Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
The sublet business in NYC is flat and just not that many small businesses flocking to the city as some are actually leaving or in the process of doing for cheaper tax cities.
The sublet business in NYC is flat and just not that many small businesses flocking to the city as some are actually leaving or in the process of doing for cheaper tax cities.
that's just hearsay, might eventually happen but so far the facts do not bear that out
They find a whole bunch of people who dont mind sharing a large open loft space with each other while they conduct business, and provide some coffee, and cleaning?
WeWork is (was?) nothing more than a glorified sub-letter of office space led by an eccentric. That is (was?) not a good combination for long term success.
Basically be a landlord or a broker
Quote:
Originally Posted by BlakeJones
They can't really go belly up for a while. The investment firm SoftBank has billions sunk and they just kicked out the charlatan founder and took control from him but had to pay 1 billion to buy him off. You don't pay that kind of money to torpedo the company. They are trying to become profitable that's why the mass layoffs
Did they give this Charlatan a golden parachute exit deal studded with diamonds and laced with silver ?
One went with the other; SoftBank had no choice but to do a deal with Neumann. WeWork has stugotts in terms of assets, they are over leveraged and basically outside of real estate have got nothing. If WeWork failed SoftBank would be out that billions. When you're in that deep you've got no choice but to double down on bets and hope luck changes.
Face it, Neumann rolled Masayoshi Son; but these things happen when you're in a bubble. Everyone can't wait to get into "tech" stocks because everyone sees next Amazon or whatever.
There have been banks who buy up successful companies, then somehow run it to the ground but come away profitable. What do you call it, corporate raiding?
There have been banks who buy up successful companies, then somehow run it to the ground but come away profitable. What do you call it, corporate raiding?
True, but this is different in that Masayoshi Son invested his own money (well SoftBank's Vision Fund anyway) in both WeWork and Uber which are *NOT* successful companies with proven track records and assets.
Masayoshi Son didn't buy IBM, Kodak, Eastern Airlines, or whatever then proceed to run them into ground as venture capitalist did to Toys Are Us, Payless Shoes and many others. Rather he gave huge sums to these start-ups based on potential future return.
As have stated only way now for SoftBank/Masayoshi Son to make good on those huge investments is to turn WeWork and Uber around so they start making money. Neither has much in way of assets that could be sold which would remotely cover funds invested.
But again as have said, this is what people do now; everyone is looking for the next Apple, Microsoft, Amazon, FaceBook, etc... You get in early as first, second or even third round investor, and when things take off (IPO) you stand to make multiples on stock that (hopefully) is worth far more than one paid.
Tech billionaires and their investors all have gotten their fortunes based upon pretty much same scheme. That Mark Zuckerberg and his family are worth billions from Facebook is a joke. But they've got their money so even if FB ends up going way of AOL, they and their heirs are set for life.
Just picking on this bit, Zuckerberg started Facebook from nothing (Winkelvai not withstanding), and grew it into a company with almost 2.5 BILLION users, and over $22 billion in net income. I think he earned his billions.
Quote:
Originally Posted by BugsyPal
《Snip》
Tech billionaires and their investors all have gotten their fortunes based upon pretty much same scheme. That Mark Zuckerberg and his family are worth billions from Facebook is a joke. But they've got their money so even if FB ends up going way of AOL, they and their heirs are set for life.
The company that i worked at worked at a WeWork from Jan to April 2019. The location was on Midtown West. It was a newly constructed building. WeWork had 4 floors out of 13 floors; the other floors were for other businesses.
I had a 2 person private office and it provided no privacy. You are in a fishbowl layout. You can see the person in the office in-front and behind you; you can hear everything.
WeWork in a nutshell was like a university library with free coffee, cappuccino, and beer. Their internal member website is a neat idea as you can network with people inside the WeWork membership.
Wework was at $1700 for a 2 person office less than 80 sqft. The NJ office is around 900 sq ft at $2100 (including electricity) + internet is 70.
So image the below with one less chair/desk space.
Last edited by Mr. Ryu; 11-25-2019 at 06:14 AM..
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
