling out on the so many of the gob-smacking authoritarian/hypocrisy red-flags going on here. The guy's line is preaching morality, spirituality and inclusuion ... while doing the opposite i.e. dropping the least productive 20% staff every year? 'All dudes' in charge? (Nothign necessarily wrong there (maybe red flags), but it's definitely hypocritical) All of the Kabbalah stuff and social preaching at offsites? 'It's like a capitalist Kibbutz' ... this is double-speak. And that his background doesn't legitimately speak to any of this, i.e. total lack of legitimacy? The trick to this kind personality is 1) words have no bearing on reality 2) total lack of self-awareness or consideration such that he can come across as 'honest' even when spouting garbage. Who else could possibly be talking about 'saving the refugees of the world' like this with a straight face? This guy is the Donald Trump of Vegans.
- infinitezest 7y agoI have to give you props for "Donald Trump of vegans"
- bob2001 7y agoyeah I'm surprised more ppl haven't commented on this as well. 'Donald Trump of Vegans' is a nice line.
- naveen99 7y agoI wonder what the price of a cds is on wework.
- espeed 7y agoThe CBINSIGHTS research report (WeWork strategy teardown) is an interesting read... "WeWork’s $47 Billion Dream: The Lavishly Funded Startup That Could Disrupt Commercial Real Estate" https://www.cbinsights.com/research/report/wework-strategy-teardown/ https://www.cbinsights.com/research/report/wework-strategy-t...
- dlock 7y agoSo i work out of a competitors place here in south east asia (indonesia to be specific), for the guys here from the region they probably know who im talking about. This coworking space was initially funded by a local VC but then low and behold softbank just invested, wework is also here in indonesia. I (last year) had to downsize my startup because some areas of business didnt do so well so i moved into this coworking, decent building , upper class part of town and i have 4 rooms next to each other probably 5x3 meters each. Each room i pay 300$usd a month, got it at a 60% discount cause it was just opening and locked it in for 3 years ! But at say ~$700 a room per month full price its still a dam good price, cheaper than anywhere else by far in the area. Wework is charging 3x that amount ... i have no idea what SB's strategy is here with wework and this locally invested competitor, specially with regards to cannibalizing each other and specially in a price sensitive market, maybe things will go the way of uber and grab where the bigger more international son of softbank will leave the region so the local son can dominate. But honestly, other then cheap rent, there is nothing special about these places, i dont see any tech, auto bookings, elastic rental or anything, i came here cause i had to downsize , needed interent , place for my guys to work, strategize and refocus. Its helped us save on costs over the last year and have brought back the startup from near collapse to doing very well again. Also at the price im getting it i have no idea how they make money, even at the full price its hard to understand as i know what a floor in the place im working at actually costs ... there are also many empty rooms ... i mean its like uber to me, im using it cause its cheap and its convenient, but should a cheaper one come out in the near future, ill simply ask my guys to pickup their laptops and move next door, there is really no added value for me to use one or the other just like all the ride hailing companies ... whos cheaper will get my business, if this is the way these SB companies are going to roll over the next few years and there really is no added value, they in for a lot of hurt. But after saying that, i thank them for cheap rent and helping me get my startup back on track :)
- omni 7y agoFriendly suggestion: adding some line breaks / paragraphs to a post this long will make people much more likely to read it.
- listenandlearn 7y agoIt seems like these companies are fully over valued so now they need to come up with shit to push down people’s throats for the IPOs so the investors can get out at a profit. This is what happens when VCs keep funding these loses for a decade. We saw the same thing with Uber, pushing Uber eats as if it’s going to take over all food, meanwhile there has been like 3-5 startups already doing that at a very easy to value valuation. Anyway, I’m not buying. Edit: I’m referencing the following from the article >>”He is known for making bombastic pronouncements, like this one at an all-company event last year: “There are 150 million orphans in the world. We want to solve this problem and give them a new family: the WeWork family.” In L.A., Neumann told his employees that the newly formed We Company would now have three prongs — WeWork, WeLive, and WeGrow — with a single, grandiose mission: “to elevate the world’s consciousness.””
