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?

[-] tsonfeir@lemm.ee 10 points 10 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.

[-] nonailsleft@lemm.ee 3 points 10 months ago

Sue the shareholders?

[-] expatriado@lemmy.world 9 points 10 months ago

WeBroke

[-] IWantToFuckSpez@kbin.social 73 points 10 months ago* (last edited 10 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 59 points 10 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@lemmy.blahaj.zone 4 points 10 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.

[-] ours@lemmy.world 22 points 10 months ago

What? Not a tech company? But the CEO is hip, young and wears casual clothing! He's obviously a tech genius /s

[-] Kbin_space_program@kbin.social 15 points 10 months ago

The free wine and kombucha they had on tap was nice though.

[-] residentmarchant@lemmy.world 17 points 10 months ago

One regret of mine was avoiding WeWorks while they were hyped up on VC money because I thought it was a stupid idea. Turns out I should have just drank the free beer and let them implode on their own

[-] Hypx@kbin.social 13 points 10 months ago

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

[-] Thorry84@feddit.nl 7 points 10 months ago

Older folk who went through the dotcom bubble burst should know, but they don't somehow. Oh well a third once in a lifetime market crash in 20 years would just be icing on the molten icecaps cake

[-] Chocrates@lemmy.world 8 points 10 months ago

I work in tech and I know it, Wall Street still doesn't I guess. Just look at how much they think our LLM's masquerading as AI are worth.

[-] Destraight@lemm.ee 2 points 10 months ago

Why do you want to fuck spez?

[-] MargotRobbie@lemmy.world 45 points 10 months ago

Uber and AirBnB next.

I still don't quite understand why a "taxi" and a "hotel" company are considered tech companies.

[-] some_designer_dude@lemmy.world 12 points 10 months ago

Because they both disrupted their respective markets with little more than an app.

[-] phoneymouse@lemmy.world 11 points 10 months ago* (last edited 10 months ago)

I don’t quite understand how MargotRobbie is on Lemmy moderating an android community.

[-] MargotRobbie@lemmy.world 17 points 10 months ago

Because I have way too much free time now that I'm on strike, and it's also really funny.

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[-] Blackmist@feddit.uk 8 points 10 months ago

The tech bit just seems to be the ability to slurp money out of other people's industries, while avoiding all regulation and responsibility.

You can stick the food delivery people with them.

[-] DirigibleProtein@aussie.zone 33 points 10 months ago

Oh no! Anyway…

[-] JDPoZ@lemmy.world 30 points 10 months ago

Random, I know, but there’s actually a weirdly perfect jab at this in the new Fincher movie “The Killer.”

One of the protagonist’s sniper nest positions is literally in an old “WeWork” office that has basically become abandoned / derelict. Fincher made sure to have the logo visible on a door in an establishing shot.

[-] kakes@sh.itjust.works 11 points 10 months ago

They make the same joke in the Corner Gas animated series iirc.

[-] darth_helmet@sh.itjust.works 3 points 10 months ago* (last edited 10 months ago)

Holy shit, they’re still making corner gas? Also, a sniper plotline seems pretty dark for that show

[-] kakes@sh.itjust.works 5 points 10 months ago

Not any more, unfortunately, but they did create 4 seasons of an animated series that only ended recently.

While I don't think there was a sniper plot specifically, the animated series does get a lot more "risque" than the live action show (at least, relatively speaking). I honestly recommend checking it out of you liked the original.

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[-] HurlingDurling@lemm.ee 26 points 10 months ago

So... most people are not into paying expensive dues to use a desk? Who knew.

[-] Kbin_space_program@kbin.social 7 points 10 months ago

shared table or restaurant booth.

Only got a personal desk if you nabbed a phone booth or you had a company that paid even more for a room w/desks.

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[-] pastermil@sh.itjust.works 26 points 10 months ago

They're still here???

[-] Sibbo@sopuli.xyz 23 points 10 months ago

WeDontWorkAnymore

[-] autotldr@lemmings.world 12 points 10 months ago

This is the best summary I could come up with:

Oct 31 (Reuters) - WeWork (WE.N) plans to file for bankruptcy as early as next week, a source familiar with the matter said on Tuesday, as the SoftBank Group-backed company struggles with a massive debt pile and hefty losses.

New York-based WeWork is considering filing a Chapter 11 petition in New Jersey, the WSJ reported, citing people familiar with the matter.

Earlier on Tuesday, WeWork said it had entered into an agreement with creditors for temporary postponement of payments for some of its debt, with the grace period nearing an end.

The company has been in turmoil ever since its plans to go public in 2019 imploded following investors' skepticism over its business model of taking long-term leases and renting them for the short term and worries over its hefty losses.

Its major backer, Japanese conglomerate SoftBank, sunk tens of billions to prop up the startup, but the company has continued to lose money.

WeWork raised "substantial doubt" about its ability to continue operations in August, with numerous top executives, including CEO Sandeep Mathrani, departing this year.

The original article contains 296 words, the summary contains 177 words. Saved 40%. I'm a bot and I'm open source!

[-] Blackmist@feddit.uk 10 points 10 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?"

[-] Tire@lemmy.ml 4 points 10 months ago

You just described how regular office jobs are 😆

[-] ThrowawayPermanente@sh.itjust.works 7 points 10 months ago

Good, fuck this guy

[-] nonailsleft@lemm.ee 15 points 10 months ago

'this guy' is already out. Made billions

[-] ThrowawayPermanente@sh.itjust.works 1 points 10 months ago

Well shit

[-] fne8w2ah@lemmy.world 6 points 10 months ago

Haven't they been circling the drain for some time now?

[-] Steve@communick.news 3 points 10 months ago

Is it just me, or is this the wrong community for this. WeWork isn't a tech company or product.

[-] netburnr@lemmy.world 9 points 10 months ago

Lots of small and large tech companies leveraged these spaces.

[-] steeznson@lemmy.world 2 points 10 months ago

I used to work for a tech company that rented a corner office in a WeWork

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[-] LinusOnLemmyWld@lemmy.world 3 points 10 months ago

WeNeedWork

[-] wabafee@lemm.ee 3 points 10 months ago

We oink

[-] jacktherippah@lemmy.world 2 points 10 months ago

WeFailedToWork

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this post was submitted on 01 Nov 2023

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