Doesn't we work still exist? I wouldn't say it is worthless or a total loss just yet.
Clearly a company with more money to burn than they know what to do with.
Like when Boston Market expanded everywhere - including neighborhoods in SF that had zero other chain restaurants/fast food places. The hubris.
Even better, they are going public via a SPAC. So the CEO won anyway, got their billions and the exit scam still succeeded. Theranos tried to do the same thing but the scam was detected and stopped before they could try to get away with it.
Like many blog posts, this one is just parroting and hyping the 'Cult of We' book and telling the story of its failed IPO and overvaluation in 2019.
It would be more interesting if this failed IPO was the start of a gigantic crash, destroyed WeWork and took the tech industry with it.
But given that they are still IPOing and exiting for billions and more overvalued companies are still going through SPACs and IPOs like business as usual; that 'failure' has become ancient history.
A collapse in commercial property would roil all markets, including VC.
People just need to catch up to modern methods of making money.
If: interest rate environment = low
Then: act this way
If: interest rate environment = high
Then: act this other way
There is zero utility in worrying about Neumann’s actual financial success, the cult-like employees who got burned after segregated themselves from how the entire finance sector was making fun of wework pitches. Softbank want to pump and risk limited partners infinite money, so be it.