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Viewsroom

Viewsroom: WeWork unfurls the red flags

Viewsroom

Reuters

News

4.458 Ratings

🗓️ 15 August 2019

⏱️ 15 minutes

🧾️ Download transcript

Summary

The shared-office provider’s long-awaited IPO filing is packed with pointless life-affirming tropes. But it also details a host of conflicts of interest and other risks that should send investors running. Plus: India’s powerhouse Reliance is building a war chest for dominance. See acast.com/privacy for privacy and opt-out information. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0

AI is incredible. They can teach you how to fry an egg and even write a poem, pirate style.

0:07.0

But it knows nothing about your work. Slackbot is different. It doesn't just know the facts.

0:14.0

It knows your schedule. It can turn a brainstorm into a brief and it doesn't need to be taught.

0:20.0

Because Slackbot isn't just another

0:22.4

AI. It's AI that knows your work as well as you do. Visit Slack.com forward slash meet Slackbot

0:28.8

to learn more. The views expressed on this podcast are those of the participants, not of Rorges News.

0:40.3

Welcome to the Views Room, a podcast from Reuters' Breaking Views. I'm Anthony Curry.

0:45.1

What ties together India's wealthiest individual, Saudi Aramcoe and Jeff Bezos. Well, later in the

0:50.9

show, we'll turn to our colleagues in Hong Kong and Mumbai to give us the answer.

0:55.2

Up first, though, we're going on a tour of WeWork's plan to sell shares to the public.

1:00.0

The firm has over the years turned renting shared office space, replete with free beer and other perks,

1:04.8

into a hot industry.

1:05.8

But the company is burning cash and has a number of other red flags that potential investors

1:09.8

should pay attention to.

1:11.2

Also, it seems to have provided its listing for its IPO on the day that the markets have gone haywire as all these recession fears come through, which makes life even worse for the company, you think.

1:20.5

Here to provide us with a floor plan to WeWork's convoluted structure on what it's hoping to do.

1:25.2

Rob Cox and Rob Sir, and welcome to the show both of you. Thanks, Anthony. So let's. Rob Cox and Rob Siren. Welcome to the show, both of you.

1:28.3

Thanks, Anthony.

1:29.3

So let's start with you, Rob Siren.

1:33.2

As I recall, I came in this morning.

1:34.7

You were already looking at the IPA prospectus, and you were laughing.

1:41.0

What's the deal here?

...

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