I'm trying out something new, sharing a post of some of the articles and videos I've looked at in the last couple of days with a note about why they caught my eye. My curation of the web, videos I've looked at and my twitter feed.
WeWork and Softbank
What a complete clustf*ck this is turning into. From The Jewish Voice (because of course the former CEO and founder is Jewish):
Initial reports say that plan might ultimately value the office-sharing company at less than $8 billion – not good news, since the company was valued at about $47 million only nine months ago.
The reverberations will be felt far and wide. WeWork has undergone “a dramatic fall from grace in the last few weeks,” fastcompany.com pointed out. “Just two months ago the office rental startup was expecting to offer shares to the public at a total business valuation of $47 billion. This soon halved, and then investors rapidly pulled their support for an initial public offering (IPO) above $12 billion. The IPO was withdrawn, with catastrophic consequences for the business and its charismatic founder, Adam Neumann.
First time I walked into a WeWork in Tel Aviv I thought this is an overhyped and crazy business. Sure they can charge a premium but that much of a premium? And they were taking long leases backed by short leases. Always a crazy plan.
I did rather like this tweet from my friend at
https://twitter.com/Israellycool/status/1187686457575653376
- Israellycool
Thanks for this. I've watched WeWork's rise with incredulity here in Israel. To be honest their rise perfectly matched a kind of frothy exuberance that marks the startup sector here. I have a not very nice looking 300 m² mixed warehouse and offices to the east of Tel Aviv in a less than salubrious part of a mixed industrial neighbourhood. It doesn't look nice but I'm pretty sure we're paying 25% of the cost of 2 desks in WeWork. You can buy an awful lot of "free" beer for that.
They did light a rocket under the serviced offices market, but once they did it, every other provider raised their game and I still have no idea how they can differentiate themselves.
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