WeWork

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• bearish criticism Unattributed

  Well, the other note for me as an organizational leader is offering unlimited WeWork may not be enough.

• neutral fact_claim Unattributed

  we were in YC during the this the batch word we had the 150k uh convertible note and then we raised a bit of money after that both from Angel Investors and from some funds but we haven't disclosed the amount

• bullish prediction Unattributed

  if you think about the future of Transportation right uh once Uber uh and shared Uber type systems or self-driving shared Uber type systems come on you know online ... can there still be room in the market for short distance commutes ... we think there's still a lot of room there for things where the cost of Transport is just way way lower than a car could ever get

• bullish assessment Unattributed

  our customers love us in a way that most customers don't love products yeah um I think that spoke volumes to our investors and said hey maybe we're onto something

• bearish criticism Elvina Beck

  But if you look at the stats, 40% of Americans cannot afford an emergency bill of $400 or more. Yeah. So, there's a huge discrepancy. And so, how are these people supposed to afford $3,500?

• bearish assessment Alex Wilhelm

  I look at this and I'm like there's no way this could happen

• neutral fact_claim Unattributed

  we work am I correct that Adam Newman owns the buildings yeah so that his leasing the man is leasing them back he's not a racer he saw the movie and he Ray Kroc guys we have figured out the mystery oh my god whoa I have a little bit of a goose bump right now I think we may have actually hit on something brand-new you stole the brand name we're just like Ray Kroc just like Ray Kroc Ray Kroc was like I need to own this innate and they said to Ray Kroc at some point why do you need to own it so muc

• neutral prediction Unattributed

  there's a version of this story where Adam Newman goes huh not only could I buy a building in the Tenderloin I could buy all the buildings around it and you have like to put a stadium in a distressed area thing where then you help you do economic development and you build a whole community around it you don't call it a tech company you call yourself a real estate developer mm-hmm like there was a version where he could have made tons of money turning a tenderloin into a whole cool Vlade owns tha

• neutral fact_claim Unattributed

  the early business model I thought was brilliant you buy distressed assets you make them fancy hipsters want to go to the new area so Williamsburg you know circa whatever two thousands or tenderloin whatever they call the the Tenderloin adjacent area you know circa ten years ago

• bearish assessment Unattributed

  it's not a real business model do we agree that office leasing and sharing is a business model because there are other companies that do it right like sure so that carries a business there well yeah I mean commercial real estate is based on that entire concept so we know that it is but it's not at the middle person the middle person part yeah because there are those Embassy Suites right and stuff like that I guess it doesn't sound like a super high margin business cuz real estate is not cheap an

• bearish assessment Unattributed

  I feel like we work is like the inevitable consequence of too much money

• bearish assessment Unattributed

  I don't think they made a great investment and they're so sophisticated they managed to confuse themselves into doing this deal repeatedly

• bearish assessment Jason Calacanis

  is there any possibility of making money here let alone should you even be allowed

• bearish criticism Jason Calacanis

  sold 700 million dollars worth of his shares pre-ipo

• bearish criticism Jason Calacanis

  he came up with his own IP and created an LLC to sell the name of we work to we work for six million dollars fireable offense number one

• bearish criticism Jason Calacanis

  I've never seen more self-inflicted wounds than a startup

• neutral assessment Aileen Lee

  well you know it's also interesting because we have been in the past five to ten years also in this like warchest strategy period of time too far what that means where you and generally the the market and investors are rewarding growth right they would rather for not necessarily a sane reason invest in a business growing twenty percent month-over-month then a company built growing ten percent month-over-month right even if the company growing twenty percent a month is burning 2x the capital of t

• bearish prediction Aileen Lee

  what happens to something like we work if there's too many desks available in the world yep and you know people charge a lower price well I mean I think it's hard or you mean up competitors a competitor or like it seems to me that they're this third party between the real the owners of the real estate and the consumers of them they've inserted themselves and isn't the idea buy on the internet is to remove that kind of friction

• neutral assessment Aileen Lee

  and I think a soft like a piece of software that none of us will ever use yeah I think sax calls it real David sax from crafts calls it real world virality so his his concept was well if you're looking at you know if you the way most of us found out about uber was somebody ordered an uber and we jumped in it with them were like oh you have a driver and it's like I have my own personal driver right yeah in an app ya know and it's sort of spread that way and we weren't was like that as am i what i

• bullish assessment Aileen Lee

  and the other thing is also we work how many of you had been to a week work we worked or passed by oh we work or had a friend working in a we work right it's pretty unusual for when you have a product that people use right you go to a farmers market and you see a square and you see a merchant selling honey using that dongle you it's it's a visceral reaction experience you can understand how it's changing the life of the person selling honey we are changing the life of the person who wants to buy

• neutral assessment Aileen Lee

  I do think that this whole combination of like somewhat like technology facilitated community bundled with real estate became this category that people were flocking to partially because there aren't that many other places to deploy that much capital or there haven't been in the past couple years so I think that's whatever supply can lead to weird behaviors

• neutral assessment Aileen Lee

  I think there's a couple things one is that we're actually in between major tech trends right now all right like social a big important tech trend that made made it much easier to market to consumers than it had been in the past and even businesses and then cloud and SAS and mobile basically created this amazing window of opportunity for new companies to dislodge incumbents or create new categories but all of those trends are actually 10 or 15 years old and and a lot of those categories have qui

• bearish assessment Aileen Lee

  I think from a margin perspective that's definitely true right and so you know how companies get funded in terms of multiples multiples on revenue multiples on gross margin multiples and EBIT uh like a lot of companies that don't have the margin structure of software companies are being like evaluated and invested in like they have the margin structure of software companies and I think that is I think maybe one of the lessons learned that all companies that leverage technology are not the same

• bearish criticism Zander Lurie

  if you're a CEO that has to buy planes and and do things that clearly aren't in service of building a great enterprise that can come back to the roost

• bearish criticism Zander Lurie

  when you look at the companies out there like we work there's a question there if that actually has good unit economics or not

• neutral prediction Zander Lurie

  I do think it will get out I think it will be well worth north of a billion dollars it probably won't be worth forty seven billion until they execute on ten plus years of profitability

• bearish criticism Zander Lurie

  it was funded at a valuation that was never achievable at least not in this century

• mixed assessment Zander Lurie

  there's absolutely product market for we work we use it all over the place it is a great service well priced that is meeting the demands of the market

• bearish criticism Zander Lurie

  we work is essentially an Enron like event and it will have an impact like that on the industry and VCS and public market investors will look to punish poor corporate governance

• neutral fact_claim Jason Calacanis

  people who were laid off from we work who wanted to find work afterwards have found it by now

• bullish assessment Unattributed

  Case Text was launched with OpenAI and is powering co-counsel now for Thomson Reuters, right? And Case Text was sitting at like $30, $35 million of ARR and hitting profitability three years ago and not having to spend all that money getting clients. Like their CAC was very low.

• bearish criticism Unattributed

  I wonder if you're looking at something like Harvey today, spending on the side of a building, if they have the right business, the right team, but maybe they blow through the capital and they're like, wow, we spent $10 million on advertising that we could have just put into the product and sales team.

• neutral fact_claim Unattributed

  Harvey, $15.5 billion valuation. And then listed Sequoia, blank, blank, and listed 20 VCs.

• bearish assessment Unattributed

  They tried to do it with WeWork. That didn't work. That was pouring gas.