The media is saying he’s ‘stepping down’, but he got fired.
When going public, as CEO of the company — you have one job: get fuckers to buy your stock. We don’t know what exactly happened behind closed doors, but the fact he couldn’t cajole already corrupt investment bankers into dropping coin into his over-inflated shit heap speaks volumes. We Work must be such a piece of shit, JP Morgan and other banks in on the deal must’ve canceled out of fear of legal reprisals. It’s interesting to note, Morgan Stanley wanted no part of the deal.
The valuation was supposed to print at $47 billion. By my last count, Wall Street was looking to bang Neumann in the face for $10 billion, a staggering 78% drop in valuation. Nothing happened to the company, other than exposure via its roadshow. Which goes to show you, private markets are a fucking scam.
Now their bonds are tanking.
WeWork bonds now trading their lowest since June…92% of face vale as reports grow CEO Adam Neuman has been forced to step down, will stay as Chair
Does this now make a successful #IPO more or less likely? pic.twitter.com/oz9gY5KN4Y— Caroline Hyde (@CarolineHydeTV) September 24, 2019
More than that, their credit lines are at risk.
Israel’s two largest banks, Leumi and Hapoalim, are feeling the heat of WeWork’s shelved initial public offering. Over the weekend, a banking consortium that provided WeWork CEO Adam Neumann with a $500 million credit line has started looking into the possibility of revising its terms as WeWork’s listing trials impacted the value of Neumann’s main collateral—his WeWork stock. According to market estimates, Leumi contributed $50 million to the credit line, while Hapoalim added $20 million to the pot.
Just like any stock whose share price collapses, We Work is now subjected to extreme scrutiny by creditors. This is not a profitable company, so a death spiral is a real possibility. This has to go down as the single worst IPO road show in American history, well deserving of a post.
Needless to say, Adam Neumann wins the Asshat of the Year award.
Background on his wife and co founder of We Work.
You can run a private company however you want, but when you file to IPO the dirt comes out…
"WeWork cofounder Rebekah Neumann… reportedly demanded employees be fired within minutes of meeting them because she disliked their 'energy'"https://t.co/YsSZiGpNfN
— Nick Wong (@nwwong) September 19, 2019
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For all you TDS sufferers out there. Remember the warning of our great political philosopher Omarosa …paraphrasing: Pence believes Jesus talks to him and tells him all the crazy, violent, war-mongering shit that gets him all wet.
Didn’t co-founder Rebekah Neumann finish in third at the Kentucky Derby?
You can lead a horse to water, AND make her drink.
I work with companies headquartered in Kali and I’ll have to say their management does not practice what it preaches. I’m talking huge companies, Fortune 50, in one case 2.
They are totally top down driven, they don’t want to hear any differing opinions, only sycophants need apply. When I mention this thought to their employees over drinks they look around as if they are being wire tapped, quickly changing the subject with a nervous chuckle.
.
I’d say most companies are like that, not just the one in “Kali”. You think Houston oil companies don’t keep an extra eye on employees who are worried about climate change?
However, while I firmly believe that all views should be tolerated, it is completely human to get along better with people that share your views, and to work harder for a company that shares your values.
The We Work clown show is hilarious.
Not only do they lose money; their ‘pitch’ includes having no profit in the foreseeable future.
They belong at the bottom of the Mariana Trench.
He looks like a meth’ed out scarecrow.