Some WeWork Directors Want To Remove Its CEO, Reports Say (cbsnews.com) 24
Some members of the WeWork board are said to be unhappy with its leadership and plan to push WeWork CEO Adam Neumann to step down, according to several media reports. From a report: The reports say the board members are connected to Japan's SoftBank Group, WeWork's biggest investor. The Wall Street Journal and other outlets cited anonymous sources familiar with the matter. WeWork parent the We Company declined to comment and SoftBank did not respond to a request for comment. Concerns about Neumann's management style has roiled the company, with a recent report in the Journal alleging that the CEO had reportedly smoked marijuana on a Gulfstream G650 private jet while traveling across the Atlantic. The jet's owner, said to be worried about transporting marijuana across borders, reportedly recalled the aircraft, according to the Journal.
Color me Surprised (Score:4, Insightful)
I'd be less concerned about home smoking marijuana on an overly expensive private jet, and more worried that he's leasing all those WeWork properties from himself for ridiculous sums so he can pocket WeWork profits to the detriment of the financial sustainability of the company.
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I'd be very worried about his poor judgement in smoking it on a plane during an international flight. That's just stupid.
He should definitely learn about brownies.
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If he just did cocaine like a normal CxO there would be no dank stank to alert anyone to the drug use in the first place.
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If he just did cocaine like a normal CxO there would be no dank stank to alert anyone to the drug use in the first place.
And can always just explain the nosebleeds away as very sensitive to changing air pressure.
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Well, if I was the owner of said jet, I'd definitely be concerned about the Jet. Especially since many countries have it that vessels involved in smuggling illegal drugs can be seized, and the definition of "smuggling" can vary.
By recalling the jet the moment I find out about it and terminating my relationship with that client, I make it clear that I'm not condoning the transfers, hopefully protecting my assets.
The whole leasing thing sounds familiar to me. I remember it being done with an airline and I t
the dot bomb of this generation (Score:5, Insightful)
wacky CEO, check
losing lots of money, check
no hope of being profitable, check
questionable transactions with CEO's other company, check
Lots of money will be lost when WeWOrk and Uber run out of money and file chapter 11
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But the ride was lots of fun.
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In financial circles these days this is called a "unicorn"
It's all about the IPO (ie MONEY) (Score:2)
WeWork Is the Most Ridiculous IPO of 2019 [forbes.com]
now delayed, lol
WeWork Delays I.P.O. After Chilly Reception From Investors [nytimes.com]
It's Neumann's pre-IPO cash out (Score:2)
He already tried to cash out close to a BILLION dollars through all kinds of shady deals.
Softbank & their Arabs just paid a con artist a billion dollar and will get nothing in return as this unicorn is dead before it could fly over the rainbow.
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real people invested real cash and gave real cash to this guy to start his company. in exchange they got stock and board seats to oversee his work with the expectation that the company would go IPO so they could make money on their investment
when WeWork goes bankrupt the banks and bondholders who hold the debt will assume legal ownership from the current stockholders and investors
Too late ... (Score:2)
IPO cancelled, will stay cancelled ... you won't find a bigger fool.
Liquidate, write it off, move on.
Just pull an RMS (Score:2, Informative)
Just make some bogus sexual assault or gender crap claim and let the activists boot him out within a week.
Beyond Meat (Score:2)
He should have kept a low profile and done it the Beyond Meat IPO way. Push up unlock date to let the insiders cash you and leave the Millennial "investors" with the bag.
Obvious... (Score:1)
"Goodbye, Neumann."
They are building a global empire (Score:2)
Wacky CEO troubles aside, the goal of this "unicorn" is ambitious. They are going to have to bleed money for a longgggg time before any hope of profitability.
I doubt they have been hiding this fact when updating investors.
good and bad? (Score:2)
Get to review and potentially redo site lease contracts to align with current commercial rates.
Cons:
might get dinged for more trademarked terms by the now ex-CEO that are planned to be used by the company.