WeWork set to sack 2,000 staff as anger towards Adam Neumann grows

theguardian.com

25 points·purple_ducks··10 comments

My nomination for the quote of the year 2019 is in this article:

One worker said: “I left crypto to join an even more ludicrous ‘parody, IRL [in real life]’ enterprise. Didn’t even think that was possible.”

Morgan Stanley told WeWork its valuation could hit $104 billion, Goldman Sachs estimated the high end at $96 billion, while JPMorgan said it might reach a more modest $63 billion, according to the Financial Times.

How are these three companies still not fined by sec for fraud ?

Probably because they’re deemed too big to hold accountable.

> Neumann, 40, cashed in around $700m of his own shares in WeWork

My goodness, is WeWork the most stylish ponzi scheme of all time?

We knew that public stock holders will get bored at investing in overvalued IPOs, we just didn't know that We will be the one.

> is WeWork the most stylish ponzi scheme of all time?

Almost. The investors caught them exit-scamming and forced them to postpone the IPO due to further scrutiny of their profitability plans. As for the CEO banking his shares pre-IPO, it doesn't give confidence in investors that they are actually profitable or worthy of being $47B (Now less than $9B).

I rarely attack on character here, but I'm afraid this exit-scam almost strongly resembles a certain joker taking his circus on the stock market.

nymag had a really good article about the WeWork circus http://nymag.com/intelligencer/2019/09/what-happened-at-we-w...

When you believe in unicorns you can’t be too upset when they turn out to just be full of imaginary dreams.

> We thought we were in on something really big.

- We.

deja vu over and over again

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