35 Burst results for "Adam Newman"

"adam newman" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

03:40 min | 3 months ago

"adam newman" Discussed on Bloomberg Radio New York

"Job not only to build the long-lasting meaningful company but also make them a tremendous return We're doing quite a good job of that and are planning to keep doing that That was WeWork founder Adam Neumann in a trip into the wayback machine May of 2015 and while he is no longer with the company he's still walking away with a pretty penny A $2.3 billion fortune to be exact And it wasn't just a good day for the founder was a good day for the company and employees too the stock popped as trading began shares opening at 11.28 I wanna bring in Bloomberg selling Hewitt who covers WeWork for us and has meticulously documented It's tumultuous journey to now Ellen How does the WeWork that went public today compared to the WeWork before the drama a couple of years ago Well it's been two years of a lot of tumultuous change where we work They obviously lost their founder CEO Adam Newman thousands of employees lost their jobs This was in late 2019 The IPO that they originally wanted to do that year completely failed they had to get bailout funding from SoftBank Now fast forward two years they're trying to do it again And things are pretty different They have a different CEO The company is much smaller They have decided to cut off many of the side businesses and investments that Adam Newman made that made a lot of onlookers kind of scratch their head So the company is kind of repositioning itself as leaner more serious much more sober you know definitely like very far away as much as possible from the Adam Newman chaos viral of 2019 And also they've been through COVID which has been a big change for them So looking at a $9 billion market cap right now certainly not what was projected in the earlier days but the pandemic accelerated this trends towards more flexible work that's really paying off for WeWork and has been a huge tailwind What do you see as the prospects for the business from now going forward Well it's interesting because COVID I think was both a blessing and a curse You know they saw their offices completely empty out at the beginning of 2020 Nobody wanted to be the work A lot of people may have still had contracts but nobody was going into the office and I talked to people who described floors and floors of empty offices people not really being there At the same time now that people are starting to think about going back to the office there seems to be an advantage for WeWork They're offering flexible solutions for big companies who aren't sure how much office space to take You know maybe in the past you might have known that more clearly now that it's unclear how much your employees might want to be in a physical office something that we work offering looks a little bit more attractive So that's really the story that WeWork is trying to tell its investors saying hey COVID may have really knocked us down but it's also going to be the reason that we're going to succeed a lot better than you might have thought before People are going to be turning to us to figure out an uncertain future about the office All right well it's certainly a new chapter and one without Adam Newman though I understand it a big celebration in the city today Bloomberg's Ellen Hewitt thank you for helping us chart that journey Appreciate it We do have some breaking news now A panel of CDC advisers has unanimously backed Moderna's booster shot as well as J&J's booster shot for single shot recipients 18 years and up This is obviously huge news of course Pfizer The only one that had been backed to that extent until now panel of CDC advisers unanimously backing Moderna and Johnson & Johnson boosters Okay Coming.

Adam Newman WeWork Adam Neumann COVID Bloomberg SoftBank Hewitt Ellen Ellen Hewitt Moderna CDC J Pfizer Johnson & Johnson boosters
"adam newman" Discussed on Pantsuit Politics

Pantsuit Politics

07:12 min | 5 months ago

"adam newman" Discussed on Pantsuit Politics

"Sara. What's on your mind outside politics while. I'm still thinking about the documentary. We wash last night. We watched the who documentary about we work. And adam newman the ceo of former ceo of we work. And they'll happened. Because i showed you the lula road documentary trailer and you're like wow i wanna watch this now and i was like i have such bad news. It doesn't come out until september tenth. So you're like well. We need to watch something adjacent. And this was very jason right. It was like it was people getting too big for their riches or leggings veg on island nonsmoking and it again because so get sorry. This one was so bananas to me. It's not like theranos at all and number. We watched the documentary and talked about it. Which is about elizabeth holmes who is currently on trial for fraud. Their nose was a blood testing technology that everybody fell in love with valued at a billion dollars and it just never worked and we work had a thing worked. Well wasn't innovative idea about office space. I think what happened with we work. That is so fascinating to me is the inability to be content. You know he. Adam newman didn't wanna just do workspaces. He wanted to do change the whole row. This actually ties in very nicely unexpectedly with the conversation. We had with about nikki if he had just said oh. I'm doing a really good thing here in different office spaces that encourage people to work together. That foster small business that make a lot of money for a lot of people and if you'd stopped there that would have been fantastic. It was when he went off into like how we live and how we educate people. And how can i creating entire globe with model that got way off. The track won't and i think the the real pivotal moment was when the investor from softbank came in and offered him billions of dollars and was like dream bigger. That was the last last thing at newman needed. Here is listen. Spent a lotta time with elizabeth homes. I've spent a lot of time. Billy mcfarland and the fire festival which is the same team that produces now. Spend a lotta time with adam. Newman and we work. And they are different in many ways. But the uniting theme among those three people is they were dilettantes like they just. They were young and they didn't want to work. They wanted the success. They wanted the fame they wanted. That i'm changing the world. Because think about what they were seeing. I mean those are. All three of those people's ages are like this. Speak steve jobs. Down like elizabeth homes war that the turtleneck right like but steve jobs spent a lot of time working and like figuring out what he was good at and founding back he didn't roll in on the first day and make the iphone or even the odd right. Like i think that what you see the common theme. They're all three of those. When i really look get their their stories is there is this narcissism. There is this. It's just because it's not that i bring anything branks skills or perspective. It's just all charisma and marketing. And that's really what will change the world and some in some ways like again. That's what they saw. That's what they in the news. The stories of the success is success and not a lot of the journey and the building of the skills and the failing. We've gotten better at cheering. Those more complicated stories but those three people wanted to skip to the end. And what. I think you see really is like it was never good enough especially with adam and it was just bigger more more impactful more global bigger bigger better because again. It wasn't the work for the work sake. It was always this vision of what the end product would be. I think the thing that you and i are doing well to our selves on the back. we are in a work is that we. And that's the thing like we're in the right framing to think about this. We really aren't dreaming bigger. I think we're dreaming deeper. Yeah and i spent. A lot is happening in about this when i was in. Hr because a lot of how the way that you motivate people at work is premised on them. Acquiring more money more responsibility a fancier title like upward mobility is mostly how we understand human motivation and i with a lot of people who had been doing the same job for decades intended to retire from that job. There wasn't a next step for them. And so how do you talk about growth and development in motivation when that upward mobility is removed. And the answer. That i kept coming back to is. These people have a deeper connection to their work overtime. Yes you're preparing the same report every monday or processing the same type of issues or interacting with the same people and attending the same meetings but over time you have a deeper understanding of how your work next to the work. Everybody else's doing you have a deeper understanding of how to do that work. Well you've a deeper understanding of when to prioritize efficiency. And when not to. And i think that framework would have helped somebody like adam newman and so many entrepreneurs in so many ways. I remember when i was at this. Kentucky governor's scholar program that you do in high school on the board in the ram that i went in for most of my classes there was a quote from edward abbey. That growth for the sake of growth is the ideology of the cancer cell. And i have never forgotten it and i just wish someone could have had that chat with adam. Newman started a really good thing. Yeah i'm reading out of office. The big problem and bigger promise of working from home by charlie Helen pearson coming out. I think in the next month or so but they spent a lot of time talking about corporate culture and how excoriated and how like managers in management is such a problem because we just decide like we'll you're good at your job so you should manage right. Well thank you have a good idea. That definitely means you're good at managing people. What no those are different skills. You make a lot of money so you to definitely manage. Yes exactly like you. You're you're charismatic. I mean to me. It's like in much the same way we spend a lotta time re-examining our stereotypes about leadership in the presidency like these. Three people are an invitation particularly in silicon valley in the tech industry to reexamine our ideas. About what a good ceo looks like and what that means. Just because you are a great conversationalist with venture capitalists investors does not being. You know how to run a company like just because you can sell. The idea doesn't mean you have any sort of skills when it comes to management or strategy or anything honestly it just means that you're a good marketer and i think like we've lost our way in so many ways. I think it's like that was the ship that i decided. Well if you have any good ideas.

adam newman elizabeth holmes Adam newman Billy mcfarland steve jobs elizabeth adam softbank Sara Newman nikki jason newman charlie Helen pearson edward abbey Kentucky cancer silicon valley
The Co-Working Industry Hopes You Need a Break From Your House

Business Wars Daily

03:31 min | 11 months ago

The Co-Working Industry Hopes You Need a Break From Your House

"This thursday march eleventh. Close your eyes for a second and imagine an office. Yeah remember those cubicles coffee makers a water cooler and areas zoom meeting on the schedule. It probably seems pretty hard to imagine right now because while people are slowly returning to retail stores in manufacturing warehouses offices are still sitting largely empty or at much reduced capacity thanks to the covid nineteen pandemic by last fall around forty percent of office workers had returned to work in dallas. But that number was only ten percent in manhattan which has one of the country's most robust office market now with covid nineteen vaccine available. Those numbers are creeping up but a survey by online freelance platform. Upwork says one in four americans will still be working from home this year and by two thousand twenty five. The number of americans working remotely is expected to grow by eighty seven percent compared to pre pandemic numbers. That's a lot zoom meetings and zoom. Happy hours you'd think with in-person office culture suffering due to covid that co working companies would be suffering too. You know those are companies like we work which rents out shared workspace to anyone from entrepreneurs too graphic artists we work operates more than eight hundred co working locations in over one hundred cities around the world. Meanwhile uk based rival international workplace. Grouper w wg runs around three thousand co working spaces. Globally the co working industry did struggle thanks to cove it. The washington post reports that over two hundred co working spaces shut down permanently last year but now a year into the pandemic. There seems to be what's that opportunity for growth. Yeah and here's why people are sick of working from their living rooms or basements or kids play rooms there even sick of their home offices and with offices across the country increasingly asking workers to return to work in person only a few days during the week. Well industry experts say they expect co working spaces to find a new customer base. According to the washington post you may remember that we work had a somewhat embarrassing twenty nineteen. The company planned to go public questions about its business model in the antics of its then. Ceo adam newman made investors pause and the ipo imploded. Well now a new. Ceo is at the helm and the company says it expects to reach profitability. this year. we work also says it's taking kovic seriously. Enhancing its cleaning and disinfecting protocols staggering desks and seating and updating its buildings h vac systems in line with industry guidance and local health guidance. But some we work members take issue with the quote polite signage that the company has

Upwork Manhattan The Washington Post Dallas Ceo Adam Newman UK Kovic
WeWork Co-Founder Adam Neumann Nears Settlement With SoftBank

WSJ What's News

01:16 min | 11 months ago

WeWork Co-Founder Adam Neumann Nears Settlement With SoftBank

"As we first reported exclusively we work. Owner softbank is in advanced talks to settle with the company's former ceo and co founder. Adam newman softbank took a majority stake in the shared office space company after we works attempted. Ipo collapsed in two thousand nineteen. A deal could clear the way for we work. Second attempt at a public listing the journalists. Maureen farrell has more. Adam newman some early employees and shareholders have been fighting with softbank about roughly three billion dollars. That softbank was gonna spend to buy their shares as of monday. It looks like softbank. adam newman. We work special. Committee is all very close to a deal. There are all close to settling their respective lawsuits with each other. So that litigations out of the way it could clear a path for we work to move forward potentially with the spec deal. We've heard that they've been negotiating. People familiar with the matter. Said there is no guarantee that an agreement will be produced but if there is one it could be finalized in the coming days. Newman had stepped down as investors balked at buying the money losing companies shares as well as conflicts of interest and erotic behavior

Softbank Adam Newman Maureen Farrell Newman
"adam newman" Discussed on KOA 850 AM

KOA 850 AM

01:35 min | 1 year ago

"adam newman" Discussed on KOA 850 AM

"I want to do something that really lights me up. I love creating community connecting people. She was excited about her new job day. One literally eight AM. I haven't email that says Good morning. Let's create the largest networking community on the planet. This his new boss was a 6 ft. Five entrepreneur from Israel named Adam Newman and he had a brand new start up called We work. I remember thinking, all right, I'm about to be on a ride. Why is this a better idea for millennials Been working at home or finding an office way like to say this is for the regeneration smoke limited by age or gender. He said that they were elevating the consciousness of people on the planet. It was a billion dollar idea. Coworking giant We work is amongst the most valuable startup from the world around Vancouver. We weren't here. Any Shania evil. Well, I am making From wondering. The makers of Dr Death and Business Wars comes a new Syriza's We crashed about a $47 billion startup was a lot of talk about movement and culture and spiritually awakening. Government, and quite frankly, it just all sounded. You know, it's easy to say now that was just too good to be true. One of my colleagues turning in, said, Oh, my face is a cold. I'm David Brown, the host of business wars. We crash where every change really quick. I don't know. It's something just doesn't smell right to me with that, And I'm just wondering because it's you know, you go with these machines. They can easily be.

