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Comment by jonknee | Hacker News Reader

WeWork has been an obvious fuckup to even casual observers for years, if people inside the company couldn't see this I really don't know what to say.

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The "no meat" policy is what did it for me. The company is such a virtue-signaling joke.

https://money.cnn.com/2018/07/13/technology/wework-meat-ban/...

You know I would have thought it's the billion dollars per year of cash burn and the borderline theft of the CEO leasing assets to his own company instead of the meat, but ok.

WeWoke

It’s hard to see things when your salary depends on you not seeing said things.

All the more reason for employees to be excited about the opportunity to finally see liquidity for their shares.

A lot of people convinced themselves that if they could just make it to the IPO at least they’d have a lucrative way off the shipwreck. Oops.

Well my point is it should have been obvious the shares were absolutely worthless.

I can see how their leadership is a bit bush league and they are potentially overvalued, but it’s not obvious to me that their basic value proposition sucks or is that far off the mark.

They sell things for less than cost at scale, what basic value proposition is that? Read that S-1, it's an absolute hot mess.

> They sell things for less than cost at scale,

God, I love this phrase so much. It's such a brilliant stab at many of these recent unicorns. "Oh you think they can burn money fast, well watch how fast we burn it! We're number one!"

"We lose money on every transaction but we'll make it up in volume!" was literally the rallying cry of the DotCom boom/bust. It's not new

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