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 1 year 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 1 year ago
wjrii@kbin.social 1 year 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 1 year 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 1 year 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 1 year ago
The free wine and kombucha they had on tap was nice though.
residentmarchant@lemmy.world 1 year 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 1 year ago
There will come a day when people will realize that even tech companies aren't worth that much.
Thorry84@feddit.nl 1 year 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 1 year ago
Why do you want to fuck spez?
MargotRobbie@lemmy.world 1 year 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 1 year ago
I don’t quite understand how MargotRobbie is on Lemmy moderating a an android community.
MargotRobbie@lemmy.world 1 year 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 1 year ago
Because they both disrupted their respective markets with little more than an app.
Blackmist@feddit.uk 1 year 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 1 year ago
Oh no! Anyway…
JDPoZ@lemmy.world 1 year 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 1 year ago
They make the same joke in the Corner Gas animated series iirc.
darth_helmet@sh.itjust.works 1 year ago
Holy shit, they’re still making corner gas? Also, a sniper plainer seems pretty dark for that show
steeznson@lemmy.world 1 year ago
WeWork would have paid for that placement. No brand would get through the studio and editing without ponying up.
Nighed@sffa.community 1 year ago
Any idea if this is a proper (shut down) bankruptcy, or a get cheaper leases bankruptcy?
tsonfeir@lemm.ee 1 year ago
It’s a “we paid our execs all our cash” bankruptcy
wmassingham@lemmy.world 1 year ago
It’s in the article:
New York-based WeWork is considering filing a Chapter 11 petition in New Jersey
Nighed@sffa.community 1 year 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 1 year ago
Based on the debts they have, My guess it will be chapter 7 (wind up and liquidation) and not 11 (debt restructure).
pastermil@sh.itjust.works 1 year ago
They’re still here???
HurlingDurling@lemm.ee 1 year ago
So… most people are not into paying expensive dues to use a desk? Who knew.
Kbin_space_program@kbin.social 1 year 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 1 year ago
You mean those things that restaurants and coffee shops have… for free?
nutsack@lemmy.world 1 year ago
I use a co-working space every day. It’s normal
Sibbo@sopuli.xyz 1 year ago
WeDontWorkAnymore
autotldr@lemmings.world [bot] 1 year 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 1 year 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 1 year ago
Good, fuck this guy
nonailsleft@lemm.ee 1 year ago
‘this guy’ is already out. Made billions
ThrowawayPermanente@sh.itjust.works 1 year ago
Well shit
Steve@communick.news 1 year ago
Is it just me, or is this the wrong community for this. WeWork isn’t a tech company or product.
netburnr@lemmy.world 1 year ago
Lots of small and large tech companies leveraged these spaces.
steeznson@lemmy.world 1 year ago
I used to work for a tech company that rented a corner office in a WeWork
Sir_Kevin@lemmy.dbzer0.com 1 year ago
This community seems to have become a catch-all for whatever.
Steve@communick.news 1 year ago
It does seem that way.
fne8w2ah@lemmy.world 1 year ago
Haven’t they been circling the drain for some time now?
wabafee@lemm.ee 1 year ago
We oink
LinusOnLemmyWld@lemmy.world 1 year ago
WeNeedWork
jacktherippah@lemmy.world 1 year ago
WeFailedToWork
Pons_Aelius@kbin.social 1 year ago
Will they change their name to Wedidn'tWork
abobla@lemm.ee 1 year ago
WeUsedToWork
snooggums@kbin.social 1 year ago
Wew Ork, a new mercenary outfit for Russia.
slurpeesoforion@startrek.website 1 year ago
We(the rich don’t)Work
tsonfeir@lemm.ee 1 year 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 1 year 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 1 year ago
WeBroke