David Brown Adam Newman Shania Israel Dr Death Vancouver
"adam newman" Discussed on NewsRadio KFBK

NewsRadio KFBK

01:46 min | 1 year ago

"adam newman" Discussed on NewsRadio KFBK

"I want to do something that really lights me up. I love creating community connecting people. She was excited about her new job day. One literally eight AM. I haven't email that says Good morning. Let's create the largest networking community on the planet. This his new boss was a 6 ft. Five entrepreneur from Israel named Adam Newman and he had a brand new start up called We work. I remember thinking, All right, I'm about to be on a ride. Why is this a better idea for millennials? Been working at home or finding an office way like to say This is for the regeneration smoke limited by age or gender. He said that they were elevating the consciousness of people on the planet. It was a billion dollar idea. Coworking Giant We work is amongst the most valuable startup from the world around Vancouver. We were hearing any Shen Giambi book. Well, I am making Sami you from wondering. The makers of Dr Death and Business Wars comes a new Syriza's. We crashed about a $47 billion startup was a lot of talk about movement, culture and spiritually awakening and empowerment. And quite frankly, it just all sounded. You know, it's easy to say. Yeah. This'll is celebrating the arts from ABC News radio. Welcome back. Thanks for joining us. I'm Erin Qatar. Ski. This has been a tough year for professional musicians used to playing to packed crowds and bars and clubs and theaters and arenas. Pandemic is sidelined their livelihood. Some groups played online to keep fans interested..

Adam Newman Shen Giambi Erin Qatar Pandemic Israel Dr Death Ski Vancouver ABC News
Should Business Follow Data or Gut Feel?

Duct Tape Marketing

04:54 min | 1 year ago

Should Business Follow Data or Gut Feel?

"Hello welcome to another episode of the duct. Tape Marketing Podcast, this is John Jansen, my guest today's Reeves Wiedeman. He is a contributing editor at New York magazine. Also featured in New Yorker New York Times Magazine Rolling Stone Harper's, and we're going to talk about a book that is fairly new called billion dollar loser, the epic rise and spectacular fall of Adam Newman and we work. So reeves welcome to the show. Thanks for having me. So. Why don't you give away the ending for for for people that that may be have followed this story Kinda give us the like. Here's you know here's what was going on at the high level. Here's what happened. Yeah. Fair enough while while a lot of people may know it but but the the the short version of the rise of we work in an office leasing company started in New York City that in the course of a decade expanded all over the world The basic business premise was slicing up large office spaces into small glass. Rent out. By Twenty Nineteen they had more than four hundred locations around the world A also had apartments they had started in elementary school. and a variety of businesses that required a lot of money and so eventually in in thousand nineteen, they decided to go public at of gob smacking forty, seven, billion, dollar valuation and in pretty spectacular fashion over over a few weeks in the summer and fall of last year the. Collapsed out of Newman, the company's founder was was ousted and He's spending most of his time surfing. So you know and the future for him and for the company's still remains to be seen, but it was pretty pretty remarkable rise in in a pretty shocking and swift fall. So the at the from the highest evaluation to like when it all shook out, what did it shed about eighty percent ninety percent You're GonNa make me do some math but you're outright it. It got up to forty seven billion at least in this theoretical way, and and this past spring Softbank, which is, is we were primary investor mark it down to just under three billion, two, point, nine, billion so a. Pretty shocking loss value in a very short amount of time. So. What was it? You did a series of interviews with adamant obviously a lot of other people that show up in the book but what what was kind of the timeline for your interviews because it was really pre crash, right? Yeah. I mean, we when I was I work at New York magazine and we had I decided to do this story at the beginning of Twenty nineteen in the. Reason we did it was was because we work with growing so fast, and because it it suddenly was was everywhere. We have an office in in Soho and in New York and suddenly there were half a dozen of them just a few blocks of where our office was and so we saw it as kind of a success story. We knew there was sort of strange things about the company and. It became very clear to me as I as a after interviewing Adam Newman last April April Twenty nineteen shortly before the IPO was announced. And then talking to people who'd worked with him some members of his executive team that everything that was good and bad about we work revolved around Adam Newman. He he was the visionary. He was the sort of branding expert and he was the. That, was driving company, and then as it became clear, he was also kind of embodied a lot of a lot of what what went wrong. So my only instance as I did work out of we work in Dumbo one time. A few years. Was it nice. Yeah. It was nice. It was like all the kind of. HIP places in that part of town. Are. Very minimal decor. So. It's interesting. You brought up that idea of all good things and bad things because in reading through the book you almost. And and maybe other people. Have covered it this way to that it wouldn't have happened with him and it wouldn't have crashed with with him without him. I think that's exactly right and that's when when we wrote my first story and this was when the company was still on the rise we. I didn't come up with this but but the title one of my bosses did was with the I and we and and and you know it's just everything about this company. was. Just, CER- wrapped up in in in Adams great qualities which which company grow and then things kind of centered off off the rails.

Adam Newman New York Magazine New Yorker New York Times Maga New York City Reeves Contributing Editor John Jansen Softbank CER Dumbo Founder Soho Adams Executive
Should Business Follow Data or Gut Feel?

Duct Tape Marketing

04:54 min | 1 year ago

Should Business Follow Data or Gut Feel?

"Hello welcome to another episode of the duct. Tape Marketing Podcast, this is John Jansen, my guest today's Reeves Wiedeman. He is a contributing editor at New York magazine. Also featured in New Yorker New York Times Magazine Rolling Stone Harper's, and we're going to talk about a book that is fairly new called billion dollar loser, the epic rise and spectacular fall of Adam Newman and we work. So reeves welcome to the show. Thanks for having me. So. Why don't you give away the ending for for for people that that may be have followed this story Kinda give us the like. Here's you know here's what was going on at the high level. Here's what happened. Yeah. Fair enough while while a lot of people may know it but but the the the short version of the rise of we work in an office leasing company started in New York City that in the course of a decade expanded all over the world The basic business premise was slicing up large office spaces into small glass. Rent out. By Twenty Nineteen they had more than four hundred locations around the world A also had apartments they had started in elementary school. and a variety of businesses that required a lot of money and so eventually in in thousand nineteen, they decided to go public at of gob smacking forty, seven, billion, dollar valuation and in pretty spectacular fashion over over a few weeks in the summer and fall of last year the. Collapsed out of Newman, the company's founder was was ousted and He's spending most of his time surfing. So you know and the future for him and for the company's still remains to be seen, but it was pretty pretty remarkable rise in in a pretty shocking and swift fall. So the at the from the highest evaluation to like when it all shook out, what did it shed about eighty percent ninety percent You're GonNa make me do some math but you're outright it. It got up to forty seven billion at least in this theoretical way, and and this past spring Softbank, which is, is we were primary investor mark it down to just under three billion, two, point, nine, billion so a. Pretty shocking loss value in a very short amount of time. So. What was it? You did a series of interviews with adamant obviously a lot of other people that show up in the book but what what was kind of the timeline for your interviews because it was really pre crash, right? Yeah. I mean, we when I was I work at New York magazine and we had I decided to do this story at the beginning of Twenty nineteen in the. Reason we did it was was because we work with growing so fast, and because it it suddenly was was everywhere. We have an office in in Soho and in New York and suddenly there were half a dozen of them just a few blocks of where our office was and so we saw it as kind of a success story. We knew there was sort of strange things about the company and. It became very clear to me as I as a after interviewing Adam Newman last April April Twenty nineteen shortly before the IPO was announced. And then talking to people who'd worked with him some members of his executive team that everything that was good and bad about we work revolved around Adam Newman. He he was the visionary. He was the sort of branding expert and he was the. That, was driving company, and then as it became clear, he was also kind of embodied a lot of a lot of what what went wrong. So my only instance as I did work out of we work in Dumbo one time. A few years. Was it nice. Yeah. It was nice. It was like all the kind of. HIP places in that part of town. Are. Very minimal decor. So. It's interesting. You brought up that idea of all good things and bad things because in reading through the book you almost. And and maybe other people. Have covered it this way to that it wouldn't have happened with him and it wouldn't have crashed with with him without him. I think that's exactly right and that's when when we wrote my first story and this was when the company was still on the rise we. I didn't come up with this but but the title one of my bosses did was with the I and we and and and you know it's just everything about this company. was. Just, CER- wrapped up in in in Adams great qualities which which company grow and then things kind of centered off off the rails.

Adam Newman New York Magazine New Yorker New York Times Maga New York City Reeves Contributing Editor John Jansen Softbank CER Dumbo Founder Soho Adams Executive
Coronavirus: How Companies Around The Globe Are Responding

