WHY THE BIG FUSS?
WeWork is losing $219,000 per hour.
Yeah. You read that right.
In 2018, the company's losses and revenues both doubled, to $1.9 billion and $1.8 billion, respectively.
In economics, you read about the financial bubbles of history. It’s easy to wonder how in 1637, at the peak of tulip mania, some single tulip bulbs sold for more than 10 times the annual income of a skilled crafts worker.
This makes that seem like child’s play.
WeWork founder Adam Neumann has personally taken more than $700M out of the business for himself.
Bezos and Zuckerburg didn’t sell anything remotely close to that much before Amazon and Facebook went public.