How WeWork Founder Adam Neumann Lost The Company $39 Billion In One Year | Forbes Year In Review
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- Опубліковано 19 гру 2019
- If something seems too good to be true, it probably is. WeWork Cofounder Adam Neumann proved this to be true in 2019. Over the year, the company went from a whopping $47 billion dollar valuation to below $8 billion after failing to complete a public offering. Forbes Staff Writer Samantha Sharf explains the missteps Neumann took before his board pushed him out and cut thousands of jobs.
*The SoftBank bailout was announced on October 23, 2019.
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Anytime you hear the words " we are not a company, we are a community" Run away as fast as you can.
"Are y'all with the cult?"
"Its not a cult, it's a community of--"
"Yeah, this is the place."
Bill Green or “we’re a family”
News flash: every big corporation is a cult. They even have a damn religious sign
@@Fishoilification it's human nature
Or 'We are family'..
Gotta give it to Adam. He’s worth a billion dollars now. He destroyed his reputation and his company but he walked away a very rich man. It’s true what they say, in Silicon Valley you fail upwards.
What is Silicon Valley?
@@MOON-zo3ik San Francisco
So he can be considered a master at scamming investors out of their money. SoftBank poured some $15 billion into WeWork and it's now worth less than $8 billion.
The Bronx Boglehead why is that anything to be congratulatory of? So you destroy peoples livelihoods, you milk money out of a company and you essentially fraud investors about the condition and so why is that something to high fives about? Backwards thinking.
@@nguday2003 it's not celebrating it its saying "well at least its not the WORST case scenario"
why does it feel like she will cry any minute?
Because she probably invest her inheritance and life savings lol
She invested
spasmodic dysphonia
When Forbes uses the term “clusterfuck” you know you’re done for.
It sounds like the presenter invested her money in this company.
😁😁👍🏼👍🏼
noshit
😂😂😂
I laughed for like 5 min after reading this comment....
Yes. .she sounda devastated and about to break into tears
😂😂
She sounds like she's bout to break down crying, at every sentence.
i hate it
@@talloolahmoon Yea, its weirdly frustrating. Like I stopped caring about what she's talking about.
It’s called vocal fry, a phenomenon that affects mostly young American women who try to lower their voice to the point that it starts to break. Highly annoying.
This waste of money makes me sad for our future
@@germansnowman ohhh, the more you know...
She is crying and smiling at the same time..
She’s happy and angry like ralph
WeScam
Not a scam! His investors we're just using a philosophy called WeGreedy!
🤣🤣
@@TheWebAdict "investors"... you mean Adam..dude didnt even make the company profitable he just sucked the funds out of it. Investors are the victims.
@@jryde421 That's not how it works. In the early days, he would've wanted the company to be profitable as he owned much of it. However, as investors come on, their investment managers want nothing but growth, every second of every day. If the company grows, the investor gets richer on paper. However, it happens to be the fund manager that is the bigger issue here, as the more growth he exhibits, the larger fee he will be paid. Adam was just delivery what the investors wanted. Sure he did a lot more to look out for himself in the end as he realized that the growth was unsustainable and would lead to a crash. However, who wouldn't? He showed up everyday and did what was asked of him and in the end he was rewarded for that. It was the investors that kept throwing money at him and asking him to make it worth more. He was genius enough to do that through branding. The failure comes because the greed never stopped and they wanted to take things public far too early. Anyhow, you're blaming the wrong person. It's the fund managers that made out like bandits, and for a while, so did the greedy investors.
@@TheWebAdict when dealing with investors you have the mutual understanding of helping everyone profit because that investing...
Good Venture Capitalists/Firms and banks know that pulling money out for personal use or just to early is bad because your personal money is tied in with other money to be use to build the company for a profit for every one...yeah you got people that want more but bottom line what he did effected his fundamentals before his ipo....so if you invest please understand that knowing the actions of a good and bad CEO is important for knowing if the price will fall due to bad actions, call, dismisses.
Adam took money away from his own company and 2500 people..but softbank did it? Softbank who still invest in WeWork under the new CEO, that investor? Because investors& hedge funds cant pull any more money out then what they put in unless gain is made...adam on ther other hand with all that power shrank his company to where soft bank had to bail them out due to only one years loss (loss not even from operations cost) that on adam...not the investors....
I’m so disappointed it didn’t go public I wanted to get rich shorting it.
😂
Aww. Too bad!
Yes...
sorry, Philip, I think Adam beat you to it! of course, We (you and I) can start a new version UsWork and repeat the experiment...
How you short the stock ?
