The wild, over-the-top story of WeWork:
WeWork took the boring, shared-office-space concept, added kombucha on tap and the allure of working in a cool, hip, aesthetically pleasing environment and became one of the most highly valued unicorn companies, reaching a reported peak valuation of $47 billion.
He derides WeWork self-positioning itself as a sophisticated technology company. He points out that the emperor has no clothes and sees WeWork as a basic, boring business. “WeWork rents a building from me, and breaks it up, and then rents it,” Ellison said. “They say, ‘We’re a technology company, and we want a tech multiple.’ It’s bizarre.”
. It was reported that WeWork cofounder and CEO Adam Neumann changed the company’s official name to the We CompanyConveniently, he previously trademarked the name and charged his own company about $9 million for using it. The company burned through $1.6 billion in 2018 and analysts believe it will lose over $1 billion this year. Neumann “cashed out more than $700 million from the company ahead of its initial public offering through a mix of stock sales and debt,” according to a Julyreport.
Neumann has told reporters that he’d like to become leader of the world, live forever and amass more than $1 trillion in wealth. His wife and WeWork cofounder, Rebekah Neumann—a cousin of Gwyeneth Paltrow—has her own idiosyncrasies. According to reports, she had a number of employees abruptly fired because “she didn’t like their energy” after briefly meeting them.profile of Neumann revealed the bizarre way he fired about 7% of the company’s employees in 2016.
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