WeWork plans to file for bankruptcy as early as next week, source says
WeWork plans to file for bankruptcy as early as next week, source says
WeWork's filing for bankruptcy would mark a stunning reversal of fortune for the New York-based company that was privately valued at $47 billion in 2019 and a black spot for investor SoftBank that sunk billions.
Will they change their name to Wedidn'tWork?
WeBroke
WeWork was nothing but a scam to fleece money from investors. Only a fool would believe a real estate company is a tech company. And that fool is Masayoshi Son.
WeWork: It's not a real estate company, it's a tech company!
Theranos: It's not a healthcare company, it's a tech company!
Juul: It's not a vape company, it's a tech company! (though oddly enough, they would have also accepted, "It's not a vape company, it's a healthcare company!)
FTX: It's not a
pyramid schemefinancial company, it's a tech company!What is sad is how we had to establish human rights on a computer in the 1990s, and then establish them again on the internet in the 2010s and now on a smartphone
Because with each iteration our legal system sides with overreaching law enforcement whenever it's a new state of technology.
What? Not a tech company? But the CEO is hip, young and wears casual clothing! He's obviously a tech genius /s
The free wine and kombucha they had on tap was nice though.
One regret of mine was avoiding WeWorks while they were hyped up on VC money because I thought it was a stupid idea. Turns out I should have just drank the free beer and let them implode on their own
Why do you want to fuck spez?
Uber and AirBnB next.
I still don't quite understand why a "taxi" and a "hotel" company are considered tech companies.
Because they both disrupted their respective markets with little more than an app.
The tech bit just seems to be the ability to slurp money out of other people's industries, while avoiding all regulation and responsibility.
You can stick the food delivery people with them.
Oh no! Anyway…
Any idea if this is a proper (shut down) bankruptcy, or a get cheaper leases bankruptcy?
It’s a “we paid our execs all our cash” bankruptcy
Random, I know, but there’s actually a weirdly perfect jab at this in the new Fincher movie “The Killer.”
One of the protagonist’s sniper nest positions is literally in an old “WeWork” office that has basically become abandoned / derelict. Fincher made sure to have the logo visible on a door in an establishing shot.
They're still here???
So... most people are not into paying expensive dues to use a desk? Who knew.
shared table or restaurant booth.
Only got a personal desk if you nabbed a phone booth or you had a company that paid even more for a room w/desks.
You mean those things that restaurants and coffee shops have... for free?
I use a co-working space every day. It's normal
WeDontWorkAnymore
This is the best summary I could come up with:
Oct 31 (Reuters) - WeWork (WE.N) plans to file for bankruptcy as early as next week, a source familiar with the matter said on Tuesday, as the SoftBank Group-backed company struggles with a massive debt pile and hefty losses.
New York-based WeWork is considering filing a Chapter 11 petition in New Jersey, the WSJ reported, citing people familiar with the matter.
Earlier on Tuesday, WeWork said it had entered into an agreement with creditors for temporary postponement of payments for some of its debt, with the grace period nearing an end.
The company has been in turmoil ever since its plans to go public in 2019 imploded following investors' skepticism over its business model of taking long-term leases and renting them for the short term and worries over its hefty losses.
Its major backer, Japanese conglomerate SoftBank, sunk tens of billions to prop up the startup, but the company has continued to lose money.
WeWork raised "substantial doubt" about its ability to continue operations in August, with numerous top executives, including CEO Sandeep Mathrani, departing this year.
The original article contains 296 words, the summary contains 177 words. Saved 40%. I'm a bot and I'm open source!
Genuinely not sure what the business model was here, or how it attracted so many investors.
"So we get a bunch of office space, right? And then we rent it out not to companies, but to individuals, who then get all the downsides of working in a distracting room full of noisy bastards, while not actually interacting with any of the people they're supposed to be working with."
"I'm in! How much do you need?"
You just described how regular office jobs are 😆
Good, fuck this guy
'this guy' is already out. Made billions
Well shit
Haven't they been circling the drain for some time now?
We oink
WeNeedWork
Is it just me, or is this the wrong community for this. WeWork isn't a tech company or product.
Lots of small and large tech companies leveraged these spaces.
I used to work for a tech company that rented a corner office in a WeWork
This community seems to have become a catch-all for whatever.
It does seem that way.
WeFailedToWork