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The Journal.

WeWork: From $47 Billion Unicorn to Bankruptcy

The Journal.

The Wall Street Journal

Business News, News, Daily News

4.25.8K Ratings

🗓️ 7 November 2023

⏱️ 19 minutes

🧾️ Download transcript

Summary

WeWork, the office space coworking company, filed for bankruptcy yesterday. The company’s decision comes after it struggled with debt and a slump in the commercial real estate market. WSJ’s Eliot Brown recounts how the embattled startup ended up in bankruptcy. Further Listening: -WeWork’s CEO on the Future of Work -WeWork: The Enablers Further Reading: -Adam Neumann Wounded WeWork. An Office Market Bust Finished It Off. -WeWork, Once Valued at $47 Billion, Files for Bankruptcy Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0

Do you want to just start out by introducing yourself?

0:07.0

Sure. I am Elliot Brown. I'm a finance reporter based in London.

0:12.0

For years, our colleague Elliot has been I'm a finance reporter based in London.

0:13.0

For years, our colleague Elliot has been following the story of We Work,

0:16.7

the startup that rents out shared office space.

0:19.9

And of all the things that you've written about in your career

0:23.3

is, we work your favorite story?

0:25.8

It's certainly taking the most time.

0:28.0

Yes, no, I'm trying to wean myself off the addiction

0:31.8

with some success, but particularly for a few years

0:34.0

it was just this hypnotic tale that I kind of just love diving deep into.

0:38.7

Elliot got another chance to dive deep into the We Work story again yesterday

0:43.0

when the company filed for bankruptcy.

0:46.0

How did We Work die?

0:48.3

Well, was it killed or was it of natural causes?

0:57.0

It was just incredibly reckless the way the business was initially built and so particularly at how they grew at the top they were spending in reckless ways and it wasn't a sustainable model and

1:06.2

what we're seeing today is the result of that.

1:11.4

Welcome to the Journal, our show about money, business, and power.

1:15.0

I'm Ryan Knutzen.

1:17.0

It's Tuesday, November 7th.

1:20.0

Coming up on the show, why we work didn't work. Louis Thruu Interviews is back on BBC Eye Player.

1:41.0

Thank you for letting us in.

...

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