Will they change their name to Wedidn'tWork?
this post was submitted on 01 Nov 2023
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WeUsedToWork
Wew Ork, a new mercenary outfit for Russia.
Don't give them any ideas.
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Oh it worked. They made a shit-ton, paid the execs, and then had no more money. That was the plan. 100% success.
I get that they can argue they didn't deliberately do it, but there must be some kind of law that can be used to sue the execs and shareholders for doing that (if proven), right?
I love your optimism. Truly. But no law says a company can’t drain the bank account on salaries and bonuses and then be “shocked” when there isn’t enough money to keep the lights on.
Sue the shareholders?
WeBroke
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.
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!
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.
What? Not a tech company? But the CEO is hip, young and wears casual clothing! He's obviously a tech genius /s
The free wine and kombucha they had on tap was nice though.
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
There will come a day when people will realize that even tech companies aren't worth that much.
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
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.
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Uber and AirBnB next.
I still don't quite understand why a "taxi" and a "hotel" company are considered tech companies.
Because they both disrupted their respective markets with little more than an app.
I don’t quite understand how MargotRobbie is on Lemmy moderating an android community.
Because I have way too much free time now that I'm on strike, and it's also really funny.
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The tech bit just seems to be the ability to slurp money out of other people's industries, while avoiding all regulation and responsibility.
You can stick the food delivery people with them.
Oh no! Anyway…
Any idea if this is a proper (shut down) bankruptcy, or a get cheaper leases bankruptcy?
It’s a “we paid our execs all our cash” bankruptcy
It's in the article:
New York-based WeWork is considering filing a Chapter 11 petition in New Jersey
And that's the restructuring one? Does that let them escape or decrease their leases?
(Not familiar with American bankruptcy laws(...or any bankruptcy laws))
Yup, 11 is the restructuring one. Very little will happen automatically, but they will try to renegotiate their leases. In a world where big companies are adjusting to WFH being a norm, though no longer the the norm, this has the feeling of pissing on a house fire. When their Chapter 11 restructuring fails, that's when they'll file for Chapter 7 (liquidation)
This is the restructuring one.
https://www.uscourts.gov/services-forms/bankruptcy/bankruptcy-basics/chapter-11-bankruptcy-basics
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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.
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They're still here???
So... most people are not into paying expensive dues to use a desk? Who knew.
shared table or restaurant booth.
Only got a personal desk if you nabbed a phone booth or you had a company that paid even more for a room w/desks.
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WeDontWorkAnymore
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!
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?"
You just described how regular office jobs are 😆
Haven't they been circling the drain for some time now?
Is it just me, or is this the wrong community for this. WeWork isn't a tech company or product.
Lots of small and large tech companies leveraged these spaces.
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We oink
WeNeedWork
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