He didn't "lose" the company $39 billion. Because the company was never actually worth that much.
Thank you ! To the point
Its called evaluation. When IPO happens. Prices reflect that value.
@Allen Han …INFLATED VALUATION
Don't spoil it, if they say it's worth it, it is, c'mon Man, don't let reality get in the way.
Value is just whatever the last investor was willing to pay at that time. Just like any good or commodity. For unprofitable hyper growth companies so much of the valuation is based on the perceived potential. Once that is lost, then its value drops accordingly.
She talks like Adam is her husband or brother and she doesn't want to be admitting to all the negative things she's revealing about him
I got that vibe within the first minute lol
Yeah that's what made it interesting I felt like I was getting some good gossip
It more seems like she had shares or heavily invested in the company and is bitter. She seems like shes trying hard to act positive in front of a camera likely for legal reasons
She’s a terrible speaker. Reminds me of many people I grew up with in NY.
@@tekkiemanagreed. she's so obnoxious.
He’s a billionaire now, and doesn’t give a flying F what Forbes says about him because he can’t hear them over the sound of waves crashing on the beach of his new private island.
Lmfao....True but softbank and other investors are probably shitting their asses!
username checks out .
Hmmm what can I start that investors will love but has no real chance of success so I can just take the money and run.....or lay on beach forever
No hes not
400million to be exact
WeWork is the Theranos of 2019
wework is hands down the biggest success story of the year. how many CEO's can boast that they ran the company into bankruptcy and walk off with a $1.5B package? the guy is a genius.
This guy should be in jail. Pump and dump scheme, and nothing more.
sifiska that’s gross sounding
Pump & Dump sounds like the prequel to two girls one cup. lol
The investors do pump and dump not founders
They are coming up with the competition for tinder. Called “WeFuck”
😂Fool
🤣🤣🤣🤣🤣🤣🤣🤣🤣 love it!
HAHAHAHAHAHAHAHA
He didn't lose $39 billion. The company was never worth $47 billion.
More like SoftBank lost whatever money they put into WeWork, which is 7.5 billion so far.
The company was potentially worth $39 billion or more but his ego and the ego of his wife destroyed it! Once you lose investor confidence by doing stupid self serving things then it is over!
@@Create-The-Imaginable I could say my fart was potentially worth 100 trillion. Doesn't mean anything. The business model simply isn't worth anywhere near 39 billion.
Regardless the money investors put into it was sucked away...
He managed to scam a real billion out of it though
Sounds like Adam was the smartest guy in the room.
he sold an idea for billions. A worthless idea for BILLIONS.
Adam knew his business model wouldnt work. Got his money n out
By far lol
@Pedro Xeta ……WILL GO DOWN AS ONE THE THE GREATEST SCAM ARTIST AND OIL SNAKES MAN
@Pedro Xeta The smartest “con artist”.
The technical term is vocal fry. She's speaking at the lowest frequency her voice is capable of producing which gives it a popping or rattling sound.
Good for asmr
She's just nervous
Elizabeth Holmes outfrys this chick by a wide margin
Her pitch isn't low. She just needs to project her voice more instead of swallowing it.
Irritating milly speech yuck
This girl way of talking drives a little crazy. She is like out of breath with every sentence
It’s called vocal fry...getting all too common these days.
dudeskidaddy thank you for teaching me something new today.
RIGHT? I was about to say that too.
Also her mouth is too moist
My thoughts exactly! 🤦♀️
Hey her voice isn’t the best but she has good info ... very informative... as the video goes on she gets smoother
Owen Black unique voice
I was not able to follow and turned on CC. But that was worse. Is it an accent? but some good new info though
Owen Black true
Arul Prakash S definitely not an accent .. it’s kinda of like an overly smoked voice .. like imagine the feeling of you scratching your head in voice form .. but instead of a smooth scratch it once of those “I itch all over scratches”
I misheard we work as if she is saying we were
She is hard to listen too, and I haven't ever said that about any news presenter... ever.
Yeah she doesn't have a good voiceover voice either
I had lot of trouble understanding her, had to rewind at lot of instances
The startup mentality will cause the next great recession. You can't inflate stock prices forever.
It sounds like this one involved fraud from multiple partners who all had their own agendas: Neuman, SoftBank, and various investors.
Its coming the ponzi scheme that tech companies try to create is collasping
ϟhitlord WeWork is a tech company? Because I thought they just sublet office space.
These startups are privately funded though and only really affects wealthy investors
Good observation sir
She looks and sounds like she's explaining why her boyfriend broke up with her. Haha. I was doing my best to listen but it was so difficult considering the vocal fry.
