The WeWork Story, Part 1:
When Adam Neumann dreamed up WeWork, he took inspiration from part of his childhood: his years on a kibbutz in Israel. On stage when discussing WeWork, he waxed poetic about the spirit of community he had found there, and how WeWork was similar, but different -- a “kibbutz 2.0.” So reporter Ellen Huet wanted to find out: Was the kibbutz anything like a WeWork? And how did it shape what Adam later built?
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06/25/20 • 33 min
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Foundering - WeWork Part 1: Capitalist Kibbutz
Transcript Summary
In this captivating episode titled "WeWork Part 1: Capitalist Kibbutz," we delve into the rise and scrutiny of WeWork, a company valued at $47 billion that was set to go public but faced investor demand issues. We explore the journey of CEO Adam Newman, who faced criticism and ultimately voted to remove himself as CEO. Inspired by his upbringing on a kibbutz in Israel, Adam sought to create a community called WeWork with entrepreneurial values. We witness his transformation from previous failed businesses to finding his passion through the encouragement of his partner, Miguel. Together, they reinvented the workplace with their coworking space, Green Desk, which evolved into WeWork. We uncover the stark contrast between the promise and reality of WeWork for its initial employees. Additionally, we accompany the speaker and their colleague as they visit Adam's childhood kibbutz in southern Israel, discovering the communal ownership and income redistribution that Adam later rejected with the creation of WeWork. This thought-provoking episode unravels the complexities of Adam's vision, showcasing his attempts to marry fairness and capitalism within WeWork and making it a must-listen for anyone captivated by the rise and fall of this influential company.
Transcript
Let me take you back to spring. It was a simpler time in Silicon Valley when the world's most valuable startups seemed poised to make it big. Uber Lift and Pinterest We're all going public, and next in line was we Work. We Work was valued at forty seven billion dollars, and investment banks were saying that the price tag could go even higher during the I p O. That meant that on paper, we Works co founder and CEO Adam Newman could be worth as much
WeWork Part 1: Capitalist Kibbutz Top Questions Answered
Why was WeWork valued at $47 billion?
WeWork's valuation of $47 billion was based on its disruptive approach to leasing office space and its potential to revolutionize the industry.
Who was the second largest venture capital investor in WeWork?
Ashton Kutcher was the second largest venture capital investor in WeWork, investing $10 billion.
Why was WeWork's IPO canceled?
WeWork faced scrutiny and investor pushback, leading to the cancellation of its initial public offering (IPO).
Why was Adam Newman heavily criticized?
Adam Newman, the CEO of WeWork, was heavily criticized for his leadership and perceived responsibility for the company's troubles.
Why was a photo of Adam Newman walking barefoot significant?
A photo of Adam Newman walking barefoot on a Manhattan sidewalk added to the perception of his unconventional behavior and leadership style.
How did Adam Newman's upbringing influence WeWork?
Adam Newman's upbringing on a kibbutz in Israel influenced his vision for WeWork, emphasizing values of community and entrepreneurship.
What were Adam Newman's failed entrepreneurial ventures?
Adam Newman had unsuccessful entrepreneurial ventures in women's shoes and baby clothing, which lacked his passion and did not succeed.
Who did Adam Newman meet during his time at Crawlers?
Adam Newman met his wife Rebecca and business partner Miguel during his time at Crawlers.
What challenges did WeWork initially face?
WeWork faced challenges such as a lack of functioning facilities and discrepancies between the promised vision and reality.
How did Adam Newman aim to create a fair economic model at WeWork?
Adam Newman aimed to create a more fair economic model at WeWork, where effort and work were rewarded with more money, diverging from the traditional socialist kibbutz model.
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