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by untog 7y ago
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- nighthawk648 7y agoWhat’s more insane is the hundred mill he got after being forced out... such a shame
- ceejayoz 7y agoI know it's basically "go away quietly" money, but the idea of wanting him consulting on anything is kinda hilarious.
- nighthawk648 7y agoDamn what do I do to get go away money instead of jail time?
- vkou 7y agoWell, he did spend 12 billion dollars building a 8 billion dollar company, so surely, he deserves some reward for his efforts..?
- nickpinkston 7y agoYea, and Elizabeth Holmes should've gotten richer for her "innovation" and "job creation"... /s Let's not reward charlatans. Here's how we used to treat them: https://en.wikipedia.org/wiki/Jeffrey_Skilling#Legal_proceedings https://en.wikipedia.org/wiki/Jeffrey_Skilling#Legal_proceed...
- misiti3780 7y agoI'm not defending Adam N, but Jeffrey Skilling committed out right fraud, as far as i know, no one has accused that of happening at We Work
- xkjkls 7y agoIt depends on how you define "fraud". It was definitely run with a lax definition of truth.
- nickpinkston 7y agoSeemingly there's a lot of pump-n-dump types of situations going on that in this case SoftBank was complicit with Adam with. This is not an isolated case, and I'm glad Wall St. called bullshit on WeWork, but likely only because even they couldn't place those bullshit IPO shares - not enough greater fool liquidity out there apparently... Sounds like a case for optimism :D
- untog 7y ago[removed]
- hef19898 7y agoTrue! And why would you expect a billionaire to invest some money i to his own company when said billionaire is a serial entrepreneur!
- SirensOfTitan 7y agoI strongly dislike WeWork, even may have issues with its fundamental business model, but it's difficult for me to understand how someone could label it as a failure. WeWork is not Theranos: they have a product offering that works well for a lot of businesses.
- xkjkls 7y agoA single product offering doesn't make a sustainable business. Ultimately, for it to work for these businesses, they need to prove that they can sustain the business model without capital injections.
- deleted 7y ago[deleted]
- dang 7y agoWould you please stop posting unsubstantive, ranty comments to HN? It isn't that you owe dysfunctional companies or dislikeable billionaires any better. But you owe this community better if you want to keep posting here. There are lots of places on the internet to vent rage. There are not as many to gratify intellectual curiosity. These two things are incompatible. Here we want intellectual curiosity. If you wouldn't mind reviewing https://news.ycombinator.com/newsguidelines.html https://news.ycombinator.com/newsguidelines.html and taking that spirit to heart, we'd appreciate it.
- untog 7y agoIt was a flip, lighthearted comment and I thought that was pretty self-evident. But fine, I’ve deleted it.
- save_ferris 7y agoThis is a feature of the current Silicon Valley model, not a bug.
- xkjkls 7y agoIt's a feature of extremely cheap capital and low interest rates, not just Silicon Valley
- achow 7y agoReuter is giving better picture of how this is being worked upon. SoftBank has agreed to give him (Neumann) $500 million to refinance his personal loans, as well as pay him a $185 million consulting fee. SoftBank will additionally launch a tender offer for up to $3 billion to acquire WeWork shares from existing investors and employees.. Neumann’s ability to tender his shares will be capped at $970 million. https://www.reuters.com/article/us-wework-softbank-group/wework-board-accepts-softbank-rescue-deal-source-idUSKBN1X11JN https://www.reuters.com/article/us-wework-softbank-group/wew...
- dang 7y agoOK, we've changed to that from https://www.nytimes.com/2019/10/22/business/dealbook/wework-softbank.html https://www.nytimes.com/2019/10/22/business/dealbook/wework-.... Thanks.
- champagnepapi 7y ago>Mr. Neumann also will receive a $185 million consulting fee LOL, that's they type of "consulting fee" I need