Good content, delivery could have been better.
Funny how accurate your description is. 🤣
Why judge on her voice rather than the information she presents?
@@kongyukloong because form of information delivery affects how it is taken in
I couldnt stand her voice either
Lily Hana Chan Oh my God I wanted to scratch my ears out. Her vocal fry was ....🤯
please never record this woman’s voice again
I used WeWorks before on a 30 day free trail. They wanted $450 a month to sit in a open lobby similar to my apartment lobby or Starbucks. The lady tried to sale me on the free coffee, but I don’t even drink coffee like that.
Someone give this woman a wevoice already.
Lmao
😂😂😂😂
He conned greedy people and won.
Nope, he conned people who trusted him. He is the greedy one. Who else cashes out 100 of millions of their own start up? Utterly corrupt and amoral.
@@bundeszentralefurstrickwol6515 it wasn't trust, any smart investor would've read the fine print instead of gobbling up the guru garbage.
Nice try.
Greedy people jump on board with guys like this, he knows his victims really well.
As you can see.
@@REPORTEVERYLIBERALCOMMENT you make it too easy for yourself, because you dont wanna Take Back the "He scammed greedy scammers" line
@@bendover2684 whatever you say.
@@REPORTEVERYLIBERALCOMMENT uuuuh watchu sayyyy, know that tune?
This is the difference between "raising" money and "working" to make that money. These valuations coming out of SIlicon Valley by these startups is utterly ridiculous!
Your comment worth $300 right now!
Yes, and they know that since the call some of them 'Unicorns'.
blame the Fed for enabling an obviously bipolar orthodox Jew who had a religious awakening and knew all he had to do was make the right connections and get in with the elite to get rich
yeh but thats the game, and adam knew how to play that game, to make billions for generational wealth, meanwhile me and you are on youtube comments complaining about how ridiculous it is.
This dudes wife looks so much like him
Might be his cousin
orange juice
This Adam guy looks like an 80s conman.,💀😂
Who do you think he learned from?
Lovejoy Mbedzi that’s what I was thinking!!
A slightly less sinister version of Theranos I guess.
pretty good description.
Thanos?
@@Dee-xb9mt theranos was a phony pharmaceutical tech company
Q: Where does the buck stop? A: The buck stops in Adam Neumann’s bank account.
Wework:We're a tech company
Everyone else: yeah yeah
Her voice is giving my anxiety.
Y r u gey
@@imrickjames7012 Ur mom gives me anxiety too when i have my............
onemoretime15 ur mum gey
onemoretime15 I thought I was the only one thinking this lol 😂
God that voice 😂😂😂😂
She looked like she's gonna cry
Sounds like she was going to cry.
It was such a sad story (billions lost to a con artist); I don't blame her for wanting to cry. LOL
She gone cry in the car
Dayum guys. She's an actual journalist. We're used to seeing presenters who are must entertainers. You can see it's a topic she's really invested in.
How can someone have ownership on the word "we", under what logic..
Probably under the banner of "application of the term in the industry of real estate," or something of that nature. Not hard to believe.
Just like the word 'easy' is owned by easyjet & Co. ..
Even the symbol & is trademarked in hotel and tourism industry.I wittnessed one company get sued by another and they had to change to alphabetical "and"
This was Adam's world and he made the rules.
Adam Neumann trademarked communism
Damn her voice killed this video. Sounds like she has a cold
The vocal fry makes this otherwise great feature unwatchable. Sorry
koriri barsosio yes. The content is great but I had a terrible time paying attention.
Who else is annoyed with this womans voice?
A lot of great information and this is a good piece. But her speech and voice kind of hinder how good this could be
Yeah it's her unsteady cadence. I'm surprised they didn't have her do a few more takes till she got sentences out more fluidly.
The only thing history tells us is that too many who are required to objectively analyse did not. And that starts with the investors and bankers. In a word. Greed.
This is the exact problem of so called "Innovation" In this era and so called "Genius" Like Masayoshi Son, everyone accepts just about anything thrown at them.
He pumps and dump...he invested 700 mil on a dog walking startup and they didnt even want that much
It's blind greed. They just see the dollar signs. Or money looking for a home.
"We sucked" is gonna be the title of his biopic. Sorry.
When I visited a few of these WeWorks a few years ago, I thought, one day, all of these people are going to have to find real jobs. Seems that day may finally be here.
Young American Girls: please stop doing that trailing croaky voice thing. It's not cute or endearing but rather like nails across a chalkboard.