Squawk Pod

07:17 min | 1 year ago

Coronavirus: How Companies Around The Globe Are Responding

"First up today on the PODCAST. The troubled travel industry and what it could indicate about the way. Large companies find their way out of the economic crisis presented by the corona virus internal memos from United Airlines forced to park jets. Do the extreme lack of travel demand. Show that the company plans to cut about thirty percent of its management jobs later this year and united warned pilots to prepare for what it calls a displacement that will impact about thirty percent of that workforce. United has accepted. Us government aid and as a result agreed not to make any job or pay cuts before September thirtieth. Remember that date white collar job cuts are coming. The United Airlines Syllabus joins us now with more good morning bill. Hey Joe this is the first what we will see likely for the entire airline industry. Play out over the next several months yesterday united told all of its management and administrative employees about eleven thousand in the entire company. That at least at least thirty percent of those jobs will be eliminated starting October first. Now the rest of the company and other ninety thousand were also receiving a memo and essentially in that memo. They said there will be changes. There also reports that separately. The pilots were told it could be as many as thirty percent of their jobs will be cut in the fall remember. It's just a couple of weeks ago. That United Airlines received approximately five billion dollars through the cares act that is included in there was three and a half billion in a grant money that was given directly to them from the Treasury Department in addition to a loan that they took off from the Treasury Department the condition on that loan and on the money that was given to them as part of a grant was. You can't fire anybody. You can't have mass layoffs before September thirtieth but to be clear united and really every single airline has been forecasting that there will be job cuts down the road so they needed this money to keep everybody employed at least September thirtieth but after September thirtieth united is now saying at least thirty percent of the white collar jobs going you'll see thousands more in terms of frontline employees as well and they're also trying to as much as possible. Cut The cost here. They told the machine Friday. Your hours are going to go down twenty five percent which is contractually allowed going from forty hours a week down to thirty hours a week. Guys this is what the airline industry is doing right now. It has the money in place to at least keep operations and employed through September thirtieth. But unless things change and it's not expected to anytime soon there will be other airlines announcing similar types of job cuts in the weeks and months ahead. Hey fell just in terms of being able to cut ours. Does that count to to to. Can you take the money and then say okay? We're not laying anybody off. But I'm GonNa take away twenty five percent of everybody's hours that's contractually contractually allowed and there are a number of people. Senator actually allowed the by the by the contract with airlines consecutively. Between while you're now you're getting into the spirit of the law. The spirit of the Law United said at the time when they took out the cares look. We're not going to be cutting hours or cutting pay and jobs. Well they certainly have not cut the jobs in terms of the pay. You're getting into this gray area in terms of what's allowed under the contract collective bargaining agreement between the machinists union and United Airlines and. Clearly united believes that. Look we're allowed to this contract to go from forty hours a week. Guaranteed could go as low as twenty two hours a week. We've told the union you're going to go down to thirty hours a week so They're they're certainly many machinists. Who are not happy about this. I reached out to united over the weekend. And they said look this is contractually allowed and what you have is an airline here. And they're not the only one guys I know of everyone's saying well. Why is you doing this? You will see this almost with every airline that they are doing whatever they want to cut their costs as quickly as possible. Phil but this goes to me. This goes back to the debate we had when we were. We were providing these loans right. Who's to say at the time? Even internally inside these airlines there was an expectation that they were going to have to lay people off even as they were taking the loans and so yes as we were saying and we sit on there many times. This program really saves the shareholders but doesn't necessarily shea saved the employees and the whole goal of course was to save employees. More than anything else. We were trying to keep employees in business. They airlines could have gone through bankruptcy. Gone out the other side and still kept the planes in the air obviously with less employees and so the question I have is. How do you think airline execs are going to respond to the public? When ten twenty percent whatever percent we think are going to employees are no longer on the payrolls. Come this fall. I think the executives will do the same thing that been doing from day. One Andrew Weaver at the White House when all of the airlines. Ceo's were called in every single one. Every single one said the same thing. Which is we need to make dramatic changes in fact while we were there united was saying. Look we're going to be having a number of employees thousands of employees taking unpaid leaves of absences because we need to cut the cost dramatically immediately and they even said at the time Andrew Kid. The money is appreciated. It is to keep the operations to keep going into bankruptcy immediately but we unless things change we will need to make changes in how many people work for each airline so yeah. Is there going to be backlash? Absolutely will people sit there? And how yeah? The airlines are not beloved anyhow by many people. I mean people criticize them on a number of fronts. This will be one more where they say they took the money and now they cut the jobs but to be clear. They warned all along. These job cuts are going to be necessary. It was it was known six weeks ago. It was known at the very time. That's the only point known is trying to get. It was known as they walked into the White House. It was known as they walked out of the White House. Exactly okay thanks. We have some other news in sort of high profile corporate personality category we works CO founder. Adam Newman filed a lawsuit last night against Softbank in its Vision Fund over that failed three billion dollar tender offer last month. Softbank said it would not move forward with the tender offer because several preconditions not the mad that frustrated minority shareholders including as you might imagine newman who were expecting a payout. Adam Newman expecting that. Pay Out of a billion dollars if you really read through the lawsuit and it's very similar to the same. There was another suit that had been brought against the company by the Special Committee of we work which was representing the minority shareholders. Did your boasts joins us with more on that story. Deidra Andrew dramatic and of course just the latest in this ongoing. We Work Softbank Saga. Now Adam Newman's complaint alleges that Softbank quote doubled down on their abuse of power and argues that its deteriorating. Financial position influenced its decision to renege on its obligations net. One remember that would have seen. Adam Newman receive nine hundred seventy million

United Airlines Adam Newman United Airlines Syllabus White House Softbank United United States Machinists Union Treasury Department JOE Andrew Weaver Deidra Andrew Senator Andrew Kid Special Committee Shea Phil
Equity shot: What's going on with Tesla's stock price?

Equity

14:18 min | 2 years ago

Equity shot: What's going on with Tesla's stock price?

"An equity shot is when something happens that we get really really excited about and then we realized which taken off of slack and put it on to the podcast. Today we're going back to the very beginning of the show. We're talking about Tesla which she asks. I know it's not a private company. But if you go back episode one of equity. We're talking about Tesla reason too much of money because fascinating firm. I Have Danny Crichton with me. Danny how are you? I'm doing good although I think we should call it an equity shot. It's more like an equity joint because I am so high on this high stock price. The I did not see that joke coming. But I'll take it. You'll unless of course famously. Smokey joint on some podcast. I forget what it was called. But we're here today because Tesla share price is up yet again looking like it's going to close at an all time record. High currently above nine twentieth share up over seven percent amd we're going to go through the kind of bullish take care the bearish take care. What's going on and I'll talk a little bit about the fundamentals behind the company and how they've really honestly improved so any rate time ready as we said before the show if you go back in time to roughly. I think it was last June. You could buy Tesla for about one hundred. Eighty five dollars shares magically masterfully. They're up to nearly a thousand dollars a share and you know when you think about Tesla and its financial improvements over the last couple years. It's had some but certainly not to the extent of rescinded share price. Changing my impression is that there's enthusiasm going on here. That may not be tied to fundamentals with autism. It's all multiple expansion here so I think people are getting really excited about the potential electric cars. Certainly not as in the United States but around the world to for instance I think Singapore just last week said that they wanted to be the first country to only have electric vehicles. Mean like the next decade or two right. So there's these huge initiatives around electric cars and then you've got batteries. You've got a lot of the supply. Didn't stuff that that Tesla's in and then you have just the general called marketing stick. I mean I think we we used to follow invidia. Quite a bit early is to focus on. Invidia quit a bit and retail shares stocks called a Robin Hood share right. Everyone who has a Robin Hood account is like following video news day to day and I think that that's been replaced by Tesla Tesla for sure. Amd will also hot for a long time back. In the CRYPTO currency boom. There's been a lot of companies that are kind of come and gone but I think Tesla's probably the kind of the granddaddy of them all from that perspective but more data about the trading world. This isn't actually Tesla's all time intraday high it. My research holds up that was actually back in February fourth when Tesla had an insane range of eight hundred and thirty three dollars a share to nine hundred sixty eight I think kind of sets the stage for understanding Tesla's price movements which is at their wild and they seem to be based on competing warring religious cults people that are obsessed with Tesla and the future of battery tech and electric cars and getting off a fossil fuels and you know loving Elon. Musk and then people who care more about fundamentals even as Tesla's windmills have honestly improved over the last eighteen months quite a lot. You know absolutely and I. It's crazy is if you look at it. Post Two thousand thirteen from twenty thirteen to twenty nineteen that the stock was essentially flat. I mean they're gonNA has ups and downs and typical gyrations but it was sort of a a wait-and-see stock I mean what's grits. Nuts is just in the last couple of months like four months. It's gone from a low of just below two hundred dollars a share to now we're looking at it as a recording it at two. I'm sorry nine twenty eight and so I mean we're looking at a four X. in three month return profile. I mean look we talk about South Thank Vision Fund on equity all the time but this this is sort of what they were looking for right. It's like literally it's not even a private company. It's a public company. Just bought again with Robin Hood. I don't think you can actually open a Robin Hood Account. Though the hundred billion in cash that would play break. Something in the Robin Hood Landscape but just put this in perspective. Everybody of what we're kind of thinking about. We pulled up. Tesla's financials and so we're going to bore you with a couple of numbers and then we're GonNa talk about what can driving hand today's movement but the reason why this price movement feels so fantastic and so fascinating to watch is because even though Tesla has improved. It's it's profitability. It's cash position it's cash flow. It hasn't grown that much. And if you go back in time looking at the year ending. December twenty eighteen Tesla had total revenues of twenty one. Point five billion give or take and if you look at this last year it was twenty four point six so some growth to be clear but certainly not a lot and in q four q four. Eighteen Tesla had seven point two million in revenue and Q. Four of nineteen seven point four so just Mata Games of growth and improve profitability. Is the difference here so it could be a mixed shift in what they're selling. It could be optimism about the battery market. And there's a lot of possibilities driving this boom. I Tesla but I'm curious Danny. What is your favorite of the various hypotheses that are bouncing around? I think it's a huge expectation around future product lines right so if you look at the units delivered by Tesla over the last two years being Tesla really has expanded writer was just a couple of years. Ago Is under twenty five thousand units a quarter in Q. Four twenty nine thousand dollars. According to Teesta it was well over one hundred thousand one hundred. Fifteen thousand units were delivered quarter. So it has. It has sold more cars. You know four or five act so that that's part of the number here but I think you start to look at like cyber truck which is entering a much more higher margin part of the vehicle market in the mid to large size semi trucks. And the I think the challenges is like. There's there's this gap of like you know. Yes there were one hundred thousand or have cyber trucks were supposedly preordered Alex nor is a fifty eight billion based on how many tweets stupidity excitement. Yes yes but you know the challenges that those were not full deposits right like there are no cars to be sold and they're not going to be cars to be sold for a long period of time and so. I think there's just this huge which we saw the same thing with Softbank. Which is there's this huge prediction of like well look assuming everything goes right over the next four to five years then we will buy into the valuation as if everything was being sold in two thousand twenty three. Unfortunately there's so much risk coming up. I mean it was crazy to me. Is we talking about apple and Amazon? A bunch of others AIRBNB who've been suffering from chronic virus but tesla's a huge Chinese market. I mean we were talking about the Shanghai gigafactory or gigafactory for their new battery which just launched what two three months ago and is now sort of been hit? Hard by by the virus. What what other issues art is Tesla? GonNa come up within the next couple of years that that to me is a huge open question. Well the operating points pretty good if you look back. Tesla's latest earnings investor presentation for example You go to page eighteen following along at home. They show have a rolling twelve month delivery number and in Q. Four trailing twelve months of deliveries reached over three hundred fifty thousand for Unit. So they have always a hit material scale global scale. And so when you bring up these new models to me. They've actually proven their ability to do that. And at increase scale and all that a similar level of quality which means that they can watch model. Why cyber truck that really fast roadster that they showed for four minutes and never did anything with put that out please? I want to go bankrupt. So tell me one she please does. I want to stay married. That's more I hear. The roadster does super well New England winters. Yeah it's designed actually for Rhode Island's a narrow cobbled streets and I think the cyber trucks tank like atmosphere is what you're looking for for Rhode Island. Well especially the kids. I'll need those unbreakable windows. Okay but going back to today and what's driving this one day shift and Tesla's stock price drove us. Mad is looking at what's going on. There was a new analyst. Note coming out. Invesco strategist Tim. Horace Bra talked a lot. About how the Fed's decision learned. The quantity was helping drive momentum stocks of which is of course one. Alex Potter an analyst with the Piper Sandler raised his price target for Tesla to above nine hundred bucks a share. A little late given that already is but hey you know better late than having a one hundred ninety nine target which is what seen in business and then of course. There's also some rumors going around that In China to tinkering with a new kind of cobalt free battery which is supposed to be important. Even though I will admit I was a chemistry. So a couple of things confluence that I've picked up Enthusiasm momentum and this is the best for the Washington this is like the old bitcoin. We seventeen when bitcoin was hot. And you can watch it every day and it was fun. That's Tesla's stock today. I don't know what that means for the company but I'm having a hell of a time just watching this stuff happened absolutely and I think I think another statistic I would use on this front. Which would take into account allow this news which is the percentage of Tesla's shares held by institutions? Actually pretty low. I it's fifty five percent. Suit is a COP apple obviously pretty well known company at sixty three percent right and in many cases those institutions held for a long time so Tesla's largest shareholder baillie Gifford. We interviewed a Charles Plowden. Who HEADS UP THE PRIVATE MARKETS? Investing at Baillie Gifford for extra credit last year and they've been the company for more than a decade of our call and part of what I think the magic is for Tesla is you have this base of very long-term acid holders who believe in the company and have been holding a long period of time. And then you have this controversy in the retail market of people. Saying we'll do. Do I see two thousand going even higher right? And so the the debate between long and short ends up driving so much attention to the shares. That it's the dinner party stock conversation that you're hearing on. God's a bit of a carnival atmosphere to it you know Elon. Musk And grinds Elon. Musk and Joe Rogan Elon. Musk and this and that I mean he's become a celebrity in such a way that it's rare to see and the ruggedly buttoned up world of business. I mean I mean not to bring up. We were just you know owners Lee. Belykh Adam Newman had a touch of the celebrity to him in the semi that you must does. Though a fraction of what you Llaneras and normally we see people when they become wealthy and powerful retreat into their shells but like the Google founders. And how they kind of step back from the public light incrementally and now entirely from their company. Ilan doesn't give it you know dealing with throw. A rocket is truck and shutters. Window will just do it again. I mean talk a bow different. And that's that's the that's entertainment on a more serious note before we go to any One other thing we didn't touch on that could be driving enthusiasm. Sentiment and share price. Surges is Tesla's solar panel stuff. And I say stop because I'm reading today. That the solar roof that they brought out years ago and never really. Kinda put on the market is ramping up. And so we're seeing Tesla differentiate not in the automotive space but also outside of that in the in the ultrasound generation and storage space which some people believe could be a huge growth opportunity for the company. And I don't know how you feel about Ciller but I think that's probably true I think is probably the economics have gotten a better for solar and I again. I I think the magic of the share today is do you believe in each of the expansion opportunities for each of these different business lines and I think I think when you let me give you a comparison. Bordier a Canadian company who used to make snow. Mobiles expanded into planes trains jets and all kinds of other categories over the last couple years just this morning announced it was selling off its trained business to Allston French large Train manufacturer and really it was a story. overexpansion right. Here's a company that sort of got out of what it knew what to do. It got into jets trains and get it all these different spaces and so the question is do you believe in the musk magid. I mean that's sort of the bet that everyone has to believe in which is look. It's not just going from model to model three. It's not just going to cyber track. Meets still car at the end of day. Now you're getting into solar panels. Now you're getting into battery construction for not just homes but also at like a nation state scale kind of battery technology and I all. These are just technical. Risk that up like every single one of these is a completely new product. So I think you know. That's the bet that everyone has to make and that's why it's so exciting. Yeah Yeah Yeah. I totally agree with that but the all throughout there is that incomes tesla. It feels less of a musk better than it used to be. Because the company no longer bleeds so much cash at once. You stop bleeding. Cash and can begin to generate material consistent operating cash flow and free cash flow and more strict metric. You're willing Rome destiny and you have more space to make mistakes before it. Always only Tesla was on a tightrope if they missed this launch. That factory blew up. That tech. Didn't sell whatever that was. GonNa be the end of the company. They made a series of all. In bets of your poker player. Was My impression watching the company for years now with trailing operating cash flow positively and free casual Timothy. The company's kind of okay generated over the last four quarters over a billion dollars in free cash flow and just I believe did a placement of shares for a couple of billion at very high share price which is super smart. You know getting anymore taught so you know the first thing that we learned on this show was Jason Lincoln telling us that Elon. Musk is better at raising money than anyone else in the history of the world. He's that he's able to go out there and get cash and here again. He's doing it twice once running the company last and two from the share price surge. So Tesla is in the best shape it's ever been. I don't know if it's worth nine hundred twenty dollars. But the days of four twentieth funding secured certainly are behind us. And Danny. I'll give you the last word. I think the thing to pay attention to again as I think mosques the magic here but it goes beyond that I I do think marketing if you look at GM Ford you know. The large automobile manufacturers a huge part of their cost structure is marketing right. Like the amount of money you see it when you watch The Super Bowl. You'll see this when you watch different kinds of sports games. There's massive marketing budgets to push cars off the dealership at Tesla. Has this magic with a person who basically gets free advertising every single day on the business pages on the front cover of magazines or seeing must. You're seeing Tesla. All that is free business and so again you have cool cars. You have great marketing. You're not paying for any of it. You have free cash flow. It's clearly a more stable coming in. There was a couple of years ago. And there's this huge kind of expansion opportunities on the horizon coming up. You know that all up together I understand the lungs. I also understand the shorts but I guess we'll sort of see where it all comes together in the next couple weeks. Yeah and by the good call on the importance of free marketing. For Tesla as we're sitting here squeezing an extra equity episode just fine on Tesla because we found so entertaining so it's not nefarious per se is just if you care about financial markets and companies and growth. You can't not be watching

