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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
Posted on 09/23/2019 12:03:30 PM PDT by C19fan
Some board members and large investors in WeWork are privately discussing whether and how to replace the companys co-founder, Adam Neumann, as chief executive to salvage the companys 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. Neumanns role are informal. But they could lead to a public insurrection within WeWork at a time when its fundamental business, along with Mr. Neumanns management, are in question.
(Excerpt) Read more at nytimes.com ...
TOPICS: Business/Economy; Culture/Society
KEYWORDS: estate; real
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.
1
posted on
09/23/2019 12:03:30 PM PDT
by
C19fan
To: C19fan
But they have a catchy name!
2
posted on
09/23/2019 12:06:27 PM PDT
by
Lockbox
To: C19fan
You can get rid of him but that’s not going to change the business model.
3
posted on
09/23/2019 12:08:58 PM PDT
by
Renkluaf
To: C19fan
I do not seen anything special about this company. It buys up real estate converts them to co-working spaces then leases the spacesSaw an interesting interview with Sam Zell. He said every company that tried this model since '56 has gone bankrupt.
To: C19fan
The CEO makes Musk look like a Choir Boy.
5
posted on
09/23/2019 12:41:20 PM PDT
by
ImJustAnotherOkie
(All I know is The I read in the papers.)
To: C19fan
Wework....from home soon...
6
posted on
09/23/2019 1:48:38 PM PDT
by
GraceG
("If I post an AWESOME MEME, STEAL IT! JUST RE-POST IT IN TWO PLACES PLEASE")
To: GraceG
7
posted on
09/23/2019 1:49:17 PM PDT
by
cgbg
(Democracy dies in darkness when Bezos bans books.)
To: C19fan
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.
8
posted on
09/23/2019 3:31:29 PM PDT
by
glaseatr
(Father of a Marine, Uncle of SGT Adam Estep. A Co. 2/5 Cav. KIA Thurs April 29, 2004 Baghdad Iraq)
To: glaseatr
Facebook is easily replaced but still survives
9
posted on
09/23/2019 5:59:12 PM PDT
by
FatherofFive
(Islam is EVIL and needs to be eradicated)
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