As if pushing WeWork wasn't bad enough...
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Buying softbank today (I loved it at $200 2 years ago but didn't pull trigger) after the story in the FT is playing in the deep end of the deep end of the pool.
They've got plenty of bullets to fire at the options like this, but wholly crap talk about either hitting a home run or striking out with billions of dollars on the line. -
WeWork wasn't a bad concept - except it had a really bad guy running it and raking big jack, smoking weed and talking shit.
The combo of Adam Neumann and the new reality of telecommuting/COVID may be enough to put a fork in it though. They have a ton of commercial real estate -but commercial real estate for the forseeable future is worth shit.
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Think WeWork was a horrible concept...the idea works when demand for office space is tight and the world is growing, but it assumes all the risk by locking in long-term contracts while living off of short-term leases for their customers. The business model immediately fall apart bigly as soon as there is any hiccup in the economy...PurpleThrobber said:WeWork wasn't a bad concept - except it had a really bad guy running it and raking big jack, smoking weed and talking shit.
The combo of Adam Neumann and the new reality of telecommuting/COVID may be enough to put a fork in it though. They have a ton of commercial real estate -but commercial real estate for the forseeable future is worth shit. -
Agreed looking through the prism today. At the time, nobody believed working remotely via Zoom/Teams was a viable alternative for the masses - so WeWork providing office space was no different than Regis or any of thousands of REITs and commercial landlords. Their day of reckoning is coming too as leases expire. Kind of surprised they didn't BK but with Masa behind it, they have the capital to weather the storm and pivot to something else -probably conversion from office space to residential.HoustonHusky said:
Think WeWork was a horrible concept...the idea works when demand for office space is tight and the world is growing, but it assumes all the risk by locking in long-term contracts while living off of short-term leases for their customers. The business model immediately fall apart bigly as soon as there is any hiccup in the economy...PurpleThrobber said:WeWork wasn't a bad concept - except it had a really bad guy running it and raking big jack, smoking weed and talking shit.
The combo of Adam Neumann and the new reality of telecommuting/COVID may be enough to put a fork in it though. They have a ton of commercial real estate -but commercial real estate for the forseeable future is worth shit.
Problem with that is the left is burning down the very cities where WeWork owns property. So until that shit gets ironed out, SoftBank will keep the beast alive.
Neumann was a greedy bastard and a horrific CEO. Reflects poorly on the joobs.
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Idk, Neumann was a pretty convincing snakes oils mans. Dude can definitely sling his horseshit with the best of them. U need a hombre like that to raise that capitalPurpleThrobber said:WeWork wasn't a bad concept - except it had a really bad guy running it and raking big jack, smoking weed and talking shit.
The combo of Adam Neumann and the new reality of telecommuting/COVID may be enough to put a fork in it though. They have a ton of commercial real estate -but commercial real estate for the forseeable future is worth shit. -
That is how our baking system is set up, just FYIHoustonHusky said:
Think WeWork was a horrible concept...the idea works when demand for office space is tight and the world is growing, but it assumes all the risk by locking in long-term contracts while living off of short-term leases for their customers. The business model immediately fall apart bigly as soon as there is any hiccup in the economy...PurpleThrobber said:WeWork wasn't a bad concept - except it had a really bad guy running it and raking big jack, smoking weed and talking shit.
The combo of Adam Neumann and the new reality of telecommuting/COVID may be enough to put a fork in it though. They have a ton of commercial real estate -but commercial real estate for the forseeable future is worth shit. -
The opinions that I'd share on this topic The Duchess at some point in the future ...
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Also why our baking system is heavily regulated...FireCohen said:
That is how our baking system is set up, just FYIHoustonHusky said:
Think WeWork was a horrible concept...the idea works when demand for office space is tight and the world is growing, but it assumes all the risk by locking in long-term contracts while living off of short-term leases for their customers. The business model immediately fall apart bigly as soon as there is any hiccup in the economy...PurpleThrobber said:WeWork wasn't a bad concept - except it had a really bad guy running it and raking big jack, smoking weed and talking shit.
The combo of Adam Neumann and the new reality of telecommuting/COVID may be enough to put a fork in it though. They have a ton of commercial real estate -but commercial real estate for the forseeable future is worth shit. -
Fucking yeast and shit.HoustonHusky said:
Also why our baking system is heavily regulated...FireCohen said:
That is how our baking system is set up, just FYIHoustonHusky said:
Think WeWork was a horrible concept...the idea works when demand for office space is tight and the world is growing, but it assumes all the risk by locking in long-term contracts while living off of short-term leases for their customers. The business model immediately fall apart bigly as soon as there is any hiccup in the economy...PurpleThrobber said:WeWork wasn't a bad concept - except it had a really bad guy running it and raking big jack, smoking weed and talking shit.
The combo of Adam Neumann and the new reality of telecommuting/COVID may be enough to put a fork in it though. They have a ton of commercial real estate -but commercial real estate for the forseeable future is worth shit.
