The Cult of We

Buchzusammenfassung

Eliot Brown joined the Wall Street Journal in 2010 to cover commercial real estate in the wake of the financial crisis. Today he reports on startups and venture capital. He previously covered economic development and local politics at the New York Observer.

In 2019, Adam Neumann addressed WeWork employees at the lavish $10 million “Global Summit,” confidently predicting a $100 billion valuation for the company within a year. However, this optimism masked a turning point: Softbank had withdrawn from a pivotal deal, forcing WeWork to prepare for a public offering. Neumann, who had initially relied on Softbank’s support to avoid public scrutiny, had expanded the company’s ambitions far beyond its core business, pursuing ventures like WeLive, WeGrow, and other questionable investments. Despite Masayoshi Son’s early encouragement, Softbank’s reliance on Saudi approval and growing concerns among stakeholders undermined confidence in Neumann’s leadership. By late 2018, Son informed Neumann that the acquisition plan was off, leaving WeWork with no choice but to go public. Employees, lured by the promise of stock ownership, welcomed the IPO as a chance to finally benefit financially. Neumann’s unchecked ambition and extravagant spending, however, had already set the stage for the company’s unraveling.

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