WeWork isn’t a tech company; it’s a soap opera

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WeWork — excuse me, The We Company — has been successfully posing as a tech company for years. Its IPO filing shows it’s a real estate company while also revealing some absolutely wild financial transactions.

On August 14th, The We Company filed its mandatory S-1 paperwork to go public, and it’s worth reading in full. I mean, forget the serious stuff for a moment. The thing begins with an epigram: “We dedicate this to the energy of we — greater than any one of us, but inside all of us.” The energy of we. I get it from a branding perspective — they’re literally calling themselves The We Company — but, you know, normal people would just say “our energy.

” I am not totally sure I follow this sentence, honestly, but it seems like Bloomberg’s Shira Ovide did, and here is how she describes it: “Neumann swapped out a portion of those options the company valued at more than $360 million in a complicated transaction with the company that gave him a financial instrument tied to future WeWork profits.” 'there are 10 pages of the filing that are just disclosures about adam' Adam spread the financial love to his wider family, too.

 

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