WeWork

2022 - 3 - 18

WeCrashed WeCrashed

What really happened to WeWork (unknown)

The release of 'WeCrashed', a new Apple TV+ miniseries starring Anne Hathaway and Jared Leto, has once again reignited the conversation on the spectacular ...

In the third episode, the series shows that WeWork lacked an HR department for a significant amount of time and offered employees stock options in lieu of a proper salary. They are product in part of the entitled, frat-boy culture that permeates WeWork from the top down.” In years before the scuttled IPO, Neumann purchased at least five homes, including a $10.5 million Greenwich Village townhouse and a $60 million Gulfstream jet for WeWork. More troubling was the fact that Neumann reportedly took personal loans from the company at below-market rates to fund his lavish lifestyle. As WeWork slid towards bankruptcy, story after story that blamed the company’s “questionable work culture” began to emerge. One of these stories was that Neumann made millions of dollars by leasing multiple properties in which he has an ownership stake back to WeWork, The Wall Street Journal reported. Neon-pink signs in its offices read: ‘DO WHAT YOU LOVE’. Neumann was always eager to “sell an experience”, which made the company turn into a real-estate behemoth, that spanned across 800 locations with more than 12,000 employees. Buoyed by its initial successes, the company started “blitzscaling”, acquiring office spaces in multiple cities and growing rapidly, thanks to a massive infusion of $8 billion from SoftBank, which was its biggest investor. He was reportedly offered a $1.7-billion package to leave the company. On August 14 that year, the company publicly filed documents for IPO. The filing, called an S-1, exposed WeWork’s narrative of being a grand success story riding on unimaginable profit. Despite these failures, WeWork was the most valued tech start-up in the US, with a stratospheric $47 billion valuation. In fact, it was Neumann’s knack for amassing billions of dollars in venture capital that fuelled the company’s rapid growth. The story of how WeWork imploded has always been too alluring for authors and scriptwriters to ignore.

Adam Neumann Departed WeWork With a Scandal—And Billions of Dollars (unknown)

Apple TV+'s new series 'WeCrashed' starring Jared Leto as the ousted CEO tells the true story of his rise and fall.

According to Forbes, Neumann had planned to relaunch the school, which counted both yoga and entrepreneurship as core parts of its curriculum, as Student of Life For Life (SOLFL, pronounced “soulful”). Though the school has a website and an Instagram page, it does not appear to have reopened in any capacity. When WeWork finally did IPO in October of 2021, Adam Neumann threw a party—not funded by or affiliated with the company—for more than 100 early employees at the Standard Hotel in New York’s meatpacking district. “The irony is not lost on the fact that they are inviting former employees who got no money from the company they nearly destroyed, and in some cases, some who were laid off after the last IPO attempt,” an insider told the New York Post. “And it is day drinking just like the olden days at WeWork.” In September of 2019, after the company decided to delay its IPO, the board of WeWork forced Neumann to step down as CEO. “Since the announcement of our I. P.O., too much of the focus has been placed on me,” Neumann wrote in a note to employees at the time. After he stepped down, he and his wife Rebekah Paltrow Neumann spent some time in Israel (where Adam is originally from) to stay out of the public eye. Looking out over his legion of WeWork employees in the third episode of AppleTV+’s WeCrashed, founder and CEO Adam Neumann (played by Jared Leto) leads his team in a call and response chant: We! Work! We! Work! before they all take tequila shots.

What Happened to WeWork's Adam and Rebekah Neumann? (unknown)

Apple TV+'s WeCrashed takes viewers on a wild, fictionalized ride through the rise and fall of the office space startup WeWork. In the series, Jared Leto ...

Basically, if you ever dreamed of living at WeWork, you may be able to do just that if these rumors turn out to be true.As for the state of the couple's marriage, a source told the New York Post, "Adam and Rebekah are devoted to one another and devoted to those kids. The New York Times describes Adam as "a towering, hard-partying Israeli with long hair and a penchant for leather jackets and tequila." Despite a tumultuous time in business, it sounds as though Adam and Rebekah remain devoted to one another and their children. You may be able to find more information about this and similar content at piano.io New York Post reporter Theo Wayt shared on Twitter that Adam was wearing the shirt at WeWork's SPAC day party, and reportedly told attendees, "A brand without a past does not have a future." The publication also notes that, as WeWork's CEO, he became accustomed to a "lavish lifestyle," which involved regular trips on private jets, living in luxury homes, and the freedom to "fund his pet projects" on a whim. Apple TV+'s WeCrashed takes viewers on a wild, fictionalized ride through the rise and fall of the office space startup WeWork. In the series, Jared Leto plays Adam Neumann, the enigmatic co-founder and former CEO of WeWork, which was at one time thought to be valued at $47 billion. While Adam has remained fairly quiet about what he's planning to do post-WeWork, his real estate holdings might point to the answer.What is Rebekah Neumann doing post-WeWork?Along with being WeWork's chief brand and impact officer, Rebekah was responsible for founding WeGrow, a school housed in WeWork's Chelsea location. “A brand without a past does not have a future,” Adam tells attendees, who are pounding champagne on a Thursday morning. In October 2019, it was announced that WeWork's fledgling school would be shuttering after the 2019-2020 school year, per HuffPost. As the school's CEO, Rebekah was left without a job. As of January 2022, The Wall Street Journal reports, "Entities tied to Mr. Neumann have been quietly acquiring majority stakes in more than 4,000 apartments valued at more than $1 billion in Miami, Atlanta, Nashville, Tenn., Fort Lauderdale, Fla., and other U.S. cities." It would seem that Rebekah's plans for SOLFL might be quietly moving forward, though, as her husband was photographed wearing a "Student for Life" shirt in October 2021.

