Who Won When WeWork Lost?
Getting Fired Has Never Been More Profitable
“It’s stone-cold crazy.”
In the face of the absolute shitshow that WeWork has become, it is ridiculously obvious as to why Eric Schiffer, CEO of the Patriarch Organisation, will make such a comment on Adam Neumann’s golden parachute of the sinking ship.
WeWork, the co-working space giant that botched their attempt at an IPO September this year, is in full crisis mode. Failing to list themselves meant that they had no financial lifeline—the company was losing so much money that if you calculated it, they were actually hemorrhaging $219,000 an hour. As a real estate company that masqueraded as a tech company, WeWork had no clear path of profitability, especially when they barely own any real estate.
Yet, Neumann’s ambitions were beyond containment and Softbank’s billions only fuelled the self-serving Israeli entrepreneur.
WeWork was more than a real-estate empire when Neumann unveiled the company’s new brand: We. The We Company housed three initiatives that focused on different aspects of human lives, with one of them including the workplace (hence, WeWork is part of the initiative). WeLive is a co-living arm and WeGrow forms an education group, with a mission to “unleash every human’s superpowers.”
