In a way, WeWork is exceptional. Usually when a business fails in such a way that Jared Leto and Anne Hathaway play its principals, the failure was total and swift. But WeWork’s most famous stretch of bad news was different. Back in its days as a private company, WeWork’s value reached $47 billion, thanks to a series of exceptionally ludicrous funding rounds from investment conglomerate SoftBank.
WeWork was different, perhaps because Neumann’s fraudulence wasn’t the criminal kind, just the kind that wholesomely convinced some very rich people to let him light their money on fire. The best proof of this wholesomeness is that Masayoshi Son, who lost billions on WeWork, said after the fact that heurging him to get involved in WeWork’s bankruptcy
and maybe resuscitate it. Or maybe WeWork lasted this long because Neumann’s management of the company came under the weight of pre-IPO due diligence back in 2019,about what went wrong in his own business, could’ve gracefully exited the crypto space with a lavish package if only some bankers had looked under FTX’s hood before everything got out of control.
But comparing WeWork to a new-age business isn’t entirely appropriate. For one thing, it plays into Neumann’s vision for the company as something other than a corporate real estate concern. For another, WeWork didn’t run out of money like a new company. It went bust like an old one, trying a bunch of classic tactics of last resort as it slowly faded away. It wasn’t FTX as much as it
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