Tesla Tesla Tesla Danny Crichton Robin Hood Musk Elon Robin Hood Landscape Alex Potter AMD United States Softbank Shanghai Invidia Singapore FED Rhode Island Charles Plowden Invesco
Introducing WeCrashed the story of the rise and fall of We Work

Business Wars Daily

05:49 min | 2 years ago

Introducing WeCrashed the story of the rise and fall of We Work

"Daily. Hey their business wars listeners. I'm David Brown every week on the show. We talk about the greatest rivalries in history manipulation and backstabbing or common as companies. Try to take each other down but what happens when a major company company collapses from the inside out the tech. Darling we work was the poster child for a new economy. We works founders wanted to revolutionize the way people work how they live how they sleep even how they raise their kids. It's charismatic founder. Adam Newman had an intoxicating vision for the company but it never we're matched up with reality from wondering the makers of business wars and dirty John Comes. We crashed a six part series about the rise and fall of we work work. It's a story of hope and Hubris. We crashed peels back. The layers on how Newman's culture personality shaped every square foot of we. You Work and how that same powerful personality destroyed it. You're about to hear a preview of the first episode of we crashed as you're listening. Be Sure to subscribe to. We crashed and other. Great wondering shows on Apple podcasts. Or wherever you're listening right now it was June twenty seventeen and the Barclay Center in Brooklyn was packed nearly every seat of the arena that was filled with thousands of group college graduates and their families. I'm looking at all the parents. I'm looking at balloons. I'm seeing horns people smiling. I think I had a smile on my face. Probably the whole time. While I'm at Francis was graduating second in his class which meant he had one of the best seats in the House that was on stage and it was just like wow. I'll be seated the next to you. Know some distinguished people the year before Senator Chuck Schumer had been the commencement speaker this year though was different because this year the the person giving the speech was also graduated. Just like Quan. Well Cumberland College. Class of twenty seventy soon as he walks onstage tall guy. Long hair slicked back. Look he's pulled out the roll out of his trunk and it's like all right. I gotTa dawn this little thing for this ceremony. But I think it'd be headed his way he'd be a t shirt written some fans. Adam Newman all six feet. Five inches of him had taken fifteen years from his first class to finally get his college degree here he was. We looked at it to see a black mortar boards and clasped his hands together in what looked like a gesture of prayer. It's my honor and privilege to graduate with all of you today with his billowing robe flowing black hair and arms outstretched Adam look more like a preacher than what he actually was the. CEO of a multi cheap billion dollars startup called we were an atom was here to spread the spirit of we who is definitely not a traditional commencement speech. The next revolution is going to be the we river loose and the we revolution it's going to be led by generation and the we generation does not discriminate between age race gender or religion Derek. Throwing their hands up their fist pump in people are standing up and train them on. You could think of somebody being the life of the party. You could think of him so as Kwame and the other students listened. Adam told them his story how he had. I moved to New York from Israel to get a degree college. I spent my first two years in Baru studying a little bit and partying locked but then a close friend. His came from Israel to visit. It looked at me and said is this while you left Israel. Is this why you left your family and your loved ones everyone who care about to go party in New York City. I was inspired by his words and his harsh criticism. I woke up the next morning and said it's time to start my first business adventure. Eventually Adam left Beirut behind his business career took off but he was here today he said because even after he'd become a billionaire all his grandma ever ever wanted was for him to finish college South Dynasty who paid for my full tuition. She really did want to graduate. She really did and she kept asking me every year. When you graduating when are you graduating and I said this you know we've done? I have a family we built us. We're doing well no. When are you graduating? I need to Oh hanging above my bed. It was a good story and Adam was a great storyteller. He commanded a presence on like any other. He definitely took everybody's attention so it was just very different a different kind of message. We are weak and if we worked together we cannot not be stopped we work the business Adam found it was more than just a company to him. Yes he wanted to become the world's first trillionaire there but he also truly believe that his company would fundamentally change not just how people work how they live how they raise children how they communicate with one. Another Adam believed he was on the brink of making history in a way you know he was because Adam Newman was about to preside over the largest largest fastest wipe out of shareholder value by a single company since Enron looking back. Maybe the most telling moment of the Ho- commencement speech was when when he shared a story about his first date with his wife. Rebecca went on the first date with me and within five minutes. Now I say five minutes to be nice but it surely it

Adam Newman Senator Chuck Schumer Israel Darling David Brown Cumberland College Founder Kwame Barclay Center New York City Brooklyn Enron Apple HO Francis Rebecca CEO Baru John New York
"adam newman" Discussed on Newsradio 700 WLW

Newsradio 700 WLW

02:05 min | 2 years ago

"adam newman" Discussed on Newsradio 700 WLW

"Is through the worst of the slump in the memory chip industry I'm proud of them all right now with her report on salaries some people got among now but most people didn't yeah well depending on your point of view this yes yes they yeah depending on your point of view the salary glass was either half empty or half full this year Bankrate dot com reports half of all American workers did not get a raise in twenty nineteen but on the other hand forty nine percent of workers got a pay increase in some form could have been a bonus and that was up from thirty eight percent last year it was the best showing since twenty sixty okay and then right there Bloomberg somebody as a full report on we work and how they might be able to raise some cash yes the founder of we work may exit his bat on some development sites in Silicon Valley sources are telling Bloomberg that Adam Newman may reduce his real estate holdings now that he stepped down from the office sharing company Newman has a stake in six sites in San Jose California said to be worth more than one hundred fifty million dollars that always comes in handy but it would was so since he's out of work right now yeah okay futures off and they are positive S. and P. futures are up one nasdaq futures up to Dow futures are up twenty nine points from the Bloomberg news room I'm Jeff Ballenger on newsradio seven hundred WLW budget traffic there at six eleven Chuck what's up from the you see how traffic center you see health Westchester hospital nationally recognized for providing superior medical care in outstanding patient experiences in pretty good shape I'm not seen any major problems on the highways as of yet no delays in the downtown chucking were newsradio seven hundred WLW and baby it's cold outside I tell you what Jennifer gets more you get morning well actually was fifteen when I got here and we're up to seventeen on my little ticker you know what still sticks yeah but don't like it not open it is what it is how here's the good news yeah this is probably the call this morning we have left twenty nineteen I like that that's good there you go it'll get better we're still.

