WeWork's filing for bankruptcy would mark a stunning reversal of fortune for the New York-based company that was privately valued at $47 billion in 2019 and a black spot for investor SoftBank that sunk billions.
  • IWantToFuckSpez@kbin.social
    2·
    11 months ago

    WeWork was nothing but a scam to fleece money from investors. Only a fool would believe a real estate company is a tech company. And that fool is Masayoshi Son.

    • wjrii@kbin.social
      2·
      11 months ago

      WeWork: It’s not a real estate company, it’s a tech company!

      Theranos: It’s not a healthcare company, it’s a tech company!

      Juul: It’s not a vape company, it’s a tech company! (though oddly enough, they would have also accepted, "It’s not a vape company, it’s a healthcare company!)

      FTX: It’s not a pyramid scheme financial company, it’s a tech company!

      • Uriel238 [all pronouns]@lemmy.blahaj.zoneEnglish
        1·
        11 months ago

        What is sad is how we had to establish human rights on a computer in the 1990s, and then establish them again on the internet in the 2010s and now on a smartphone

        Because with each iteration our legal system sides with overreaching law enforcement whenever it’s a new state of technology.

    • Hypx@kbin.social
      21·
      11 months ago

      There will come a day when people will realize that even tech companies aren’t worth that much.

    • TherouxSonfeir@lemm.eeEnglish
      2·
      11 months ago

      Oh it worked. They made a shit-ton, paid the execs, and then had no more money. That was the plan. 100% success.

      • edric@lemm.eeEnglish
        0·
        11 months ago

        I get that they can argue they didn’t deliberately do it, but there must be some kind of law that can be used to sue the execs and shareholders for doing that (if proven), right?

        • TherouxSonfeir@lemm.eeEnglish
          1·
          11 months ago

          I love your optimism. Truly. But no law says a company can’t drain the bank account on salaries and bonuses and then be “shocked” when there isn’t enough money to keep the lights on.

  • Blackmist@feddit.ukEnglish
    1·
    11 months ago

    Genuinely not sure what the business model was here, or how it attracted so many investors.

    “So we get a bunch of office space, right? And then we rent it out not to companies, but to individuals, who then get all the downsides of working in a distracting room full of noisy bastards, while not actually interacting with any of the people they’re supposed to be working with.”

    “I’m in! How much do you need?”