Blind Item #1
I've been telling you about this CEO's regular money laundering for almost 2 years. Another layer of the onion has just been peeled back, for everyone to see.
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27 comments:
Elon Musk?
WeWorks CEO Adam Neumann.
+1 Christopher Gibson. I've been reading about We Works. If this blind isn't about We Works then Enty needs to write one.
Has to be wework. This was written on the 16th but was making the rounds all over my linkedin feed yesterday https://medium.com/@henry.hawksberry/is-we-work-a-fraud-5b78987d3e61
Thank God those boring Emmy blinds are over.
This downfall was predictable...
you can't build a business with hipsters drinking free Kombucha and beer at day-long weekly parties. Reminds me of the "Dr. Koop" failure in the late 90's only their parties were on Friday....and who got their office space? Regus - WeCompany's largest competitor.
Hah,Just reading about Wework as I'd never heard of it before and Goop is involved! Goops cousin Rebekah Paltrow is the wife of Neumann and all up inside of the hipster mystical crap on Goops website.
Omg +1
I don't know anything about WeWorks but I do know I'm happy about no more emmys
If you are interested in this, check out the Wall Street Journal's coverage of it. Everything from related-party transactions to international drug smuggling. A business jet lessor left them stranded because it was afraid of drug charges.
The company's basic problem is that they can't make money at the rents they charge. So far the losses have been eaten by their venture investors, mostly Softbank. Public investors are likely to be less forgiving.
Ahhh. WeWork of course. I always assumed the CEO blinds were about Musk and Tesla. But WeWork makes way more sense. This is a guy who went out, created a company 'name', forced We Work to adopt the name for a fee of $6million which he put in his pocket. The company is definitely run like ones I was involved with back in the late 1990's. The story rarely ends well.
Well I'm sure him and everyone involved with face the consequences of hahahaha just kidding they're going to get away scot-free with most of the money they stole. If only we could teach gang members how to commit white collar crime, there would be less crime in the streets and less convicts in prisons.
The bad part of when WeWork/WeCompany collapses is it will burst the commercial real estate bubble. Floors and floors of buildings will be vacant and the price per square foot of commercial real estate in cities around the country will free fall.
28min ago, WeWork CEO steps down
https://time.com/5685106/wework-ceo-steps-down/
@Count, There are already many vacant or mostly vacant office buildings in cities all over the country, everyday people are starting to notice. Because heaven forbid they use the buildings for affordable housing or something.
The entire purpose of commercial real estate is to not have to deal with the headaches of people living there.
How did Guiliani clean up NYC? He had inspectors go through the buildings renting out welfare apartments and give a laundry list of fixes needed to be done or the building would be condemned. What did the owners who didnt have the the contacts to make payoffs do? Converted the apartments to offices, reducing the housing for the poor in NYC, who then crossed the river and made north jersey the car jacking capital of the world.
+1 Brayson. Commercial real estate has been in trouble for years. If you look at strip malls and just malls in general they are all dying. Where I live everything goes into strip malls. Doctors, dentists, chiropractors, insurance agents, churches, you name it and there's one in a local strip mall. Yet half or more of the stores are vacant in most of the strip malls. I wouldn't want to be invested in commercial real estate and once upon a time it was an excellent investment.
Woah Jerkula, thanks for the history lesson, I didn't know that.
there is a lot of empty retail space in Beverly Hills, too. The rent is just way too high.
@Ann, Yes but that's more of a retail thing. I'm talking empty high-rise often brand new office buildings with barely anyone paying rent.
yeah, lots of empty office space in LA, too. Retail is also commercial real estate ultimately. Anyway, rents is still too much,
Brayson as Unknown stated malls are also commercial real estate. Our country is drowning in empty retail storefronts. I live in a metro area of almost a million people yet we don't have many high rise buildings. So most of the office space is in- strip malls. Commercial real estate is commercial real estate.
the failed weworks IPO and ceo firing is a secret signal that the everything bubble has popped...goodbye twitter uber wework snapchat china student loans carmakers housing retail commercial and credit cards!
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