Bankrate founder Bloomberg Adam Newman San Jose California Jeff Ballenger Chuck health Westchester hospital Jennifer
The New York attorney general is investigating WeWork amid layoffs

Squawk Pod

03:45 min | 2 years ago

The New York attorney general is investigating WeWork amid layoffs

"I up today bad news for we work again. I've got some grim reaper. News on we work. We work problems. They continue to get worse New York attorney. General is now investigating. We work this corridor. Report report by Reuters the company confirming its been contacted by the AG's office and says it is cooperating. Sources say the probe is probably focused on. We works founder and former. Co Adam Newman. And whether he engaged in so-called self-dealing Newman bought properties. You remember and then leased them back to we work and then borrowed against his own stake in the company company. This isn't the first time that we work has come under scrutiny. From The New York Attorney General's office last year. It rolled back policy of requiring employees to sign non on compete agreements as part of settlement. The question is you're going to look at those transactions where he bought the real estate and then use them them and then effectively lease them back to we work. Does that represent self-dealing. Who was harmed? What happened by the way I've done some reporting around that historically and the two things I learned over time were one? It wasn't clear you actually made money doing it. Then he might have actually lost my. It's unclear that would matter right and to that at the time at least the rationale justification for the transactions were that effectively the they were trying to build out we work as quickly as possible and they were trying to get certain buildings again. We worked into certain buildings PARSIS showcase and other things at least that was the justification rationale now for it at the time whether you think that passes passes the smell test. I Dunno self-dealing. Then there's also that issue the trademark which never came to fruition because because he didn't end up selling the rights to the trademark. I do some more reporting around the trademark as well to try to understand is it. was there any rational basis for why you would charge the company a certain amount of money. It wasn't a licensing fee. You know it was gonna be six million dollar fee that you're going to effectively pay to acquire the the the the trademark and again depends which lawyers you wanNA listen to. I'm told that there was an argument. Being made at the time that there was a value value to the we trademark and that you couldn't just acquitted to the company because that would be its own for resulting. I don't know if I believe any of these things but I put him out there because that's what I know internally or at least some of the conversations around some of these things that don't necessarily pass the smell test or at least people look look at askance right. I mean Newman's out obviously so it's not as much of an issue from that standpoint but from a corporate governance standpoint and what the board allowed to happen that's a bigger Russian because the board is still there the brains you have to wonder what steps of the board take along the way to enable this to happen and is that a corporate Garnett's was this corporate governance issues. I hate to use the F word and I'm eat fraud. No meeting. Are People worried about accounting issues in the numbers came down very quickly. What was going on? I think these are the kinds of things that if you are if you're an AG somewhere. And you want to make a name for yourself or just Jamaican for yourself. You've just think after justice and you and you want to start looking into stuff you look through these headlines you think. Maybe there's something something in there we we may look back. We work as is one of those moments but normally it's in the public markets and you've got the poor retail investors. That are likely not happen. And it's really interesting this time did it's got this much publicity. It's really just the big fat cats get our second eating eating it. It's bad isn't it. It's it's we may end up talking about this years from now. Don't you think I'M GONNA get my billionaire. Tears Mug out

Adam Newman Garnett New York Attorney Reuters Founder Fraud Six Million Dollar
"adam newman" Discussed on KPCC

KPCC

02:08 min | 2 years ago

"adam newman" Discussed on KPCC

"Losing their healthcare getting nothing the right we are not the Adam Newman of this world we are a diverse workforce with rents to pay households to support and children to raise we are not asking for this level of graft we are asking to be treated with humanity and dignity so we can continue living life while searching to make a living elsewhere any how do we explain what's happened here that pretty sad saga of we work in this situation that has ended with all these workers waiting to be laid off so the story if we work and Adam Newman is essentially a story of his exploitation of two phenomenon the first is this kind of late stage tack capitalism when investors really want to believe in the start up founders who have businesses that are essentially sort of traditional businesses with tech layered on uber is a perfect example of that calling a taxi with your phone and in turn give these companies enormous valuations when the business underpinnings are not necessarily there so the irony of course was that Adam Newman tapped into this tax vernacular about changing the world about revolutionizing office space but his company had really nothing to do with tax it was a commercial real estate company the people believe that but it had a tech valuation because investors believed it the second thing he quite brilliantly exploited was this yearning of millennials having this capitalist ambition and Hassel but also this yearning for community this weed generation as he called it that it's not about you or me it's about we and in the end it essentially was about him move it is S. will please the path forward to pave not with algorithms not with software but with values with friendship with common goals and most importantly with your manager and and I.

Adam Newman Hassel
"adam newman" Discussed on KPCC

KPCC

01:59 min | 2 years ago

"adam newman" Discussed on KPCC

"And we work in an hour yeah this is now official we work is officially come out saying that Adam Newman has stepping down as CEO eventually Adam is forced to step down part of the supposed to have said there's a sucker born every minute that's what's going on here and Wall Street they were suckered too along with what softbank buying and where they get this forty seven billion dollars for twelve hours so they decided even getting rid of Adam does not save this effort to go public and they have to pull the IPO I mean this is hugely embarrassing this company that had been valued at forty seven billion dollars most valuable start up in the country is suddenly valued at a tiny fraction of that and this Japanese investor mas the son who had been such a visionary it's extremely embarrassing for him ultimately he has to apologize to investors specifically for putting so much faith in Adam Newman so what becomes of Adam Newman at this point he has been pushed out of his company in a way he has been exposed as someone who is a better salesman then operator of a company and it becomes pretty clear that he is build something that is not all that revolutionary but is a little bit of a financial house of cards well here's what's so interesting about what happened to Adam Newman he walked away from the company he founded with over a billion dollars how is that possible softbank bought his shares in we work and they also agreed to pay him forty six million dollars in consulting fees for four years wow nice work if you can get it why softbank would say that this was the cost to get Adam out and start to clean up the mess which includes laying off potentially thousands of employees you know in this latter the employees calling graft here he was walking away with over a billion dollars I mean generational wealth as they face layoffs.

Adam Newman CEO salesman softbank official forty seven billion dollars billion dollars forty six million dollars twelve hours four years
"adam newman" Discussed on KCRW

KCRW

01:52 min | 2 years ago

"adam newman" Discussed on KCRW

"Nothing they write we are not the Adam Newman of this world we are a diverse workforce with rants to pay households to support and children to raise we are not asking for this level of graft we are asking to be treated with humanity and dignity so we can continue living life while searching to make a living elsewhere any how do we explain what's happened here that's pretty sad saga of we work in this situation that has ended with all these workers waiting to be laid off so the story if we work and Adam Newman is essentially a story of his exploitation of two phenomenon the first is this kind of late stage tech capitalism when investors really want to believe in the start up founders who have businesses that are essentially sort of traditional businesses with tech layered on uber is a perfect example of that calling a taxi with your phone and in turn give these companies enormous valuations when the business underpinnings are not necessarily there so the irony of course was that Adam Newman tapped into this tech vernacular about changing the world about revolutionizing office space but his company had really nothing to do with tax it was a commercial real estate company the people believe that but it had attacked valuation because investors believed it the second thing he quite brilliantly exploited was this yearning of millennials having this capitalist ambition and Hassel but also this yearning for community this weed generation as he called it that it's not about you or me it's about we and in the end it essentially was about him and.

Adam Newman Hassel
"adam newman" Discussed on KCRW

KCRW

01:59 min | 2 years ago

"adam newman" Discussed on KCRW

"So Adam Newman becomes fantastically rich he also indulges his eccentricities and he was known to walk around the office barefoot but now he's installed a private plunge pool in his office a cold plunge an infrared sauna and his office employees said that there was just free flowing booze all the time a lot of marijuana a lot of these summer camp kind of weekend retreats people would get drunk and they dance around a fire singing to journey and other sort of animal house antics but always infused with this like larger purpose Adam will get on stage with like Depok Chopra and addresses employees and it was this culture of we work that was very specific to kind of Adam's vision for the company so any as I don't know man becomes is larger than life character as we work as opening offices all over the United States all over the world and is this term we start to get applied to all areas of life people starting to question whether this is getting just a little too big and whether it's all kind of adding up by and large people looked at what Adam had accomplished we work on every corner as you said in over iconic buildings and they believed in what he was selling and then on top of that you throw en masa this Japanese tycoon who had made a fortune investing early on in these founders Ali Baba Yahoo lobar Airbnb just based on gut instincts and if he believed in Adam why shouldn't everyone else so we work does what successful start ups do they prepare to go public meaning they can sell their shares to the public there's a valuation on the company forty seven billion dollars that makes it the most valuable start up in the country and part of going public they have to disclose everything and paperwork.

Adam Newman marijuana Depok Chopra United States Airbnb Ali Baba forty seven billion dollars
"adam newman" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

02:13 min | 2 years ago

"adam newman" Discussed on Bloomberg Radio New York

"Committed to Hong Kong we've done a lot of things to try and help the community in the meantime we can't control the political situation so that's that's the only yes that's a difficult thing for companies require also says that if the unrest continues it will have a negative impact on the bank's business so did you guys soon we work has been talking with is the travel company looks when you see it sources say that one of them is the flamboyant head of T. mobile John the Jack of blades Ellen hit saying that that is it could be a good candidate here is a company that thrives under or having a big personality CO like Adam Newman they need a letter is actually kind of similar in in a lot of ways to him and and could mimic some of that early success is as deep ties to we work to majority shareholder softbank get to control after we worked I PO efforts failed and is apple's Steve Wozniak or he a former founder of actually of of apple he says the answer to any possible gender bias with the apple cart is more and better customer service he says the problem is that companies rely too much on automation to communicate with customers so it can't get through to the humans when you need to and when he when would solve it Wozniak commenting there after the apple Kerr gave him ten times more credit and his wife others have said something similar happened to them on and and mentioned so on social media regulators is saying that they plan to look at the algorithms that apple and Goldman Sachs the partner are using golden says it does not make credit card decisions based on gender or marital status Google is working with one of the biggest health care providers in the U. S. aids teamed up with a Catholic nonprofit company ascension the deal gives Google deep access to personal health information ascension saying that the wide ranging partnership gold nightingale included or includes using artificial intelligence improve patient outcomes the time is six minutes past the hour positions on both sides of the Hong Kong protests continue to harden and the violence is increasing here at Baxter has global news in the bluebird nine.

