WeWork C.E.O.’s Ouster Is Weighed in Bid to Salvage I.P.O.

NY Times ^ | September 22, 2019 | Michael J. de la Merced, Andrew Ross Sorkin and David Gelles

[C19fan]

Some board members and large investors in WeWork are privately discussing whether and how to replace the company’s co-founder, Adam Neumann, as chief executive to salvage the company’s fortunes, three people involved in the talks said.

Among those now favoring removing the charismatic but sometimes erratic Mr. Neumann is SoftBank, the Japanese technology giant that is the biggest investor in the co-working company.

The discussions have come as some major money managers have said that they would not invest in WeWork unless an experienced operator was brought in, these people said.

For the moment, the talks about Mr. Neumann’s role are informal. But they could lead to a public insurrection within WeWork at a time when its fundamental business, along with Mr. Neumann’s management, are in question.

[C19fan]

I do not seen anything special about this company. It buys up real estate converts them to co-working spaces then leases the spaces. There is no natural monopoly as one sees with the internet giants. The business is easily replicable. The company has been experienced massive losses building up its real estate portfolio.

[Lockbox]

But they have a catchy name!

[Renkluaf]

You can get rid of him but that’s not going to change the business model.

[Poison Pill]

I do not seen anything special about this company. It buys up real estate converts them to co-working spaces then leases the spaces

Saw an interesting interview with Sam Zell. He said every company that tried this model since '56 has gone bankrupt.

[ImJustAnotherOkie]

The CEO makes Musk look like a Choir Boy.

[GraceG]

Wework....from home soon...

[cgbg]

WeScam!

[glaseatr]

WeWorks told people they were worth 90B. When the appraiser looked at things the number was closer to 40B. That's where the stink comes in.

I'm doing a project for WeWork in San Mateo. The Super just quit and I haven't met his replacement. Should be exciting.

[FatherofFive]

Facebook is easily replaced but still survives