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> while all the people who helped him grow have dire consequences both financial and personal. That's definitely a glass half empty way to look at this; On th
by smileysteve 7y ago
> while all the people who helped him grow have dire consequences both financial and personal.
That's definitely a glass half empty way to look at this;
On the other hand, with 20/20 hindsight, knowing it was selling space it rented for a $.80 for $1 of cost, knowing that this hype meant and in a low unemployment time means that these were effectively a jobs program, with above average market salaries, funded by Softbank (and the Saudis).
Also a jobs program for any companies that would have paid $1/$1 of office space but saved the discount.
And, from a being laid off perspective; while it's not fun to have a job end at someone else's discretion, if you worked at WeWork and the August headlines weren't a hint to get the resume ready, I'm not sure what else might; Effectively, 4+ months of notice combined with now actual severance.
The downstream effects of this are probably worse from a capitalism / worker piece; As WeWork reduces leasing office space, buildings or service companies will likely pocket the contract termination fees while reducing jobs/hours of contract staff -- who, unlike wework employees, were closer to minimum wage, may not even have benefits, and definitely won't get severance.