Hong Kong Ellen Adam Newman softbank apple Steve Wozniak founder Kerr Goldman Sachs partner Google six minutes
SoftBank CEO Son says his judgment on WeWork was poor in many ways

Colorado's Morning News with April Zesbaugh and Marty Lenz

00:34 sec | 2 years ago

SoftBank CEO Son says his judgment on WeWork was poor in many ways

"The leader of softbank group in Japan is eating his words and apologizing for what was a very costly mistake based on the strong recommendation of Masayoshi son softbank invested billions of dollars in American office space company we work now son says he missed judged Adam Newman the founder and head of we work some said he over estimated Newman's good side and turned a blind eye to the negative well that error in judgment costs softbank within four and a half billion dollars in losses that's the lion's share of softbank's losses of more than six point four billion in the three months ending

Japan Softbank Adam Newman Founder Masayoshi Billion Dollars Three Months
"adam newman" Discussed on News Radio 690 KTSM

News Radio 690 KTSM

02:41 min | 2 years ago

"adam newman" Discussed on News Radio 690 KTSM

"And the funny thing is Adam Newman puts himself out as this super woke super woke super liberal that's going to change the consciousness of the world that was the tagline the workers and we work many of whom are gonna be fired I guess in a layoff close to four thousand workers many of them were paid in stock yeah those options are under water yeah Adam Newman did his part he's getting one point seven billion with a B. billion dollars to leave the company now we wanted to take the streets we can you no one held a gun to anybody's head and forced you to invest in this company nobody there has to be some sort of personal responsibility out there I know I've talked about this time and time again everything in life that has meaning value and worth involves work time and effort did you see how this company was built well business plan it was just more money being thrown if the more money to put a fancy little office spaces they could make money on eventually you run out of other people's money it's like a but socialism for crying out loud and that's what happened yeah this is stores ring this past week is that I guess is a psychological this is like a bandwagon effect the some degree thanks kind of do I really looked into this about how people jump on these waves I see a hot stock are a hot trend or a fad and everybody else is doing it and they got a jump all over it and I've seen that Ford pass I'm sorry obviously with real estate don't want to listen to me they are back in two thousand five two thousand six when I was telling everybody was a bubble nobody want to listen to me about the dot coms nobody wants to listen to me about all of these unicorn companies coming out of California come on people you need to understand the rules of the road and what makes money over time and how you truly become wealthy you're not gonna do it by jumping on a jam band you're gonna be left holding the bag and guys like Adam Newman are going to be having an ear to ear grin along with the rest of Wall Street and they had a private equity firms are involved what's going on Wall Street dot com.

SoftBank clinches WeWork takeover deal, bailing out co-founder

WBZ Morning News

00:30 sec | 2 years ago

SoftBank clinches WeWork takeover deal, bailing out co-founder

"Jeff a deal to rescue troubled shared workspace provider we work has been struck but we worked former CEO may have gotten the best part of the deal co founder Adam Newman is set to walk away from the company with as much as one point two billion dollars and we work stock a half billion dollar credit line from new we were controlling shareholder softbank and roughly one hundred eighty five million dollar consulting fee as for the company softbank is paying nine and a half billion dollars to take over eighty percent of it was on pace to run out of money next

CEO Adam Newman Softbank Co Founder One Hundred Eighty Five Millio Two Billion Dollars Billion Dollars Billion Dollar Eighty Percent
SoftBank clinches deal to take over WeWork

Bloomberg Surveillance

00:25 sec | 2 years ago

SoftBank clinches deal to take over WeWork

"As a series of headlines here about twenty five minutes ago all of this is sources income from the Wall Street journal softbank to extend a five hundred million dollar credit to Adam Newman the all in package as quote part of deal is nearly one point seven billion to Mister Newman is he exits of course softbank here taking over a deeply troubled

Softbank Mister Newman Wall Street Journal Five Hundred Million Dollar Twenty Five Minutes
SoftBank seeks control of WeWork through financing package

Bloomberg Daybreak: Asia

00:26 sec | 2 years ago

SoftBank seeks control of WeWork through financing package

"Story softbank is seeking to take control of we work through a special financing package so this is the through sources saying that softbank has prepared this pack it would give it control of we work and for the sideline the founder Adam Newman it this would be in exchange for relieving we works looming cash crunch we work is racing to find a way to shore up its financing and this of course follows we company pulling the plans for an

Softbank Adam Newman Founder
WeWork: Unicorn Cowboy

Planet Money

03:01 min | 2 years ago

WeWork: Unicorn Cowboy

"He's speaking here in January of last year at a conference of mayors at the time we work was worth more than twenty billion dollars an extraordinary amount of money for an eight year old company that had never made a profit and was in the business of renting out office space by the month but newman never really talked about. We work as a company that rented out office space. Here's I would he told the mayor's if you bring us in for ten locations we will create one hundred thousand jobs over the next ten years and it can go go bigger and bigger and we wanted just bring your jobs. We'll bring the place to live. We'll bring education and this is important will bring corporate America we will redesign their space build it deployer technology which is called we always and took okay longtime to create and then put our community where you do that for a city hall. I would love to see the whole this is the way newman talked about. We work and we work talked about itself not as a company that rented out office space but as something much bigger we kept opening more offices and more cities and kept losing money and investors kept giving the company more money at higher and higher valuations by the beginning of this year we work was worth almost fifty billion dollars because it wasn't just an office company it. It was a technology company that was going to figure out how to profit from offices and apartments schools in City Hall and basically everything we were like. We're going to be a universal. They don't know what the word is. Universal Place Company Matt Levine used to be an investment banker now he writes for Bloomberg opinion my favorite of his recent headlines it's not you. It's it's we anywhere. There is a place we were going to be taking money out of it. That's why they could raise money at forty seven billion dollars evaluation. They weren't like an office landlord company. They were this flakes everywhere all encompassing master of space at least that was the story we were told up until this summer until to put up finer point on it just after seven. Am Eastern time on August fourteenth we work was preparing to sell stock to the public for the first time they have an IPO and they published a document for prospective active investors. The document is called S. One Thursday really quite extraordinary turning point like everything was one way and then the as one hits and immediately everything is the opposite way in like shockingly rapid fashion that whole story that we were had used for years to raise more than ten billion million dollars from some of the richest most experienced tack investors in the world The story that made it the most highly valued startup in America back collapsed instantly instantly. How did we work raise so much money? How did it go so bad so quickly? What tell us about the way money works in the world today hello and welcome to plant money? I'm Jacob Goldstein. The story of we were long rise and almost instant fall largely goes back to one guy not Adam Newman not even anybody at we were. It's a guy named Masayoshi sun today on the show. We Work Masayoshi Sun.

Adam Newman City Hall America Matt Levine Jacob Goldstein Investment Banker Bloomberg Forty Seven Billion Dollars Ten Billion Million Dollars Twenty Billion Dollars Fifty Billion Dollars Eight Year Ten Years
SoftBank seeks help from its COO to turn WeWork around

Bloomberg Businessweek

00:24 sec | 2 years ago

SoftBank seeks help from its COO to turn WeWork around

"Softbank and its head Masayoshi son is hoping the former CEO of sprint can help to fix we work softbank is we works largest investor son has tapped Marcello chlorate to help turn it around all that according to a source we works co founder and chief executive officer Adam Newman was removed earlier this week clearing has a track record of fixing companies he still chairman

CEO Sprint Softbank Marcello Chlorate Co Founder Adam Newman Chairman Chief Executive Officer
"adam newman" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

02:15 min | 2 years ago

"adam newman" Discussed on Bloomberg Radio New York

"The financials or the valuation at this point. well they're sort of inextricably connected because if the financials were better we wouldn't be so concerned about the valuation I'm going to be impressed if they pull off an IPO before the end of the year at all it doesn't seem likely I it's unclear what these new co CEOs actually intend in terms of going public at this point but I I think we work is a shaky proposition as a business and if I could just go back to what Joe was saying about palatin you know whether or not pelicans a tech company and of course revenue from subscriptions is all fine and good but it also has an element of fashion is and it's it's a fashion business in a certain sense of course you make some investment in this equipment but you know these things come and go as a front for to arise in the marketplace so again a nine and a half billion dollar valuation I was wrong I thought it was too much but it's nine and a half. really makes me question the rationale for an investor to buy it at this price you know let's let's see whether they can actually make a real business out of it before we start throwing on many of these people well David you mentioned that you would be surprised if there was an IPO this year we have heard that if they don't they do need to start looking for cash. where do they turn for next for cash well that was a fascinating article in the Wall Street journal about you know Jamie diamonds relationship with Adam Newman and DO clearly they got a lot of support over there you know I really don't know maybe I'll get it directly from M. B. S. and the Saudis it seems like at the moment the reputation of we work is so poor that it's going to be or a rare. capital holding institution that's willing to get very much. show your reaction I would I would just say that I think despite the salacious headlines about we work they do have some assets and I think the same Wall Street journal article referred to some what some of them can be it strikes me that there are some parts of this business that people would be interested in I I probably I can't say.

Joe David Wall Street journal Adam Newman Jamie billion dollar
"adam newman" Discussed on KQED Radio

KQED Radio

04:58 min | 2 years ago

"adam newman" Discussed on KQED Radio

"News I'm ari Shapiro and Ahmadi Cornish the embattled CEO and co founder of we work has stepped down Adam Newman is a charismatic and controversial figure we built a network of leasable office space now and more than a hundred cities around the world joining us to discuss Newman's with rise and fall as NPR as you can could you welcome to the studio Hey IT what is the reason and gave for stepping down as CEO. the short answer is that Adam Newman is the central reason the company isn't going forward as planned with its I PO that's the ship the sale of shares to the public for the first time we work is burning to a lot of cash he had a lot of conflicts of interest of the company and most importantly he wielded too much control over the company and all of that led to a plummeting of the valuation of the company that he started from close to fifty billion dollars earlier this year to about a third that you know we work as a household name today but it didn't even existed decade ago and in that short period of time Newman this company built a vast network of office space is hugely popular among young people and start ups but it's not popular enough to generate a profit yeah it's one thing for him to be a CEO because I mean he's actually gone from we work all together no he's going to continue on as in non executive chairman that's a position with a lot less responsibility a lot less power and removing him SCO does address some investors and and board members concern that you know he had too much control you know as the as big as the company was as many big name investors as it attracted Newman still controlled a majority of the company's voting shares which is a big concern now to peer appears he will see much of that control but the way it had been structured Newman had the power to override almost any decision and seldom do you see an executive with that kind of control I talked to Charles Elson an expert on corporate governance at the university of Delaware he told me he was writing a paper on we work structure it's entitled we work for Adam Newman. right so that's a joke but what it gets that is you know what else and things as a problem everything led back to Newman and Newman was also has you know as visionary as he was he had a bit of a reputation for some erratic behavior and for encouraging a hard partying culture at the company it was more than reputation right I mean tell us about some of the other things that made him controversial yes well we're talking about his unusual financial dealings with the company he borrowed several hundred million dollars from his own company over the years which is unusual he also sold a big chunk of this years before the company went public also unusual for a founder to DO but the thing that really got people exercise with the fact that he trademarked the word we which is weird enough maybe on its own but then he sold those rights back to we work for about six million dollars I spoke with one of we were earliest and biggest individual investors about the S. his name is Joe we low he's a huge fan of new men and we work but this is what he had to say about that trademark deal when you're the head of the company you do everything in your power to make a company succeed and you're not looking to make what is basically small money for him because he's made so much more I think that was in bad taste so in response to such criticism that deal was unwound but the reputational damage was already done why didn't anyone catches sooner that's a fascinating question I think Newman you know with a visionary he had this kind of generational you know appealed to investors and employees and they got excited about it he's very charismatic for example do we love that investor told me he intended to invest a little bit of money and we work but then ended up investing tens of millions just on the power of Newman's vision if you don't like the pied Piper like you know he would be playing his flute and people just follow them. and by the way low still believes in the company and that vision he says they're still great promise in this model building offices where people can sublease space and be part of a community that's in pairs you can a catchy thanks so much thank you. Amazon's move from the digital to the physical world started with brick and mortar bookshops now the company is opening convenience stores as you would expect there is a high tech twist in the stores you don't have to take out your wallet to pay Cardiff Garcia and tell her ships from our daily economics podcast the indicator from planet money look at what this development means for the market in the new stores there are no cashiers there are no checkout counters you take stuff off the shelf and out of the store and somehow emerge on figures out what you have and it charges you Amazon system represents a trade off that.

