There's no "We" in Adam... Since WeWork filed to IPO last month, it's become a Wall Street punchline: Its S-1 IPO filing paperwork was super cagey ("Our mission is to elevate the world's consciousness") and its new name ("We Company") led to some pronoun jokes. On Wednesday, co-founder/CEO Adam Neumann demoted himself to eliminate the distraction he'd become:
Tell us about a time when you... did something reckless. Adam can. Just last week, the Wall Street Journal profiled his brilliance and craziness. That got investors even nervous-er about investing in Adam's hugely unprofitable co-working real estate company. Here are the low-light highlights:
Ousting Uber CEO Travis Kalanick didn't solve all of Uber's problems... and this won't solve all of WeWork's. The IPO was already delayed because of concerns about Adam's conflicts of interest (he trademarked the name "We" and then personally sold it to WeWork to use for $6M). Now the Adam liability is gone, but these problems aren't: