I remember interviewing at WeWork in 2019, the staff were all wearing Patagonia fleece vests (company provided) and asking me if I watch 'Silicon Valley'. I think the end was already apparent.
I joined a cowork place for one month for about USD500, in the prime centre location of Hong Kong. I had just a seat at a large table shared with others. They provided WiFi, coffee n water. Everything else including lockers was optional extra. Now I run my start up at McDonald’s, almost the same busy vibe, n costs me just USD2 per day including a sandwich, coffee n unlimited WiFi.
It’s so bizarre that WeWork was over inflated in value, when in reality it was just office space. They marketed themselves as this tech start-up, but where’s the tech? It was just a bunch of pretty office spaces with hipsters working around.
WeWork was doomed to fail from day1. Like with so many failed 'golden goose', few people bothered to do proper due diligence. It was valued on pure hype and run by a deluded individual with grandiose ideas.
Yeaaah, just never made sense to me. Why would anyone go to WeWork when they could simply go to a coffee shop or literally any restaurant? And clearly the market agreed. I basically never met anyone that told me that WeWork was their "must go to".
@@moviesfan5513 depends on where you are and your culture. In Japan it’s prevalent. So the point I made still stands: that the market would prefer to go to a restaurant to work than WeWork.
@@JeremiahBostwick Can you do focused work in a bustling restaurant. It doesn't work for most people. Even home office sucks unless you invest a lot of money.
@@moviesfan5513 have you been to a Starbucks? They are incredibly loud. Near me are around 3 + 3 or so Starbucks competitors (Coffee Bean, etc) and all of them are packed with students. There was a joke here in LA, that every writer camped in a Starbucks. Your inability to work in a restaurant or in a home office is reflective of you. And not general work trends.
@@JeremiahBostwickI have been to Starbucks and I mostly see business men talking. You simply cannot do focused technical work in Starbucks, it's a coffee shop not a library. Most people hate open offices too. Checking email is not deep work. Google deep work it has specific connotation. Google was created in a garage not a Starbucks.
Long leases to landlords, short term rents to clients, could and does work on a small scale. Factor in expansion on a huge scale and uncontrolled spending by a narcissistic Co-Founder and then Covid meant only one thing, where we are today. I was amazed at the time and still am by the amount of professional investors who could not see through Adam Neumann's 'tech company' and 'elevate the world's consciousness' BS.
I work in property management accounting for over a decade, WeWork is one of our tenants here in Germany. I got news about them going bankrupt about 2 weeks before this actually became public knowledge. And their offices are in some of the most premium locations, so the rent is expensive. They aren’t notorious about being behind on rents, there were definitely issues here and there, from an accountant’s perspective who manages the books, I’d say how they perform in the market isn’t our biggest concern, as long as they can afford their rent. I personally care about the moral or the reputation of a company, but as far as business goes, it’s business as usual until they started having trouble paying rent, which will be revealed in the following months.
Shareholders won't see much or anything, the board I'm sure will be ok. When the Co- Founder was forced out after the failed IPO in 2019 he retained a large amount of shares and a $1.7 Billion severance pay out.
Was just taking with coworkers today about how shady this company was to do business with. They had us demo all materials out of one of their locations 1 month after they opened lol
WeWork’s first IPO failure is a great example that there is still some good people in Wall Street. Or they are not evil enough to rip so many people off.
shows just how dangerous it is to get involved with stock-markets and trusting these farcical evaluations.. people must have known that operating at 100% capacity still wouldn't cover their costs, so it leaves the question as to why people even got involved
what went wrong???? … that fact that more than $1 was invested in such a dumb execution model, and even worse such a narcissistic sociopath… thats what went obvious;y wrong. .. just another ordinary wallstreet con
The distractions in this video are really bad - the interviewee is continually interrupted by a distracting video, a guy with a mask sees he’s being videoed and withdraws, and the blurring behind the interviewee is not very good. Production values could have been better, I think.
California One Single Foreign Continents Trade Headquarter ! Maybe The Supply Chain Throughout Asia Has So Many Liasion Uncreditability Cases Now Work Really Begans ! If I'm Correct U.N. business alternative banking on assets margins*
This is normal. This is the Startup model. Move fast and break things. Failure, ruin, and destruction of capital shouldn’t stop you, and you should always have another go. Till you Make It.
Lol that's not the problem and you shouldn't make comments saying you know what the problem of the company was when your knowledge is very low, as this spreads inaccurate rumors that others will spread 🎉
It's always sad when business fails, as entrepreneurs take risks, emotional, social and financial. Some put their lives in the line but the outside world wont see that but if the business was to scam people, it's another story.
I remember interviewing at WeWork in 2019, the staff were all wearing Patagonia fleece vests (company provided) and asking me if I watch 'Silicon Valley'. I think the end was already apparent.
hahaha cartoonish
I bet they were vlogging "A day in my life" also.
