You probably remember the author from https://www.profgalloway.com/wewtf https://www.profgalloway.com/wewtf and https://www.profgalloway.com/wewtf-part-deux

You probably remember the author from https://www.profgalloway.com/wewtf https://www.profgalloway.com/wewtf and https://www.profgalloway.com/wewtf-part-deux https://www.profgalloway.com/wewtf-part-deux It's not possible to overstate just how big of a debacle this has become. When the S-1 came out everyone at work was shocked at just how bad it read. The self dealing, the premature cashing out, the 20-1 super voting shares, the CEO's wife getting to name a successor when he dies. The day the S-1 came out, almost all of wall street realized there would never be an IPO this year. > > If you want to talk about real toll here — the real toll is that there’s somewhere between 5,000 and 15,000 WeWork employees who took a job and a big part of their compensation — the reason they took these jobs was because of equity value. And it’s impossible not to count your money 30 days out from an IPO. It’s impossible to tell your husband to not start looking at houses. It’s impossible not to tell your parents, “Let’s think about going on a family cruise together.” It’s impossible not to start thinking that you can afford that new car. $47 billion? We’re probably talking about several thousand people who were going to be millionaires. Now most of them are probably thinking that in the next 30 days there’s a one-in-two chance I don’t have health insurance. This really puts things into perspective. The whiplash that the employees of WeWork have just experienced must have taken an incredible toll on them.