TechCheck+ WeWork’s end, Neumann’s return? Who’s left holding the bag, and what comes next 11/10/23

TechCheck

CNBC

Management, Cnbc, Tech, Faang, Investing, Business, Disruptors, Technology

4.5 • 66 Ratings

🗓️ 10 November 2023

⏱️ 10 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

WeWork took us on a wild ride. A real estate company disguised as a tech startup, holding long-term leases and turning them around for short-term rentals. It was always a risky proposition, made more so in an era of low interest rates and a “growth at all costs” mentality. And Adam Neumann’s particular blend of salesmanship, cult personality, and huge risk-taking only added to the fire. WeWork would come crashing down, not once, but twice. Now, some are wondering, does Adam Neumann return, and should he? This week on Tech Check, we dig into WeWork’s next chapter – who’s left holding the bag after the implosion, and what comes next.

Transcript

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0:00.0	We work took us on a wild ride.
0:04.7	It is now official.
0:05.9	We've been speculating about it for quite some time.
0:08.0	We work filing for bankruptcy as it seeks a comprehensive reorg of its business, which will include cutting some of its leases. a real estate
0:15.0	estate company disguised as a tech startup holding on to long-term leases
0:19.0	and turning them around for flexible short-term rentals.
0:21.6	We worth the office space startup with a heinous balance sheet.
0:25.0	It was always a risky proposition.
0:27.4	Made more so in an era of low interest rates and a growth at all cost mentality.
0:32.0	We are ready for an IPO because we have our
0:35.1	bond. We actually report on a quarterly basis regularly. You are ready? We work
0:40.0	is always ready for an IPO. We will choose the right time to do it when it's
0:44.6	correct for the mission of the company. What are you looking for? I want to
0:48.8	elevate the world's consciousness. Adam Newman's particular blend of
0:52.0	salesmanship, cult of personality, and huge risks.
0:55.0	Cashburn didn't matter to anyone involved until of course it did.
1:00.0	We work is garnering intense interest but also more than a few questions about its business
1:04.2	model. We work would come crashing down not once but twice. Now some are
1:08.8	wondering does Adam Newman return should he? This week on Tech Check, we dig into Weew Works final chapter.
1:15.8	Who's left holding the bag after the implosion and?
1:20.9	If it really is the end, after Adam Newman's Soft Bank was
1:24.6	We Work's biggest backer and perhaps the biggest catalyst
	...

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