‘We Trusted You’: WeWork’s Chair on Adam Neumann and the Future

While I have no love for landlords, in this case I hope they tell WeWork that the long leases cannot be renegotiated and attempts to do so would be considered breach of contract.

Adam Neumann is a bad guy and should be called out for the scam he created to inflate his ego and wealth. He came out a winner, the employees the Losers. Jaime Dimon, Mr. Son and other investors were complicit in this fraud.

I share sentiments of disgust expressed by just about all. This is a scam that needs to be shut down before more folks get hurt. I live in Bogota, Colombia where WeNOTWork has a few buildings - at least with it's logo splashed - way way oversized. I have a friend who has a similar business model though it's only one building wholly owned by him. He says while WeNOTWork is good for his business in that when folks ask him what he does - he points to this notorious company. Immediately, the 40 watt bulb lights up. But he says the problem is they are actually charging rent at 30% of published rate - driving everybody's rent down. I think it's the same world over. For life of me, I don't know where the regulators are when we need them.

WeWork = WeSuck. I coworked at Spacious for a year, it was great, they use restaurants that are not open for lunch as work spaces during the day, very affordable--a win-win for everyone! Until WeWork bought Spacious solely to destroy it. Everyone got a lame email a few days ago that it is shutting down. They took their restaurant partners by surprise too. Then I get an email from WeWork about how they can meet my 'needs' and want to schedule a call, take a tour blah blah blah. KettleSpace here I come.

More like WeBroke.

Wework was always a scam. If the business model worked, you don't need to own the real estate.

I think it's fair to say that Son and Neumann deserved each other - a crazy with money, and a crazy looking for more money. A match made in crazy-land. Yet, as always, it's the the rank and file workers grinding away to make the business a success who get shafted. I'd say this is a cautionary tale for anyone considering a job offer: Be careful whose kool-aid you choose to drink.

Let's be honest. This company deserves to die. The only reason Softbank is throwing more money at it is ego.

Me Work...what a joke. As a banker, I can attest that they had thee worst financial disclosure and made up their own performance metrics to spin their story. Sayonara.

Is WeWork going to turn off the beer taps and free catered lunches?

WeWork has said its mission is to “elevate the world’s consciousness." How about less lofty goals. Pay our bills and pay our employees. WeWork simply rebranded 'entrepreneurial incubators' without the investors. It's almost like the Starbuck's model except you don't have carry your laptop to the bathroom.

I hope this entire company tanks and takes the value of scam-artist Adam's shares to ZERO, and pulls Softbank down with it. That would be a fair result. IMO, Neumann's nothing but a con artist, and it's amazing that he could get so much money for his house-of-cards scheme, at a time when genuinely viable businesses often can't get the financing they need. As to Softbank, it should be renamed in the interest of truth-in-advertising - the new name should be "Soft-in-the Head" bank. This entire scheme rests on one fool putting it over on other fools. It would be funny except for the REAL workers who've been lied to and put through the wringer, only to find themselves out of a job and holding worthless stock & options.

What a disaster. Glad to see the “growth at any cost” mindset is finally being revealed as a fraud. WeWork will be bankrupt 2 years into the next recession when they fail to uphold lease terms and debt payments.

In a different world, Adam Neumann would grant half his stock, $2 billion, to those laid off workers. That would average $500,000 per employee. He would be left with $2 billion and, I presume, a good feeling.

I wonder how much of this bailout money is from junk bonds being sold to retail consumers. All to pay executive pay and Softbank commissions.

When can we stop referring to Mr. Adam as this business genius? He was able to give away free granola bars in rented office space and convince an eccentric this was a viable business plan.

The founder could have been presented a stark choice - sell us your shares at a set price or we walk away and don't rescue the company with additional billions. WeWork may never recover from the founder's toxic legacy, and the broken trust felt by the thousands of employees who worked overtime in pursuit of a false vision. SoftBank has invested heavily in companies that seek to virtualize who industries (hotels, ride share, office space). Read recent articles to see the trial of losses, broken contracts and devastation that has resulted.