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Recode Daily

WeWork’s Surprising Comeback

Recode Daily

Recode

Society & Culture, Science, Technology

4.61.3K Ratings

🗓️ 4 January 2021

⏱️ 8 minutes

🧾️ Download transcript

Summary

What the resilience of the co-working company tells us about the future of the office. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Transcript

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0:00.0

This podcast is brought to you by Meta Quest 3, the new mixed reality headset from Meta.

0:07.0

Expand your world in ways you never thought possible with the new Meta Quest 3.

0:11.0

Put on the most powerful quest yet and jump into fully immersive games like Assassin's Creed

0:15.7

Nexus or blend virtual elements into your surroundings in games like Stranger Things VR.

0:21.2

With over 500 titles, it's easy to dive into whatever you're into.

0:25.0

Expand your world with MetaQuest3. See Child Safety Guidance online.

0:29.0

Accounts for 10 and up. Certain apps, games and experiences may be suitable for a more mature audience.

0:32.0

Learn more at meta.com. Remember We Work? In 2019, the company had a pretty chaotic year. It had this

0:48.7

impending public offering, was generating lots of buzz, its young charismatic CEO Adam Newman

0:54.4

had a compelling vision for the company. But then the wheels came off the bus

1:00.8

investors started questioning the company's business model.

1:04.3

Its valuation dropped by half to $20 billion and then by half again to $10 billion.

1:09.6

The IPO was withdrawn. Adam Newman left the company and it laid off thousands of employees.

1:15.2

And after all that came the pandemic.

1:18.6

Offices shuttered, rent went unpaid.

1:21.4

It has not been a good time to be in the office rental business.

1:25.0

But recently, Wie Wie Wie Wie Work has seen something of a comeback, sort of.

1:33.8

Ronnie Mola is here to talk about, hey Ronnie.

1:35.8

Hey Johnny.

1:36.8

So how did this happen exactly?

1:38.2

Well, it's less of a comeback and more of a not doing

1:41.3

as poorly as it was doing.

...

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