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It never had that much value but it has taken $22 billion of perfectly valuable money and set it on fire: "WeWork has raised a total of $22.2B in funding over
by kgwgk 3y ago
It never had that much value but it has taken $22 billion of perfectly valuable money and set it on fire:
"WeWork has raised a total of $22.2B in funding over 23 rounds."
https://www.crunchbase.com/organization/wework/investor_financials https://www.crunchbase.com/organization/wework/investor_fina...
- javajosh 3y agoIn fairness they must have spent at least $10B on truly amazing interior design and designers. At least, I hope so. In earnest, I've never seen a bad WeWork interior, and I'm glad those folks got the work.
- YurgenJurgensen 3y agoSurely if they owned $10B in valuable property that’d be reflected in the value of the company. So spending that much on not terribly liquid assets is lighting the money on fire from their creditors perspective if they’re not paying for themselves.
- pessimizer 3y agoI'm sure that plenty of that $22B came from the sale of other inflated assets to buy into WeWork. WeWork isn't the only scam out there; the economy seems largely dominated by scams (things whose values are determined by their moment by moment success in hyping bullshit) and cons (things that make money by providing services enabling the hyping of bullshit.)
- kelipso 3y agoFinancialized economy, no manufacturing base, etc etc. Don't want to doomer I guess, but the land has plenty of resources and educated people so recovery wouldn't be too difficult.