Adam Newman Amazon Cardiff Garcia ari Shapiro CEO Ahmadi Cornish co founder hundred million dollars fifty billion dollars six million dollars
WeWork CEO Adam Neumann steps down

CNBC's Fast Money

04:45 min | 2 years ago

WeWork CEO Adam Neumann steps down

"Switching gears here we work Straw reaching fever pitch Theo Adam Newman stepping aside as a company looks to go public. Let's get to Deirdre both in San Francisco for more Deidra amyloid Melissa when I talk to Newman at the start of the year. You know key acknowledged that being a public company. CEO would be hard but he said you need to block out the noise and keep delivering on your long long-term plan but as you said Melissa that noise became a fever pitch that he could no longer ignore so now to we work executives already Minson Sebastian gutting him. They're taking over as co CEOS and Newman becomes non-executive chairman and key this is critical he seeds majority voting control so what is next for the company company does. Newman stepping down actually bring the company any closer to an IPO that is unclear right now the dramatic valuation reductions and the delayed IPO remember about happened before reports of atoms questionable behavior questions still surround the business model signing long term leases and then subleasing them on a shorter term what happens in a downturn downturn. There's also the problem of cash burn without another capital raise. We work cannot grow at the same rate. It has been growing over the last few years and it may need to scale back back. It's revenue growth guys which doubled in two thousand eighteen year over year is what separates it from the wgn is the region of the world without that kind of growth and without its frontman man. Does we work look more like an overvalued real estate play guys we're right back to where we started even without those even with those ingredients many were asking that question and that is unlikely to all go away now that there's a leadership change guys and and Deirdre there was a loan that was contingent upon an IPO so it sounds like that potential source of capital could be off the table at least for now yeah. This is why this was such a tricky balance for Adam Newman. He may need to go back to Masa and Softbank. That has that kind of money. It was a three a billion dollar. IPO raise it was expected and contingent on that was a six billion dollar debt facility so that's nine billion dollars that we work does not have to continue growing going next year all right Deirdre. Thank you Travolta in San Francisco and of course the company for two billion dollars in two thousand eighteen so the rate of cash burn is pretty high here. What do you make the last time we talked about. We worked up because some fascination with the company itself but what it speaks to in terms of what it could mean for the broader market stuff. I mean that we work if the stock is down sixty eighty five percent from its all time high effectively right from the forty billion dollar valuation of current levels I mean that's a pretty significant move. We would talk about this. Publicly traded the company. What does it mean in terms of what central banks have done. Tim and I have talked about this. Just means the central banks of flooded the systems with cash looking for those are really negative consequences winces of this but if you're looking to play stocks you know people will say you know the Nasdaq baby loses to this while the stock was actually on a lousy tape today so I think names in the exchange space still work despite what we just talked about ten. We were talking in the Green Room about why Adam Newman would do this would actually kind of come around and say I'll give up control. I'll do new x while the executive non-executive chairman etc one one explanation could be that he is acting his own self interest in that the value of his share Sharon company will go higher presumably if he removes himself as the problem here pointing to the personal loan that he actually has that could be another thing. We don't enough about it but so it looks like he had a five hundred million dollar personal loan from. I think J. P. Morgan ups and other so as of the filing he had drawn three hundred and eighty million Ryan dollars of that loan. I don't know how much stock he had against the loan right when they took out that loan. Things looked very different. Probably I believe than they do. Yes I think they actually look a little better for him today. I think in this current environment with him as the CEO and all of those sort of noise surrounding him and IPO was not doable and now I think depending on who they get. I think it is potentially doable. If you think about Uber and all the noise around Travis and then they brought in Dr who ended up being a great hire and you know so uber had a difficult difficult I pio but still they gotta done. I think with new management I think they could get and there's all this equity that needs. They want the company to stay afloat right they. They don't so so. I don't know that Newman had a choice. I don't think he did really quickly Softbank too. I mean who of wounds more of this and who owns more buber is a bright light on the biggest investor the smartest investors space top taking on the legendary things throwing so much money at the sector at the industry and and really skewing a whole lot evaluations that now I think in other places we're paying for

Theo Adam Newman Adam Newman Deirdre Non-Executive Chairman Softbank San Francisco CEO Fever Minson Sebastian Melissa Straw Masa Travolta Green Room TIM J. P. Morgan Ryan
"adam newman" Discussed on WNYC 93.9 FM

WNYC 93.9 FM

04:42 min | 2 years ago

"adam newman" Discussed on WNYC 93.9 FM

"Of leasable office space now and more than a hundred cities around the world joining us to discuss Newman swift rise and fall as NPR's you can accuse you welcome to the studio Hey ID what is the reason and gave for stepping down as CEO. the short answer is that Adam Newman is the central reason the company isn't going forward as planned with its I PO that's the ship the sale of shares to the public for the first time we work is burning to a lot of cash he had a lot of conflicts of interest of the company and most importantly he wielded too much control over the company and all of that leads to a plummeting of the valuation of the company that he started a from close to fifty billion dollars earlier this year to about a third that you know we work as a household name today but it didn't even existed decade ago and in that short tech to time Newman this company built a vast network of office spaces is hugely popular among young people and start ups but it's not popular enough to generate a profit yeah it's one thing for him to be a CEO because I mean he's actually gone from we work all together no he's going to continue on as in non executive chairman that's a a position with a lot less responsibility a lot less power and removing him SCO does address some investors and and board members concern that you know he had too much control you know as the as big as the company was as many big name investors as it attracted Newman still controlled a majority of the company's voting shares which is a big concern now to peer appears he will see much of that control but the way it had been structured Newman had the power to override almost any decision and seldom do you see an executive with that kind of control I talked to Charles Elson an expert on corporate governance at the university of Delaware he told me he was writing a paper on we work structure it's entitled we work for Adam Newman. right so that's a joke but what it gets that is you know what else and things as a problem everything led back to Newman and Newman was also has you know as visionary as he was he had a bit of a reputation for some erratic behavior and for encouraging a hard partying culture at the company it was more than reputation writing tells about some of the other things that made him controversial yes well we're talking about his unusual financial dealings with the company he borrowed several hundred million dollars from his own company over the years which is unusual he also sold a big chunk of this years before the company went public also unusual for a founder to DO but the thing that really got people exercise with the fact that he trademarked the word we which is weird enough maybe on its own but then he sold those rights back to we work for about six million dollars I spoke with one of we works earliest and biggest individual investors about the S. his name is Joe we low he's a huge fan of new men and we work but this is what he had to say about that trademark deal when you're the head of the company you do everything in your power to make a company succeed and you're not looking to make what is basically small money for him because he's made so much more I think that was in bad taste so in response to such criticism that deal was unwound but the reputational damage was already done why didn't anyone catches sooner that's a fascinating question I think Newman you know with a visionary he had this kind of generational you know appealed to investors and employees and they got excited about it he's very charismatic for example Joey low that investor told me he intended to invest a little bit of money and we work but then ended up investing tens of millions just on the power of Newman's vision it was like the pied Piper like you know he would be playing his flute and people just follow them. and by the way low still believes in the company and that vision he says they're still great promise in this model building offices where people can sublease space and be part of a community that's in pairs you can a catchy thanks so much thank you. Amazon's move from the digital to the physical world started with brick and mortar bookshops now the company is opening convenience stores as you would expect there is a high tech twist in the stores you don't have to take out your wallet to pay Cardiff Garcia and Sally her ships from our daily economics podcast the indicator from planet money look at what this development means for the market in the new stores there are no cashiers there are no checkout counters you take stuff off the shelf and out of the store and.

Newman Amazon Cardiff Garcia hundred million dollars fifty billion dollars six million dollars
"adam newman" Discussed on News Talk 1130 WISN

News Talk 1130 WISN

01:53 min | 2 years ago

"adam newman" Discussed on News Talk 1130 WISN

"Slash business deals for semi annual savings. patriot software dot com. roll. keep. if your fireplace has been sitting idle for years because you perceive the problem call Wisconsin Jimmy technicians right now we'll have it back in perfect working order for that first cool fall evening insuring safety restoring luxury Wisconsin chimney dot com there's been a change and we work welcome to the know the difference minute the news broke around noon today we work as C. E. O. Adam Newman is expected to step down after a series of stories described you radic behavior including a party hard culture the negative coverage dovetailed with we worked very bumpy launch to their IPO which is now on ice we work describes themselves as a tech company instead of a real state operation their business is about call working which is a nice way of saying rented office space in offers start ups tech workers in others a place to plunk down a laptop sounds great except the valuations never ever stood up the company valued itself at forty seven billion dollars before things went sideways the latest we've seen is twenty billion dollars and that a big maybe now Newman is out it will be the non executive chairman he still largest stockholder with the hundred and fifteen million shares and remains on the board I'm Dave spinal from annex wealth management and that's your know the difference minute..

board adam newman
Today's Top Business News

Bloomberg Best

01:19 min | 2 years ago

Today's Top Business News

"I'm dead prisoner at Bloomberg world headquarters in New York let's check this hour's top business stories in the markets the U. S. says Chinese vice premier Leo we'll be in the U. S. early next month for trade talks treasury secretary Stephen Yushin made the announcement in Houston also said the visit to American farmers by a Chinese delegation will be rescheduled after being abruptly cancelled late last week at the same time we are told China is buying nine hundred thousand tonnes of U. S. soy Facebook has agreed to acquire the start up control labs the company build software to let people control a digital avatar using only their thoughts we are told Facebook is paying anywhere between five hundred million to a billion dollars board members of we work are considering calling for the ouster of company C. E. O. Adam Newman we're told the board is expected to discuss the prospect as soon as this week apple said the next version of its high end macbook pro desktop computer will be assembled in Texas this move came after the company received terror of waivers from the U. S. on key components. Anheuser Busch InBev has priced the Hong Kong initial public offering of its Asian unit at twenty seven Hong Kong dollars apiece this is at the bottom end of the market

Facebook Anheuser Busch Inbev Hong Kong Bloomberg C. E. O. Adam Newman Stephen Yushin China New York Apple LEO Texas Houston Nine Hundred Thousand Tonnes Billion Dollars
Unicorns' Pre-IPO Profits Face Increased Investor Scrutiny