It sickens me. I often have to drop vicious hints. Like: “Are you ok? Do you need some medicine? You sound like you’re on your deathbed.”
It's called 'vocal fry.'
New company Slogan, “We believe Greed is Good!”
'Greed is God' is more appropriate! But that's Silicon Valley for you!
"CaUse its wreckable! All right! "
Best example of Vocal fry on the internet.
1. Watched 15 seconds of intro
2. ctrl+f fry
3. Glad to not be alone
Someone get this girl a Tylenol
One of the Biggest Legal Heist in History this will never be topped maybe second only to Madoff at 65 Billion even Madoff needed so many years Adam did it in much shorter time
Madoff got a 150 years sentence, this guy probably will get away with it
@@drissalaoui103 Don't think so. This will have consequences once SoftBank gets into trouble because of WeWork, which it certainly will. A huge junk of the SoftBank fund comes from the state of Saudi Arabia, I don't think they find it particularly funny that 1.7 billions of the tens of billions thise scammy CEO costed them ended up in this very guy's pocket, either via a questionable pay out or selling his own shares before the IPO, which is unheared of.
I thoroughly enjoyed her presentation. Impressive she knows all those dates and monetary amounts. She did her research.
Pretty sure there’s a team of 10+ behind these:)
Google is a helluva website.
this is Forbes? it's like a college kids vlog.
It is difficult to follow her narrative
It's strange how people talk about all the profits, they've been making through trading of bitcoin, while am here not making any profit at all. Please can Someone put me through on the right path or at least tell me what I'm doing wrong?
Adequate orientation or knowledge about bitcoin trade or any other crypto currency is a key to a profitable and a successful investment. I can unequivocally say that forex and crypto trading is one of the most profitable and lucrative business for every investors with the right expert.
@@aurthurrhodes8827 That's true. a lot of people today have been having a ton of disappointments in forex and crypto trading in light of helpless direction and awful specialists
@Tristan Perillard I saw a lot of testimonies about Karen Gray too and I thought it was all made up stories till I summoned courage and gave her a try and honestly it was of no regret the move I made because my returns were mind blowing and encouraging till date.
I'm a living testimony of her good hands. Mrs karen is a genius this is my 8th win with her platform in just z months I'm so happy I made the right choice
People are ignorant of the profitability in bitcoin Investment and that had been their major issues limiting their Investment
Her voice made this painful to watch honestly
You can cry all you want but Adam is laughing all the way to the bank.
Until these sorts of people are on the pyre they will never learn.
E K kill the rich
Forbes needs to get this speaker a voice coach asap. It is excruciating.
I thought that she did a great job.
No, she sucks
Vocal fry
deep fry.
So that’s what it’s called. It seem popular among young American women, sounds like a frog with sore throat.
The story is interresting, yet the excessively annoying voice of the storyteller is clusterfking my interrest for your video.Thumb down Forbes
I feel like I'm suffocating by hearing her voice......
Stop shaming her for her voice. If I didn't read the comments, I would not have even noticed anything awry. She seems like an educated and well-informed woman. I watched the entire video and found it enlightening-it draws attention to how many individuals are easily consumed by wealth once their initial groundbreaking ideas start generating profit and garnering recognition.
Thank you. I didn’t notice anything off until I read the comments. Perhaps it seems odd for some people to watch an educational video about business without being screamed at or talked to by someone with typical salesman charisma. I preferred this video because it felt like a conversation. It felt authentic and honest (whether or not all the needed information was stated). With the typical salesman persona I feel the need to question everything they say including their own names.
This video is just a smoke screen to throw the public off. How in the world can a company that has not made a dime have a valuation of 50 billion? Then people invest money, write it off on their taxes as an investment, then watch it grow from said valuation ( remembering that the company has not made a dime). I can go deeper but to say she sounds educated is not a compliment. Who educated her is the crime! Wework is now owned by foreign investors that in turn own real estate in America; for now what seems to be pennies on the dollar. 6 billion does not equate to 49 billion!!!!!
Very surface level journalism in my opinion. Knowing this sector pretty well she didn't cover anything new and only regurgitated and repackaged old information and presented it in a rather uncompelling narrative.
😅
@@michaeljohnston29 Fair enough. My primary gripe is unrelated to content though and are all the comments hating her voice for no reason.
Does anyone find the commentator look like Elisabeth holmes of THERANOS
but her eyes not scary
Mr moo moo yes, hot af
She's just a woman with a barely similar hair color
I want to breathe for her so she could tell us the story more clearly and not struggle with it.
