2019-07-22 — chiefexecutive.net
... what could Neumann know that has him worried about his own investment in WeWork? Well, for one thing, they're losing more than $2 billion a year--that's $120,000 of losses every hour of every day. WeWork is in 36 countries and is the largest landlord in New York, San Francisco, and Washington DC. But are those high cost leases a good thing in a downturn? Its competitor, IWG, formally Regus. was forced into bankruptcy in the 2003 market downturn with a similar model...
Neumann is hardly Mark Zuckerberg or Elon Musk, who, despite their own larger-than-life personas, do at least have unique, disruptive technologies. Strip away the barn-wood interiors, bean bags and espresso bars, and Neumann's empire looks a lot like...a lot of other real estate companies.
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