• IWantToFuckSpez@kbin.social
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    1 year ago

    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.

    • wjrii@kbin.social
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      1 year ago

      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 scheme financial company, it’s a tech company!

      • Uriel238 [all pronouns]@lemmy.blahaj.zone
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        1 year ago

        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.

    • ours@lemmy.world
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      1 year ago

      What? Not a tech company? But the CEO is hip, young and wears casual clothing! He’s obviously a tech genius /s

      • residentmarchant@lemmy.world
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        1 year ago

        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

    • Hypx@kbin.social
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      1 year ago

      There will come a day when people will realize that even tech companies aren’t worth that much.

      • Thorry84@feddit.nl
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        1 year ago

        Older folk who went through the dotcom bubble burst should know, but they don’t somehow. Oh well a third once in a lifetime market crash in 20 years would just be icing on the molten icecaps cake

        • Chocrates@lemmy.world
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          1 year ago

          I work in tech and I know it, Wall Street still doesn’t I guess. Just look at how much they think our LLM’s masquerading as AI are worth.

  • Margot Robbie@lemmy.world
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    1 year ago

    Uber and AirBnB next.

    I still don’t quite understand why a “taxi” and a “hotel” company are considered tech companies.

  • Nighed@sffa.community
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    1 year ago

    Any idea if this is a proper (shut down) bankruptcy, or a get cheaper leases bankruptcy?

  • HeyListenWatchOut@lemmy.world
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    1 year ago

    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.

        • kakes@sh.itjust.works
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          1 year ago

          Not any more, unfortunately, but they did create 4 seasons of an animated series that only ended recently.

          While I don’t think there was a sniper plot specifically, the animated series does get a lot more “risque” than the live action show (at least, relatively speaking). I honestly recommend checking it out of you liked the original.

    • steeznson@lemmy.world
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      1 year ago

      WeWork would have paid for that placement. No brand would get through the studio and editing without ponying up.

  • Blackmist@feddit.uk
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    1 year ago

    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?”

    • Tire
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      1 year ago

      You just described how regular office jobs are 😆

  • AutoTL;DR@lemmings.worldB
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    1 year ago

    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!

  • Steve@communick.news
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    1 year ago

    Is it just me, or is this the wrong community for this. WeWork isn’t a tech company or product.