An open office space where people keep coming and going , while in marketing speak is "dynamic", sounds really awful for doing anything productive.
I joined a cowork place for one month for about USD500, in the prime centre location of Hong Kong. I had just a seat at a large table shared with others. They provided WiFi, coffee n water. Everything else including lockers was optional extra. Now I run my start up at McDonald’s, almost the same busy vibe, n costs me just USD2 per day including a sandwich, coffee n unlimited WiFi.
It’s so bizarre that WeWork was over inflated in value, when in reality it was just office space. They marketed themselves as this tech start-up, but where’s the tech? It was just a bunch of pretty office spaces with hipsters working around.
"WeWork" was just "You Invest" ---- there was no actual work. What a thin sham of a scam !
"Who is the genius? The artist who created the painting or the salesman who sold it for $1 million dollars?" Irving Rosenfeld, American Hustle
😂 like that
WeWork have just turned to WeDon'tWork
🎉🎉🎉😂😊😂😊😂😊😂👌👍
WeWork was doomed to fail from day1. Like with so many failed 'golden goose', few people bothered to do proper due diligence. It was valued on pure hype and run by a deluded individual with grandiose ideas.
So trust fund babies who scammed other trust fund babies?
I thoroughly enjoyed the free food and booze event they held in Detroit a few years ago during Movement Festival, cheers thanks very much
WeBankrupt
😢
I think this one will be better IPO in 2024🎉🎉🎉😊
Yeaaah, just never made sense to me. Why would anyone go to WeWork when they could simply go to a coffee shop or literally any restaurant?
And clearly the market agreed. I basically never met anyone that told me that WeWork was their "must go to".
Restaurant are not good place to work more than a hour or two, that too light work. It is still a good concept but needs reliable implementation.
@@moviesfan5513 depends on where you are and your culture. In Japan it’s prevalent. So the point I made still stands: that the market would prefer to go to a restaurant to work than WeWork.
@@JeremiahBostwick Can you do focused work in a bustling restaurant. It doesn't work for most people. Even home office sucks unless you invest a lot of money.
@@moviesfan5513 have you been to a Starbucks? They are incredibly loud. Near me are around 3 + 3 or so Starbucks competitors (Coffee Bean, etc) and all of them are packed with students. There was a joke here in LA, that every writer camped in a Starbucks.
Your inability to work in a restaurant or in a home office is reflective of you. And not general work trends.
@@JeremiahBostwickI have been to Starbucks and I mostly see business men talking. You simply cannot do focused technical work in Starbucks, it's a coffee shop not a library. Most people hate open offices too. Checking email is not deep work. Google deep work it has specific connotation. Google was created in a garage not a Starbucks.
Long leases to landlords, short term rents to clients, could and does work on a small scale. Factor in expansion on a huge scale and uncontrolled spending by a narcissistic Co-Founder and then Covid meant only one thing, where we are today. I was amazed at the time and still am by the amount of professional investors who could not see through Adam Neumann's 'tech company' and 'elevate the world's consciousness' BS.
I work in property management accounting for over a decade, WeWork is one of our tenants here in Germany. I got news about them going bankrupt about 2 weeks before this actually became public knowledge. And their offices are in some of the most premium locations, so the rent is expensive. They aren’t notorious about being behind on rents, there were definitely issues here and there, from an accountant’s perspective who manages the books, I’d say how they perform in the market isn’t our biggest concern, as long as they can afford their rent. I personally care about the moral or the reputation of a company, but as far as business goes, it’s business as usual until they started having trouble paying rent, which will be revealed in the following months.
Business idea: Instead of buying desk for home we should rent them in an office! Billion Dollar idea
The pandemic spelled doom. People started thinking.. "We work at home"
Or just meaning
the rot was already set in before the pandemic
The biggest Question with Company fails like these is, how many M(B)illions went to "the Board" and Shareholders, instead of Company Operations 🤫
Shareholders won't see much or anything, the board I'm sure will be ok. When the Co- Founder was forced out after the failed IPO in 2019 he retained a large amount of shares and a $1.7 Billion severance pay out.
Turns out my home office for $0 a month is more cost effective 😂
You are paying rent on it. Nothing called free office.
@@moviesfan5513 I don’t rent what I own 🤣
@@ADhammer You are by paying mortgage. There is always an opportunity cost.
WeBroke
The founder is still a billionaire. This is how to get rich in the 21st century.
....played the game well 💸
So much for “elevating the universe's consciousness "
Will restructure, drop debt and continue working. More likely, unprofitable location will close.
Was just taking with coworkers today about how shady this company was to do business with.
They had us demo all materials out of one of their locations 1 month after they opened lol
WeWork’s first IPO failure is a great example that there is still some good people in Wall Street. Or they are not evil enough to rip so many people off.
Good people in wall street? Hahahaha!
😂😂😂😂😂😂😂 good people in Wallstreet 😂😂😂😂
Eventually market catches upto a bad or hyped product.