Jared Leto and Anne Hathaway recreate WeWork rise and fall (unknown)

NEW YORK | When Jared Leto last appeared in a TV series it was 1995 and he played Claire Danes' high school crush, Jordan Catalano, in ABC's “My So-Called ...

“I just don’t want to drag anybody. I don’t want to humiliate anybody. She wanted to take a holistic approach to education and also teach its students (who were as young as 2) to be young entrepreneurs. I think it’s really fascinating to work that way and rewarding. I mean, really, method was used to describe a certain school of acting — a certain approach — but it’s become the default word to describe extreme approaches to acting or something that people think is weird. I love immersive work, I love to dive deep with character.

Datele dvs. Experiența dvs. (unknown)

In today's edition: A new series on WeWork's meteoric rise and fall starts streaming today, and we're sharing how much Apple pays its employees.

WeWork’s Adam and Rebekah Neumann (unknown)

In honor of Apple TV+'s WeCrashed, we look back at the couple's absurd extravagances and requests—private waterfall and $60 million private jet included.

In spite of this behavior, WeWork’s board approved Adam’s decision to purchase a Gulfstream G650ER that cost roughly $60 million. Living forever, among other wildly lofty goals: As Brown wrote for The Wall Street Journal, at least three people heard Adam discuss his dream about achieving immortality. A more infamous story: After a Gulfstream jet carrying Adam and his entourage arrived in Israel in 2018, the crew reportedly discovered a cereal box containing marijuana.

Jared Leto and Anne Hathaway’s ‘WeCrashed,’ about WeWork’s fall, is as essential as a WeWork in a pandemic (unknown)

The Apple TV Plus's miniseries focuses on the mutually delusional marriage that almost destroyed WeWork.

TV A professional critic’s assessment of a service, product, performance, or artistic or literary workJared Leto and Anne Hathaway’s ‘WeCrashed,’ about WeWork’s fall, is as essential as a WeWork in a pandemicJared Leto and Anne Hathaway as Adam and Rebekah Neumann in “WeCrashed.” (Apple TV Plus)On a good day in 2016, WeWork, the office-share chain, would only lose $1.2 million in a 24-hour period. Of the two, Rebekah, a vegan yoga teacher haunted by the kind of existential aimlessness that only those with no bills to pay can afford, is the slightly more sympathetic character; not a one of her several therapists can disabuse her of what she knows deep down to be true: There’s absolutely nothing special about her.“WeCrashed” never lets us — or failed actress Rebekah — forget she is a cousin of Gwyneth’s. But the show never leans fully into camp or cattiness, frustratingly stuck instead somewhere between dishy and humanizing (not unlike Leto’s “House of Gucci”). The New York-set miniseries spans roughly a decade, with the couple meeting-cute at a party Adam throws trying to gin up cash for he and his pushover business partner Miguel McKelvey’s (Kyle Marvin) first iteration of WeWork. As previewed in the pilot, Adam will become in just a few years the company’s most toxic asset. (When he’s about to lose their company, Rebekah gives him a few moments to process the news, then chides, “Are we done pouting?”) A perpetually underrated actor despite her Oscar, Hathaway — perfectly mimicking the real-life Paltrow Neumann’s patronizing noblesse-oblige contralto — brings coherence to a character who desperately wishes she had a core.The series’ strengths also include lavish production values and a diverting escalation in Adam and Rebekah’s ambitions and self-regard, which culminate in her starting a private school called WeGrow that’ll “feed our children’s souls.” But if you’re wondering whether you should just learn about the Neumanns’ outrageously expensive and extravagantly silly antics through the Hulu doc or one of the countless exposés about the couple, well, maybe you should. But perhaps because it’s from Apple TV Plus, the drama, based on the podcast of the same name, retreats from any larger critique of the tech industry (in one of the first, and certainly most prominent, instances of Silicon Valley putting forth a narrative about itself through television). So we’re back to square one, wondering why, other than the very big numbers being thrown around, ordinary people are supposed to give a hoot about demigods pilfering from one another’s Scrooge McDuck-like vaults.The best that creators Drew Crevello and Lee Eisenberg come up with is the delusion-fueled marriage between Adam (Leto) and Rebekah (Hathaway), an amoral striver and a coddled dilettante who bring out the best and worst in each other. Previous versions of this story, like the 2021 Hulu documentary “WeWork: Or the Making and Breaking of a $47 Billion Unicorn,” have used Neumann as a poster child for the now banal (if no less correct) observation of how thin the line in Silicon Valley can be between visionary and fraudster. That figure would soon double, though, as co-founder and CEO Adam Neumann, its shoe-shunning master salesman, sought to “elevate the world’s consciousness” — his company’s official mission — by out-franchising Starbucks. But what does it mean to lose $400 million in a single year?