WSJ What's News

04:20 min | 2 years ago

Unicorns' Pre-IPO Profits Face Increased Investor Scrutiny

"We works. IPO efforts are floundering. We reported this weekend that some board members considering asking CEO Adam Newman to step down. That's led some investors to take a closer look at other companies like Peleton who wants to go public look but don't yet make a profit Charlie. Turner has been finding out more from Jean Eagle Shem gene it seems like old times for richly valued tech companies when they go public. They claim they're profitable when the evidence indicates that they've never turned a profit we'd the parent of office based company. We work as another Unicorn it delayed its IPO about what a week ago due to investor doubts about its valuation finances and governance it has really tried to polish its financial image especially in the press. Yes exactly what we found is an investor presentation from back in two thousand fourteen where we were talking about having a profitable business model l. and the rule so articles in the press from then on from a couple of years later again just asserting without qualification that we work is profitable affordable and when we went to those media companies and said where did this come from one said internal documents another said they were told they directly it by chief executive so again as an example of the company saying we all profitable and using measures that according to them are different in in the black so we work has metrical community adjusted Ebola which is just a metric no one else uses so they all have these slightly different tailored Ed metrics that magically go from in the red to end the black okay as one example Peleton interactive is going public this week. It has a multi a billion dollar valuation but no matter how hard it pedals. It's still spilling red ink. That's exactly right I it's been running at a loss since it was formed. It says says it's not clear when it will reach profitability but then chief executive last year went on television and said we are profitable so it's a good example these companies were they say they have these metrics that they say are bad reflect how well the businesses performing coming in terms of stripping out costs related to the growth. That's their argument. That's the metric. They're using their stripping out all these costs. That's a number of these companies. He's US exactly it's not clear what Peleton based its statement on but a lot of companies lift is a good example they using measures that they say represents events what happens with the underlying business strips out all startup costs all the gross costs certainly they would say you get these massive losses because you're taking it always costs but they say things like in we were case the cost of doing business before they rent it out or the cost of advertising they they say those are not reflective of the underlying profits of the buildings once they're up and running other people would say I she you need you do need to look at these costs because because for the investors what matters is the bottom line what about lift lift is already gone public and I think it's stock has basically suffered since its public offering. Is this an example chapel of investors just getting wise to lift well. I think certainly we sing with some of these UNICORNS that once they published their financials then investors as-as do definitely have some questions about the level of losses. I mean lift says it has a clear past the profitability and they again use this metrical Michael contribution that they say again reflects the underlying profitability what can the Securities and Exchange Commission do about this aren't there fines against companies that mislead mislead the public in mislead investors regulators about their financial condition the SEC does have jurisdiction over this to the extent that they say that policing whether private companies make misleading statements and they in fact last year brought a case against a company for the way presented its metrics search for not giving the audited numbers equal prominence but in practice actually the SEC where the private companies where they're not directly selling to small investors justice in practice this is going to go after different cases you can

Chief Executive IPO Peleton Ceo Adam Newman Turner Jean Eagle Peleton Interactive SEC Ebola Securities And Exchange Commis Michael Billion Dollar
"adam newman" Discussed on WMAL 630AM

WMAL 630AM

02:36 min | 2 years ago

"adam newman" Discussed on WMAL 630AM

"It is office rental company called we work they buy up office space around the country. and then you can basically if you need an office space you ran from the. a novel idea it's almost like it's almost like Airbnb for office space right yeah they do it in a lot of big cities so it looks like you have a more prestigious short. so the company is worth a lot of money was found by a guy called Adam Newman and the Wall Street journal as big a profile on this guy it's crazy what those guys up to first of all he's got a super rich about at the end all of this and they are about to have an I PO they're about to make go public with the company so among the things that investors are looking at as the chaos within the company itself of which there is a lot. so the company is worth billions they say it at one point was valued at forty seven billion dollars revenue doubling all the time and at this story starts in the Wall Street journal that this guy Adam Newman was flying across the Atlantic Ocean is Gulfstream private jet is G. six fifty. anyways this was last summer and they were smoking marijuana. and the group lands in Israel and after they left the plane the flight crew found a ton of marijuana inside of a serial serial box that he had brought. the marijuana and. I ends the jets owner found out about it and was so scared of flying the marijuana from country to country and violating laws of France border marijuana transportation they recall the plane and they just laugh Newman there by himself a to figure out how to make its way back to New York because of all the drugs so this is the kind of lifestyle he's leading right it is a first world problem isn't it it's actually like not even a first first row it's it's like above first super a leak or yeah. so another detail on this story that's unbelievable is at one point they the trim the company back because they were having some trouble with our spending in two thousand sixteen so they have laid off seven percent of the company of their work force and they called an all hands meeting at the headquarters building and this guy Adam is trying to basically explain what happened and the meeting was described as very somber. he was telling attendees the move was tough but necessary to cut costs and the company would be better because of it. and everyone's kind of you know dour it's tough when you find out you're more workers have been fired everyone's just listening quietly. and then all of a sudden. employees come walking into the room with shots of via of tequila for everybody and run DMC comes blasting into the room playing it's tricky..

Adam Newman marijuana. Wall Street journal Airbnb Atlantic Ocean jets New York Israel France forty seven billion dollars seven percent
Why WeWork and Uber are proof valuations are meaningless

Equity

07:04 min | 2 years ago

Why WeWork and Uber are proof valuations are meaningless

"Let's dig into the show and we're starting off with my favorite topic I think of all time and not just vc but also just kind of the world working we work and its ensuing. I duNNo. IPO trails for lack of a better term. I know you guys talked a little bit about the pricing issues last week. We'll put that it to one side but the biggest kind of news items are that it is said reported that Softbank May want the IPO to be held which would be fascinating. There's also been reported by CNBC that Adam Newman the CO founder and CEO wants to push ahead with the IPO and this has led us to a question about how much money they need to operate the business doesn't happen. What's next okay? Where do you kind of turn so not terribly surprising given what we've been hearing the last few weeks but I just WanNa take a step back and say like the reason why Softbank is encouraging? We worked to potentially shelve its IPO this was at this point Wall Street's response to the IPO has been so I mean terrible that softens at risk of losing so much money because often invested late-stage Uber Uber and we were billions of dollars and we were indeed goes out at say eighteen billion dollar valuation or whatever we're kind of thinking is going to be the case at this point stopping is in a really bad position and this has already happened with Uber which had a very disappointing debut just a few months ago and they were also heavily backed by Softbank so stopping is in a really really really precarious position right now and I can see why they being urging we we worked perhaps weight although the markets everyone's been saying all year long are frothy there. It's a great time to go out. So do you think Alex waiting say six months. you know we'll benefit. We work at all. I wish I had one of those like folksy colloquialisms like you can't put lipstick on a pig backwards. I don't have one but my general impression is that the the structure of the company will not materially change over a six month or two quarter periods so oddly enough if I was giving advice which does not my job but if I was I would say go forward. Now your lumps go for it if you believe in your model this much raise as much and get all the debt invest in the business because you claim it's going to be great so then let's see how it plays is out. I don't know if they can actually raise three billion in the IP which is the requirement for the billion in debt which means we don't even know if they can trigger that option from bankers and on this point I just WanNa throw in a little bit of a nuance to that. I'm presuming. They isn't down protection on their investments into we work so so there's IT. It isn't quite as simple as people are saying like if it's fifteen they're down by twenty five percent on their investment. There's some nuance in there but they did put their last billionaire alienated company at a forty seven billion valuation which I'm sure marked up there prior investments so on paper. It looked like a very good set of deals. If this goes public could eighteen or twenty which is roughly than others put money into before a lot of that paper accretion of value goes to zero as they're raising the Vision Fund to and I think that's part of the problems received yes you're right and I think there are many many moving parts to this entire situation but I think one of the key takeaways here for people listening to this podcast asked just that valuations can be very meaningless so the forty seven billion dollar valuation that we work raised at the company's not worth that much money and I think everyone at the time thought that but now we're really seeing the impacts of hyper exaggerate evaluation so one of the things I wanted to bring up was you know months ago and Pinterest went public. We had a long conversation on equity about what it means to be under corn. Correct me if I'm wrong but I guess just to comey that. IPO's evaluation less than what their most recent private haven't market valuation was yeah and the idea was that because most companies going public these days are Unicorns just kind of a standard term but it would apply if you're worth nine hundred on paper and went out seven hundred hundred millions well yeah and I mean it happens a lot because like I just said that all Americans are not often correct and sometimes they are so inflated. That company has really no. There's no way they can match it so in Pinterest case it did end up. Actually I think it I think it ended up being okay when it when it did go out but for weeks and weeks weeks weeks people were were suspecting you know it was going to be an underground. It was going to be worth billions billions last when it when it went out and I think it ended up kind of floating right around where people expected which you know kind of anticlimactic but that's certainly not what we're saying with. We work no not at all. I mean I mean we've seen a couple of companies be reprised that we're GonNa Cori- recently. I'm not just talking about public companies like box and dropbox had their vibrations kind of cut their growth you you know Uber's now worth a what by ten fifteen twenty nine less than an IPO date we're GonNa see we work. Give up a large chunk of valuation in a lift has struggled and even just you know today. We're not GONNA hit on the stakes really care about too much but smiled direct club yeah good pricing Ron I and actually went public above its IPO price range got wrecked today and was just told by the market that it was not worth eight point nine billion dollars worth quite a lot unless maybe seven hundred matthew my head so we're seeing some private market enthusiasm even get to the IPO pricing process then went into reality so there is a disconnect here between how looking valuing things and I wrote a piece might months ago like no one knows what anything's worth and I was Kinda tongue-in-cheek about it but maybe I was accidentally it's true though VC's can value value a company in a certain way but because competition in venture capital right now as a whole VC's are pricing up around in a way. I think I guess to levels not seen before and I don't WanNa go down the tangent. 'cause I WANNA want to change the topic still on the subject of we work but you wrote a piece today that was how much money does it need or sorry this week. How much money does we work need to reach independent viability and I think there are questions around? At what point does it stop like. How much money does we work need to survive because it does burn through cash so rapidly and continues to need massive infusions as large as three billion aliens six billion dollars from investors? Yes so let me just quick numbers about that and I promise I'll be brief that number trying to keep things moving but like at the end of the June quarter this year we work at two point four seven billion dollars of cash equivalents on hand in the first half of this year. They're operating cash burn was just under two hundred million and they're investing cast burn two point three six billion so if they invested in spend cash at the same rate they did in the first half of this year in the second and raise no money unless else. I'm missing something they had negative cash which means they're dead so either. They're able to raise more money in some capacity or if dramatically curtail their cash burn on operate operate any vesting functions to make this kind of work and I'm not the only person who was thinking this some folks that are reading over at. I'm going to butcher this the House has. WG made a bunch of kind of interesting calculations and they found that even if we were raised all the money trying to now it would still need a bunch more money money to get to kind of cash flow break even in time so it's an incredibly cash company and I don't know what is going to do and this is fascinating because it could be a train wreck. I think it's already been a train wreck. It could be an even worse trained training wreck or your

IPO Softbank Uber Pinterest Cnbc Alex Vision Fund Cori Adam Newman RON Co Founder CEO Forty Seven Billion Dollar Four Seven Billion Dollars Eighteen Billion Dollar Nine Billion Dollars
"adam newman" Discussed on Liberty Talk FM

Liberty Talk FM

01:42 min | 3 years ago

"adam newman" Discussed on Liberty Talk FM

"Assess where you're at and whatever it is. You're trying to accomplish and say that's good enough. Let's move onto the next task because there's always gonna be something else. After you've updated the website. Then you've got to be doing something else. The editing some audio or whatever it is moving onto the next project. There's always something else on the to do list and at times it can over. Well, sure, it can definitely overwhelmed like I've I've been buried in emails before. And I don't much enjoy that feeling because there's you know, there's some tasks when you're an entrepreneur more rewarding than others. Right. It's not as much fun to scrub the toilets as it is to to to talk on the radio. So you know, tissue. Yeah. So back to the complaining here in the new work culture enduring or even merely liking one's job is not enough workers should love what they do. Why else would link to build its own version of Snapchat stories this is toil? Glamour, and it's going mainstreamed. Most visibly we work which investors recently valued at forty seven billion dollars is on its way to becoming the Starbucks of office culture. It is exported it's brand of performance of workaholics to twenty twenty-seven countries with four hundred thousand tenants, including workers from thirty percent of the global fortune five hundred in January. We works founder Adam Newman announced that his startup was rebranding itself as the we company to reflect an expansion into residential real estate and education describing the shift past company wrote quote rather than just renting desks the company aims to encompass all aspects of people's lives in both physical and digital worlds. The ideal client one imagines is someone so enamored of the we work office. Aesthetic whip. Cracking cucumbers and all that she sleeps in a we live apartment works out.

Starbucks Adam Newman founder forty seven billion dollars thirty percent