The executive suite concept without walls and higher costs? What crazy investors is idiotic enough to believe in this?
It's the same con as crypto currency. Need to hype it to the max to con other people to buy it
This is thanks to venture capital who want other to buy in these failed companies at the higher price possible 😂😂😂😂
This archaic work model had to die. Wework is an obvious a space to work in an office for those who never need an office.
Never even heard of it
Honestly surprised that they didn't go bankrupt sooner.
Idea: renting workspace
Investors: 🤯🤯🤯
Extraordinary was the IPO. How long does it take the desert to run out of free sand?
shows just how dangerous it is to get involved with stock-markets and trusting these farcical evaluations.. people must have known that operating at 100% capacity still wouldn't cover their costs, so it leaves the question as to why people even got involved
Looks like they didnt work well. 😢
I know the host of this show from his own UA-cam channel (which is amazing). Surprised to see him here.
Hahahaha. "What went wrong with WeWork?"! Hahahahaha
They rented spaces to be rented out
Another bad idea not thought all the way through. We need less ideas and more just-working...
Since when is co-working like reinventing the wheel
Wait...Rob Words? Why didn't I notice this before?
i was overjoyed to see Softbank lose a packet on We dont Work
I thought they went bankrupt years ago...
I guess they were not in the Dallas/Ft. Worth area because i never heard of them.
We don’t work
What’s with the faucet drip sounds in the background?
You should watch the apple show... The one that aired like 2 years ago....
What's with background noise?
what went wrong???? … that fact that more than $1 was invested in such a dumb execution model, and even worse such a narcissistic sociopath… thats what went obvious;y wrong. .. just another ordinary wallstreet con
You did not ask a question on what will happen to their employees
If venture capital turns vulture culture this is what deservedly happens. expand, expand, expand and collapse 😂
i saw this coming
Amyris and WeWork made shareholders ZERO
The distractions in this video are really bad - the interviewee is continually interrupted by a distracting video, a guy with a mask sees he’s being videoed and withdraws, and the blurring behind the interviewee is not very good. Production values could have been better, I think.
Why the host look so happy??
Nothing went wrong. Everything went right. This is a basic pump-and-dump case of a lame story. "Investors" losing money here is proper and right.
Hahahah! Office rental cult is not a good buisness model.
The power of weeeee… 💸
The big guy is not broke, he banked his mogul money. Its the other peoples money thats allegedly gone down the tubes. Hey that's business.
WeWork go down with the global economy
No, you don't.
Am i the only one who sees the irony in this post...mybe it's just me then!!.🤣🤣🤣
It’s RobWords!
Who is surprised?
California One Single Foreign Continents Trade Headquarter ! Maybe The Supply Chain Throughout Asia Has So Many Liasion Uncreditability Cases Now Work Really Begans ! If I'm Correct U.N. business alternative banking on assets margins*
It failed because they didn't
‘was once most valuable startup ha ha he he ho ho 😁😄🤣😂😅
A business model based on free beer and free coffee. BRILLIANT !!! Why didn't we all think of that?
Cracks in the business model had started to show. LOL
Didn'tWork
What took so long?!
WeWork = WeBroke now!
because they stop doing real work thats y
Now and then look ma no brains songs DEEZER LOOKS GOOD
WeNoWork.
The power of wee….it’s worth piss all now.
What happened is the truth came out. Nobody wanted to work. Lol.
This is normal.
This is the Startup model. Move fast and break things.
Failure, ruin, and destruction of capital shouldn’t stop you, and you should always have another go. Till you Make It.
The problem is not enough advertising. I've heard of it but I have NO idea what they do
Lol that's not the problem and you shouldn't make comments saying you know what the problem of the company was when your knowledge is very low, as this spreads inaccurate rumors that others will spread 🎉
That is obvious, they work on these blinking, loud things on top of ambulances, that go we-wo.
...
@@mutatedAi Who cares? The company is going under regardless.
Lol, "what went wrong"
Bwaaaaahahahahahaaaa
What went wrong? Easy. It was $tup1d to begin with. Just REALLY dum dum dum dum dum.
👍👌👍😊
WeDone
To change name. We Don't Work.
That guy has left to company.with USD1 billion earlier.
Haha. Get tricked.
WeGoWokeWeGoBroke
Nobody cares!
Adam was a conman
Go We Woke Go Broke
It's always sad when business fails, as entrepreneurs take risks, emotional, social and financial. Some put their lives in the line but the outside world wont see that but if the business was to scam people, it's another story.
🌹💙🇵🇰🌹 Program representer
Wework to earn the right to work to earn the right to work
lol
wtf 😢😢😢😢
WeBroke. The closed office spaces will be Spirit Halloween.
for the second time
We
it started to go wrong when wework first open it's door
Wework failed because their revenue stream came from milleniels who dont have any money
Ha Ha NoWork
WeBankrupt