The presenter's voice is so unsettling
Shes eating her words, cant understand her at all.
jolo logon she probably invested her own damn money
“Mentioned Adam 169 times.”
Nice
LMFAO Sir, this is a serious matter! :')
Silicon Valley has been taking many L's lately
Title isn’t totally accurate; what was insane was that a real estate management company was even valued that highly in the first place
Well to be fair, if you can make more than a rental income out of real estate acquisition you’re doing pretty well. The property retains or increases its value, and the income covers the mortgage rates. Some people argue that McDonald’s is just a vehicle for the same concept. Because even if fast food disappears, McDonald’s is still worth an insane amount.
I genuinely had to stop watching this video because of her voice
Good for you. Any constructive criticism?
SAME it’s giving me severe anxiety lmfao
Nitride never use her to narrate anything ever again. Forbes can afford to hire people with normal voices
So it's a giant scam basically.
Yep another bailout
More like a hyped vacuum. Think of the American economy as a whole as sort of a pressure valve. There is so much liquidity it must be stored somewhere (within equities), so these “brilliant” cons are able to pull a car salesman on wealthy and prideful bag holders.
Everything falls back on who is the CEO. If he or she is money hungry, the company is going to sour and crumble down to its last knee and ultimately go out of business. The wife had no business stepping foot in this company as a co-founder. Get her out of there too.
she sounds like she's constantly on the verge of something, anything, everything.
Her Voice is so hard to listen to, I just got a headache!!!
This person lacks fluency in speaking
OH MY GOD THE VOCAL FRY
Woof this woman’s voice and accent are extremely hard to listen to
Really hard to listen to her voice , cracks all the time . Info is good tho
It takes guts to sit in front of a camera and be vulnerable in front of millions of people. Good on you and the producer for taking a chance, great content, keep getting better.
Neither her nor the producer probably notice anything, that’s how every single American woman speaks nowadays
UPDATE!! HULU is now streaming a great documentary on WeWorks. Informative and Entertaining - Neumann is shown for the cad he is.
why why why out of all people would you choose her to narrate a video
If you listen with your eyes closed, it sounds like Kermit the Frog is narrating.
Why am I only now hearing about this company?
Every time I read about these startups that end up imploding, my 1st thought is:
"If reporters & VC's would ask 20 people off the street about questions to ask these founders, they would see through the bs pretty quickly."
Her voice is like fingernails on a chalkboard
I wonder how she would speak if she's in the Adam Neumanns shoe😂😂😂
@@hadzrahatta8072 Through a spokesperson
the new theranos and they still not in jail... pathetic
Neither the theranos founders.. Atleast for now
This chick's vocal fry is driving me insane
My guy managed to sell an idea for billions! A stupid one too!
How do analysts always seem to get blindsided by scams like these? Good job, smart lady! :D
She was a quiet child, very timid but in her eyes you could see she was waiting to say something that counts.
This is that moment...
Now that the bankroll dried up it will be fun to take those listings with unpaid leases. Glad I did not broker this pie in the sky.
I stopped watching 5 seconds in because of her voice....
What a snowflake lol. Are you traumatised now lol
Owesome Music - if not wanting to listen to grating vocal fry makes one a snowflake, well, then, I guess I’m a snowflake too.
ok.
She sounds like the cheap version of Elizabeth Holmes and it's really awful
WeSuck
The way this girl talks frustrates the f outta me..
Why did she cite SoftBank's valuation of the company? There's a clear conflict of interest/conflict of ethics with the founder and his investment in WeWork. US Media is so garbage and untruthful.
Her voice is unbearable to listen to 😭😭
Wework proves without a doubt that the stock market is filled with con-men. All it took to bring wework down was someone looking at their books and asking... why did you sign 15 year leases on your properties when other corporations like yours for the last 20 years have only signed 5 to 6 year leases? Those 15 year lease accounted for about 70% of their debt. This is why we work could not show how they could become profitable in the next 10 to 15 years.
By them filing for IPO, it lead their previously private books be open for scrutiny by public investors. That’s how it unravelled. The stock market requires listed companies to be extremely open to their investors
@@skalc Yes, that's why their valuation went from 48 billion to 8 billion overnight. They could no longer hide their toxic debt, meaning the 15-year leases. This is why they postpone filing twice before.
👀 👀 👀
i remember i went to wework for a job interview for Nike and they had diff cereals with milk in the waiting area if you wanted to eat while you wait lol
People rather have a private space to work in. Is no coincidence that the higher you move up in your company the more private your space gets. Having all employees in an open space is not something that people want to do. This is why the idea was dumb from the start.