- dsr_ 7y ago"Hey, would you buy 1 50-billionth of my company for a dollar? Sign this, please. Thanks." I can probably manage to avoid a down round for a while, but only if I don't run out of cash or accidentally IPO. (Every month: "Hey, would you buy 1 (1.2x previous valuation)th of my company for a buck? Sign here. Thanks!") "Revenue is flat but market cap is increasing 20% month over month!"
- the_arun 7y agoThere is a podcast for the interview Guy Raz did for “How I built this” with Miguel McKelvey https://podcasts.apple.com/us/podcast/how-i-built-this-with-guy-raz/id1150510297?i=1000386707846 https://podcasts.apple.com/us/podcast/how-i-built-this-with-... . Thought it was a pretty good startup story
- rchaud 7y agoFor all the criticism that modern media gets regarding journalistic standards around coverage of big business, it's remarkable that they will lead with eye-popping valuation numbers in their headlines when they know that they are more or less a fiction concocted by VCs.
- deleted 7y ago[deleted]
- danielfoster 7y agoI was a member at WeWork for over a year. The company doesn’t have a direction. WeWork seems more like a hip place to look cool than get stuff done. A few experiences I’ve had: 1. WeWork holds lots of events like “Dog of the Month.” Meanwhile, there are empty desks everywhere and the printer doesn’t work. 2. I cancelled and no one ever followed up to ask why or try to keep me as a customer (see above). 3. The spaces are always too loud and chaotic. Every attempt is made to maximize rentable space that is never rented. American Airlines offers more bathrooms per passenger than WeWork has for its tenants. 4. I was able to cancel to $550 / month dedicated desk membership and get a year of hot desk membership for FREE thanks to a new promotion with American Express. AMEX snd WeWork should not have opened this generous deal to existing WeWork customers. This is very poor revenue management and shows the shortsighted approach the company has toward growth.
- draw_down 7y ago#2 is a hint that you’re not who they’re trying to sell to.
- ddffre 7y agoIt's a bubble and everyone there is afraid of saying.
- rpmcmurphy 7y agoAh, the magic of financial engineering. Mr. Neumann will cash out of his fictional decacorn in dribs and drabs and never have to work again. Everyone else will be left with a bit pile of shit (aka a commercial real estate venture that bet on ever upward growth and got ripped to shreds in the secular downturn).
- Bakary 7y agoIt's not like they were working hard to make the world a better place, but investing in the hopes that they would be richer without too much work. It's hard to feel sorry for them. They are on the same level as Neumann but he happened to be cannier.
- rightbyte 7y agoThe laught is on us when pension founds buy at the IPO.
- KuhlMensch 7y agoHm, I worked in a company that had hired ~140 desks in WeWork (Aldgate London). If all the floors in the world have a few large-companies provisioned and filled like that - I could. be convinced the valuation is plausible. When you are a large company in WeWork, you set the culture (e.g. noise) and you have personal relationships with the WeWork staff - which makes things run smoother. From reading the comments it seems many people have had lack-luster experiences. Especially those who hired a single desk and have been forced to interact with the community. And imho the community is pretty unique: I remember knocking off work at 7pm, and hearing there was free beers. I wandered over in a work-daze. As I approached the door, it opened and out poured hi-energy EDM, accompanied by a large group of happy, shout-chatting drunks. I slid around them and entered what was more "club at 1am" - rather than "knock-off drinks". I mean there was flashing lights, a DJ, and a decent sound system. What I was most amazed by was passing multiple people who seemed to be rolling hard. It was definitely impressive, but after coding for 10 hours straight it was not what I needed, so I grabbed a fist of and Heineken backed out. The thing that always stuck with me, was the implicit agreement by all-attending, that they were all going to go _hard_ as soon as they knocked off work. I provide no judgement, just an account of something I'd never seen in inter-office culture. Note: I never personally saw that level of revelry again.
- loriverkutya 7y agoI worked in a WeWork in London for 6 month (it was one of the main reason I left.) I don't even considering initial interview with anybody using WeWork after that.
- perfunctory 7y agoFor me WeWork is a prime example of how the rich (investors) don’t know what to do with their piles of cash. We need to force (eh, inspire) them to invest in renewables instead.
- dbbk 7y ago> He has bragged about working 20-hour days and regularly called executive meetings that would begin after midnight. “I’ve had meetings that started at 2 a.m. where he joined us 45 minutes late, but that meeting was worth millions,” a former WeWork executive told me. This is not OK.