WeWork is losing USD5,197 per customer per year



Posted by Ed 2 mths ago
After weeks of intense ridicule and criticism over its IPO language and valuation, WeWork moved to halve the price tag of its public offering from $47 billion to somewhere between $20 and $30 billion.
Only days later, WeWork is seeking to further cut its valuation to less than $20 billion. With a revenue of $1.54 billion, a valuation close to $20 billion would still be almost 13 times more than what the company brings in.


Ed 2 mths ago
WeWork's biggest outside shareholder, SoftBank, is reportedly asking for the IPO to be put on hold because investors don't seem interested
 A WeWork spokesperson told Business Insider: “The company is in a quiet period and will politely decline to comment.”

Ed 2 mths ago
WeWork's prospectus has a dedication (no joke): "We dedicate this to the power of We — greater than any one of us, but inside each of us." Pretty sure Jim Jones had t-shirts printed up with this inspiring missive.
Speaking of idolatry, "Adam" (as in Neumann) is mentioned 169 times, vs. an average of 25 mentions for founder/CEOs in other unicorn prospectuses. Uber’s CEO, Dara Khosrowshahi, is mentioned 29 times in their prospectus. Granted, "Adam" is super dreamy, in sort of an Argentinian polo player way (he's Israeli). But he's not 6x dreamier than Dara, who has a whole “Omar Sharif, if he went to Brown” thing going on.
But I digress. We's mission is "to elevate the world's consciousness." Maybe, but it's clear the mission of the prospectus is to dampen our consciousness ahead of the sh*tshow that is "The Story of Us: We."  

Ed 2 mths ago
The WeWork IPO is full speed ahead with roadshow to kick off as soon as Monday, sources say
The WeWork initial public offering is full speed ahead, sources familiar with the matter tell CNBC’s David Faber, despite a number of a setbacks including a dramatic cut in its valuation and its biggest outside investor urging the controversial real estate company to shelve the offering. 

Ed 2 mths ago
Real estate tycoon Sam Zell slams WeWork: ‘Every single company in this space has gone broke’
  • Sam Zell, who amassed a nearly $6 billion fortune with roots in commercial real estate, slams office-sharing firm WeWork.
  • WeWork, which is planning an IPO, is not doing anything new, the Chicago billionaire investor says.
  • Zell points to WeWork’s net losses of more than $900 million for the first six months of 2019 on revenues of $1.54 billion.

Ed 2 mths ago
WeWork IPO, the Straw that Breaks the Stock Market’s Back? Valuation Plunged by up to 79%

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