Office space-sharing company WeWork moved one step closer to the public markets on Wednesday, when it filed the paperwork for parent The We Company’s initial public offering, giving investors a more detailed look at its business.
The company’s stated mission is no less than “to elevate the world’s consciousness.” The front page includes the slogan: “We dedicate this to the energy of we – greater than any one of us but inside each of us.” That metric was supposed to measure net income before not only interest, taxes, depreciation, and amortization—or EBITDA— but also “building-and community-level operating expenses,” a category that included rent and tenancy expenses, utilities, internet, the salaries of building staff, and the cost of building amenities.After apparent push back from the Securities and Exchange Commission, the company dropped that metric, which does not appear in the prospectus.
* expense related to costs associated with mergers, acquisitions, divestitures and capital raising activities, legal, tax and regulatory reserves or settlements, In the risk factors listed in the prospectus, the company acknowledges that it is still in investment mode as it expands the number of locations it operates:
Neumann has taken more than $700 million out of the company through a mix of stock sales and debt, said the report, which cited people familiar with the matter. The heads of start ups typically shy away from such transactions, because it may be perceived as a lack of confidence in the company.
That it’s a money burning REIT with no dividend and a self dealing CEO diguising itself as a tech company to fool gullible investors?
Yes. Here's the top 5. 1. Don't buy a scam 2. Don't buy a scam 3. Don't buy a scam 4. Don't buy a scam 5. Don't buy a scam
They have “grown” to a $900M loss