We Work attempts to come public at $47 billion. Corrupt investment banks tell them to fuck off, probably because their in house counsel warned them about some obvious fraud of scam. We Work keeps fishing for suckers in their IPO dreams, only to be cast aside as fucking idiots morons. Valuation plummets from $47 billion to under $10 billion in less than a month, revealing what the in house counsel at JP Morgan knew all along.
Softbank freaks out because We Work needed to IPO in order to keep the shell game going. They have two options: fire thousands of workers and let We Work go bust, or bail them out in the hopes of righting the ship and an eventual IPO.
They chose the latter.
As part of the $8 billion deal to take control of We Work, Founder and CEO Adam Neumann will get bought out for $1.7b and sever ties with the company.
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