Biggest scam ever. Only a fool would believe a real estate company is a tech company. And that fool is Masayoshi Son.
WeWork plans to file for bankruptcy as early as next week, source says
Submitted 11 months ago by ZeroCool@feddit.ch to technology@lemmy.world
https://www.reuters.com/markets/deals/wework-plans-file-bankruptcy-early-next-week-wsj-2023-10-31/
Comments
IWantToFuckSpez@kbin.social 11 months ago
wjrii@kbin.social 11 months 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 schemefinancial company, it's a tech company!uriel238@lemmy.blahaj.zone 11 months 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 11 months ago
What? Not a tech company? But the CEO is hip, young and wears casual clothing! He’s obviously a tech genius /s
Kbin_space_program@kbin.social 11 months ago
The free wine and kombucha they had on tap was nice though.
residentmarchant@lemmy.world 11 months 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 11 months ago
There will come a day when people will realize that even tech companies aren't worth that much.
Thorry84@feddit.nl 11 months 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
Destraight@lemm.ee 11 months ago
Why do you want to fuck spez?
MargotRobbie@lemmy.world 11 months ago
Uber and AirBnB next.
I still don’t quite understand why a “taxi” and a “hotel” company are considered tech companies.
phoneymouse@lemmy.world 11 months ago
I don’t quite understand how MargotRobbie is on Lemmy moderating a an android community.
MargotRobbie@lemmy.world 11 months ago
Because I have way too much free time now that I’m on strike, and it’s also really funny.
some_designer_dude@lemmy.world 11 months ago
Because they both disrupted their respective markets with little more than an app.
Blackmist@feddit.uk 11 months ago
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.
DirigibleProtein@aussie.zone 11 months ago
Oh no! Anyway…
JDPoZ@lemmy.world 11 months 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 11 months ago
They make the same joke in the Corner Gas animated series iirc.
darth_helmet@sh.itjust.works 11 months ago
Holy shit, they’re still making corner gas? Also, a sniper plainer seems pretty dark for that show
steeznson@lemmy.world 11 months ago
WeWork would have paid for that placement. No brand would get through the studio and editing without ponying up.
Nighed@sffa.community 11 months ago
Any idea if this is a proper (shut down) bankruptcy, or a get cheaper leases bankruptcy?
tsonfeir@lemm.ee 11 months ago
It’s a “we paid our execs all our cash” bankruptcy
wmassingham@lemmy.world 11 months ago
It’s in the article:
New York-based WeWork is considering filing a Chapter 11 petition in New Jersey
Nighed@sffa.community 11 months ago
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))
Pons_Aelius@kbin.social 11 months ago
Based on the debts they have, My guess it will be chapter 7 (wind up and liquidation) and not 11 (debt restructure).
breadsmasher@lemmy.world 11 months ago
so you didn’t read the article
pastermil@sh.itjust.works 11 months ago
They’re still here???
HurlingDurling@lemm.ee 11 months ago
So… most people are not into paying expensive dues to use a desk? Who knew.
Kbin_space_program@kbin.social 11 months ago
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.
HurlingDurling@lemm.ee 11 months ago
You mean those things that restaurants and coffee shops have… for free?
nutsack@lemmy.world 11 months ago
I use a co-working space every day. It’s normal
Sibbo@sopuli.xyz 11 months ago
WeDontWorkAnymore
autotldr@lemmings.world [bot] 11 months 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!
Blackmist@feddit.uk 11 months 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?”
ThrowawayPermanente@sh.itjust.works 11 months ago
Good, fuck this guy
nonailsleft@lemm.ee 11 months ago
‘this guy’ is already out. Made billions
ThrowawayPermanente@sh.itjust.works 11 months ago
Well shit
Steve@communick.news 11 months ago
Is it just me, or is this the wrong community for this. WeWork isn’t a tech company or product.
netburnr@lemmy.world 11 months ago
Lots of small and large tech companies leveraged these spaces.
steeznson@lemmy.world 11 months ago
I used to work for a tech company that rented a corner office in a WeWork
Sir_Kevin@lemmy.dbzer0.com 11 months ago
This community seems to have become a catch-all for whatever.
Steve@communick.news 11 months ago
It does seem that way.
fne8w2ah@lemmy.world 11 months ago
Haven’t they been circling the drain for some time now?
wabafee@lemm.ee 11 months ago
We oink
LinusOnLemmyWld@lemmy.world 11 months ago
WeNeedWork
jacktherippah@lemmy.world 11 months ago
WeFailedToWork
Pons_Aelius@kbin.social 11 months ago
Will they change their name to Wedidn'tWork
abobla@lemm.ee 11 months ago
WeUsedToWork
snooggums@kbin.social 11 months ago
Wew Ork, a new mercenary outfit for Russia.
slurpeesoforion@startrek.website 11 months ago
We(the rich don’t)Work
tsonfeir@lemm.ee 11 months ago
Oh it worked. They made a shit-ton, paid the execs, and then had no more money. That was the plan. 100% success.
scytale@lemm.ee 11 months ago
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?
expatriado@lemmy.world 11 months ago
WeBroke