$47B Disaster: How Adam Neumann Killed WeWork in 33 Days

On August 14th, 2019, WeWork filed for IPO at a forty-seven billion dollar valuation.
Thirty-three days later, the IPO was dead, the founder was fired, and the company
was burning cash so fast SoftBank had to wire five billion dollars in an emergency
rescue just to keep the lights on. WeWork had raised twelve billion dollars from
investors. It had operating losses of one point nine billion. It paid its founder
rent for buildings it leased from him. It bought his trademark on the word "We"
for nearly six million dollars. This is how a yoga instructor turned a sublease
business into a forty-seven billion dollar bubble, and how the bubble burst in
six weeks. And how he walked away one point seven billion dollars richer while
fourteen thousand of his employees lost everything.

Sources used in this video:
🔗 https://www.wsj.com/articles/inside-the-fall-of-wework-how-adam-neumanns-over-the-top-style-built-a-39-billion-company-11568823827 — WSJ Sept 2019 — definitive insider account of board dynamics + Neumann excesses
🔗 https://www.bloomberg.com/news/features/2019-10-22/the-fall-of-wework-how-a-startup-darling-came-unglued — Bloomberg deep-dive on the 33-day collapse timeline
🔗 https://www.cnbc.com/2019/09/24/wework-ceo-adam-neumann-stepping-down.html — Neumann ouster, Sept 24 contemporaneous coverage
🔗 https://www.nytimes.com/2019/09/30/business/wework-ipo.html — NYT IPO withdrawal, Sept 30
🔗 https://en.wikipedia.org/wiki/WeWork — Historical timeline + Chapter 11 reference
🔗 https://www.ft.com/content/91d44eaa-fd5a-11e9-a354-36acbbb0d9b6 — FT on SoftBank rescue terms
🔗 https://www.reuters.com/article/us-wework-bankruptcy/wework-files-for-chapter-11-bankruptcy-protection-idUSKBN3270YC — Chapter 11 filing Nov 6 2023

Chapters:
00:00 Intro
00:02 Act 1: The Vision
02:32 Act 2: The Bubble
06:02 Act 3: The S-1
09:02 Act 4: The Collapse
12:02 Act 5: The Receipt

🎬 Bankrupt Giants — documentaries on the empires Wall Street, Walmart, and bad decisions destroyed.
🔔 Subscribe for new bankruptcy stories every week.

#WeWork #AdamNeumann #BankruptGiants

Видео $47B Disaster: How Adam Neumann Killed WeWork in 33 Days канала Bankrupt Giants