Posted on 04/02/2020 11:20:10 AM PDT by C19fan
WeWork founder Adam Neumann won't be getting nearly $1billion to walk away from his company after Japanese tech giant SoftBank Group pulled its $3billion bailout offer for the troubled office-sharing startup that is now in legal and financial turmoil. SoftBank said it has terminated its tender offer for additional WeWork shares agreed last year with shareholders, drawing threats of legal action and plunging the floundering office space company further into crisis. The tech investment giant said in statement that given its duty to its shareholders it could no longer proceed with the deal, citing criminal and civil probes into the startup, WeWork's failure to restructure a joint venture in China and the impact of the coronavirus pandemic. A special committee of WeWork's board said it was disappointed and is considering 'all of its legal options, including litigation.'
(Excerpt) Read more at dailymail.co.uk ...
Father forgive me, for I laughed.
After the markets dropped do to the virus WeWorks can’t be worth very much.
Adam Neuman: “I was THIS close!”
“Honey, cancel the order for the champaign. And the Rolls. and the yacht. And the Jet...”
I’ll admit I only started following the We-Work saga as it began to unravel. But I have to ask - was this company EVER a good idea, or was it a fraud from day one?
I am like you only followed this when it started to collapse but from everything I read is was a fraud.
I think I recite that every time I log on FR! Nice to see it in print.
The doofus held on 3 months too long. He could have wrapped it up before the holidays, but he wanted a billion.
How anyone thought this was going to change the market and warranted the kind of investment this joker got is beyond me....
It’s shared office space... been around forever. Hell any commercial office building owner will do this to empty space if they can’t get it moved directly. I’m sure they had nice things and looked nice but how this was ever viewed by anyone as a game changer is beyond me..
I couldn’t believe SoftBank ever agree to throw good money after bad from this deal to begin with. Let alone how the SoftBank CEO wasn’t summarily fired for the initial investment let along pushing throwing more money at it
Best pizza in a cup ever.
L
“Pay to the order of Iron Balls McGinty....One Dollar and Nine Cents!”
How come I can never find that movie on netflix or Amazon prime?!
“Adam Neumann won’t be receiving $975million golden parachute”
i know how he feels ... the last time that happened to me, i was a pretty unhappy camper ...
Probably something to do with “I was born a poor black child”.
HAH! That’s why I had to get a japanese laserdisc pressing of Song of the South. ;)
Don’t know enough to be able to determine if it was a fraud from the get go.
My take on it is that it was a glorified commercial real-estate leasing company that tried to rent the fancy digs image to start-up companies at inflated rates.
Once people with brains realized they could lease much cheaper from mainstream real estate companies and then buy or rent a fancy office espresso machine and post-modern furniture WeWork’s days were numbered.
Sold on hype.
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