WeWork founder Adam Neumann is back—as a VC (unknown)

The founder of the coworking startup once worth $47 billion has invested in more than four dozen startups, per the Financial Times.

‘In a second, you’re going to get something that no one has seen,’ he promises.” Neumann made quite a bit on his way out the door at WeWork. He apparently plans to use it. ShipsKart, a Singapore-based maritime and offshore supply-chain e-commerce solution, raised $2.7 million in Series A funding led by TMV and Hermes Offshore and was joined by investors including Tradeworks.vc, Motion Ventures, and Wami Ventures Ltd. But even more interestingly, the lessons from the past 10 years, and implementing them to every situation that we see,” Neumann said. From the Financial Times story: Sundays for Dogs, a remote-based dog food brand, raised $10 million in Series A funding led by Imaginary Ventures and was joined by angel investors including Ryan Reynolds, Orlando Bloom, and others. “There’s still plenty of the charisma, conviction, and hustle with which he pulled so many people into WeWork. He barely breaks eye contact as he speaks. That was about the time things started to turn sour (the company’s market capitalization is currently only a little over $4.5 billion). Volta Labs, a genome sequencing bioautomation company based in Cambridge, Mass., raised $20 million in Series A funding led by Maverick Ventures and was joined by investors including Illumina co-founder John Stuelpnagel, Khosla Ventures, Casdin Capital, E14 Funds, Blindspot Ventures, and others. But it’s this very month that Neumann will be eligible to return to WeWork as a board observer—should SoftBank allow him back into the fold. Clockwork, a Palo Alto–based tech developer of time-sensitive applications for the financial trading, tech, and online gaming industries, today raised $21 million in Series A funding led by NEA and was joined by angel investors including founder of Hennessey Performance John Hennessey, Ram Shriram, Neeraj Bharadwaj, and Jerry Yang. It’s exactly his experience at WeWork, Neumann told the FT, that has allowed him to become a venture investor and add value to the startups he has purchased a stake in.

What the New WeWork Show Gets Right and Wrong (unknown)

Jared Leto plays the megalomaniacal co-working visionary Adam Neumann, and Anne Hathaway plays his actress-yogi-spiritualist wife Rebekah Neumann in “WeCrashed, ...

Here’s What Happened To WeWork Co-Founder Miguel McKelvey After The Company’s Downfall (unknown)

McKelvey stayed on staff at WeWork for nine months after fellow co-founder Adam Neumann was ousted as CEO.

Actor Kyle Marvin plays McKelvey in the new AppleTV+ series WeCrashed, which dramatizes WeWork’s rise and fall. The working environment was described as a toxic and “entitled, frat boy culture.” Those reports, coupled with WeWork’s financial troubles, led investors to begin pulling out, tanking the company’s valuation from $47 billion to around $9 billion and leaving it in crisis. McKelvey has kept a low-profile in the ensuing years.

Datele dvs. Experiența dvs. (unknown)

In today's edition: A new series on WeWork's meteoric rise and fall starts streaming today, and we're sharing how much Apple pays its employees.

Leto and Hathaway wear insufferable well in WeWork drama (unknown)

Jared Leto and Anne Hathaway star as WeWork CEO Adam Neumann and his wife Rebekah Neumann in the Apple TV+'s "WeCrashed." The limited series spotlights the ...

Blinded by their desire to "elevate the world's consciousness," he and Rebekah make a major misstep that leads to their downfall. That stunt, along with a harmful Wall Street Journal piece, leads to WeWork's IPO being postponed and proves to WeWork's board that Adam isn't fit to run a public company. Several of Rebekah's solo storylines — including a focus on her father's fraudulent cancer charity and her attempt at an acting career — overly distract from the WeWork saga at times. He screams, "Rise and grind," takes a nozzle of coconut whipped cream to the mouth, and the two depart for WeWork headquarters. But if you're looking to be entertained — to watch Leto and Hathaway wholly channel the startups' misguided maverick and muse — then WeCrashed delivers. Showrunners Lee Eisenberg and Drew Crevello highlight major moments in the company's history — including WeWork "summer camp" — but they give WeCrashed a unique twist by focusing on the love story behind the startup: Adam and Rebekah.

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