WeWork is a damn joke and I wonder who the fukk behind the scenes is putting up the bread to make the real estate side of things happen. They have a ton of them here in NY and in some pricey commercial areas. There is just no fukking way any of it is feasible in the mid/long term. When the bottom falls out some lucky b*stards with in the right place/time with $$$ is going to feast on their properties.
I went to an event at one down near the Meatpacking District and some of the “companies” operating out of that bytch seemed like they still needed to be in the “apartment” stage before biting at an office setup.
The founder bought properties in his name using WeWork stock as collateral then rented those properties back to WeWork.
Community adjusted EBITDA ?
IPO is essentially shares within a company that owns shares of a company that owns the real estate
Yes people are that stupid
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