35 Burst results for "Adam Newman"
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
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
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
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" 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" 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" 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" 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.
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
"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.
"adam newman" Discussed on The Journal.
"This collapse happened in a matter of weeks it started with the delayed IPO but things got even worse for we work after that as people at the company started question whether CEO Adam Newman was the cause of all the strife members of the board were starting to think that problem could only be addressed through drastic action let's go back a few weeks to it's mid September and we were his just delayed it's IPO and Adam Newman has a meeting with his board what happened at that meeting when we worked delayed its IPO Adam Newman was still saying they were going to go public we're just delaying this Tuesday they delayed IPO oh over the weekend there was essentially a coup many members of the board really thought Adam had to go that there's no way the company could be taken public with him as the CEO Dan over the weekend they started meeting with him about actually leaving and it sounds like he was very much caught off guard by this the board St during this coup was in a weird position because yes newman had lost public support but he's still held something really valuable a huge number of shares gave him control of the company and so the board members had to carefully navigate asking Newman to step down while he's still technically controlled we were Sydney behind the scenes the board members some of them were working together and trying to figure out how they were going to get him out they knew that they were going to talk to him on Sunday two members of the board and one longtime ally and investor took him to dinner on Sunday night and really explained to him you have the power you can essentially make any call yuan because of this voting control that Adam Newman had we work to a certain extent the boards a little bit irrelevant he had the power to fire the board word since Newman had so much control it we work he could have done that fire the board and stay on his CEO but that would have been a very risky path which might only served to deepen the concerns had about his leadership another option would be for him to give up his control of the company but keep his financial stake and let us continue without him then he talked to more board members that night by Tuesday morning he was out and so he agrees step down but what does that mean in terms of his control over the company he still had it ironically he was still he agreed to step down on Tuesday his access the works headquarters is cut off a lot of his close friends and family members who worked for the company they're pushed out within days yet he's still the chairman of the board and still controls the voting power of this company this is quite a turn for Adam knew men who just weeks prior had been writing hi yes this is completely stunning reversal from just a few months before when Wall Street bankers almost every bank the heads of the two stock exchanges were basically falling over themselves trying to win business and trying to Adam Newman his multiple houses in the Hamptons and he asked the heads of the two stock exchanges in the US to come out to pitch to him he and his wife were very focused on banning meat in cafeterias the done that we work headquartered first and they had asked the heads of the two exchanges and any bank that wanted to work with them will you ban me from your cafeterias they all said no but he did ask that he also asked them if they banned single use plastic we understand that the NAISI in the New York Stock Exchange agreed caban single use plastic in their cafeterias Nasdaq didn't but Nasdaq agreed to create this index this tradable index fifty companies that would have promised to have sustainable environmentally friendly policies was called fifty and oh how common is it for CEO's founders to kind of beckon the heads of these stock exchanges is that how it normally works this is pretty extreme okay so going back to what life looks like after Newman agreed to step aside He's chairman of the board but two co CEOS have been brought in to run the company and once do they devise a new plan for the company and what does it look like yes they immediately came in and they both were existing executives one of the Co.. CEOS have been the longtime chief financial officer they came in looked around this really elaborate office that he had they quickly put employees workers is pool and a sauna in it in one of the chambers of his office it wasn't just stuff like ice pools they had to deal with there were bigger strategic changes that these two guys who took over for Newman had to think about we work with losing a lot of money so at the top of their lists was making we work profitable along the way Newman had made a number of side investments for example he's a big surfer so he invested in a company called Wave Garden it's a Spanish company that makes pools with surfing waves he also invested in a natural food company that was started by surfer Adam Newman had always said we're not just in office leasing company we're so much more than that we're elevating the world's consciousness they immediately said internally we are an office leasing company we're good at that we think if we can turn this company around but we've got to quickly get rid of all these ancillary businesses that are outside of our focus area but refocusing the company wasn't going to be enough the new CEO's alls realized they would need to lay off a lot of staff they have about twelve thousand people there's an acknowledgement that they were going to have to lay off potentially thousands of people but the big catch there. The new co CEOS started looking around and saw that the cash was going to be depleting very quick clearly so they need money there's a cash crunch happening a huge cash crunch there bleeding capital they also realized they don't didn't even have the money to pay the severance costs of these layoffs when you lay people off you have to pay them it's an upfront cost of severance they're bleeding cash so dramatically that they knew that it had to immediately plan these layoffs but knew they couldn't actually execute them until they got more cash in basically the company was in a catch twenty two to get closer to profitability it needed to do layoffs but it couldn't do layoffs because it couldn't afford to pay severance once they realized that the company is that fragile that they're like running out of money the company has no money. senator rescue plan that rescue plan and the backlash to it after the break.
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
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 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
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.
WeWork says it is withdrawing its stock market IPO filing.
"Morning forget about it that's what the full should we workers saying about an IPO trying to avoid an I. P. oops as we've seen that lately with some high profile IPOs and not doing so well we works new leaders formally suspending the planned stock market debut as they try to repair of battered image of a tell me that appeared revolutionize the office rental industry was always just a couple weeks ago to go public with the value of nearly fifty billion now we work says will withdraw regulatory filings announcing an IPO which drew well basically tepid interest from potential investors concerned about the company's valuation money losing business model and the U. corporate governance practices of co founder Adam Newman who stepped aside last week as the company's chief executive
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
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
"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.
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
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
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
WeWork Announces Billion-Dollar Loss as it Prepares to Go Public
"This episode of business wars daily is brought to you by sent pro online from pitney bowes shipping and mailing from your desk is never been simpler than with sent pro online from pitney leabeau's. Try it free for thirty days and get a free ten pound scale when you visit p._b._a. Dot com slash b w daily in uh from one. I'm david brown and this is business warriors daily on this tuesday august twenty seventh we work the enormous us real estate company that made its name renting co working space to startups filed paperwork for its i._p._o. Earlier this month in could go public in september that i._p._o. Has been eagerly anticipated but the perspective has drawn confusion instead. It's filled with contradictions and some downright weird stuff stuff so odd in fact that inspired bloomberg op ed writer shiro vide to write one of the best leads recent business journalism history and i quote i get paid to write words for a living and i am nearly at a loss for words about we work companies. She said now let me try to explain lovie days. Speechlessness snus adam newman founded the company in twenty ten with a vow to transform the way we work he wouldn't just rent office space to freelancers lancer and creatives he'd make beautiful and above all communal after all the growing hordes of independent workers are lonely. Newman's concept could solve not just the need for affordable physical space but a more existential problem as well in two thousand ten newman's company had two locations in new york and four hundred fifty tenants whom we work calls members by the way we works parent company changed. Its name to the week company earlier this year today. Only only nine years later we work claims five hundred twenty eight locations in one hundred eleven cities around the world and five hundred twenty seven thousand members. That's a lot of numbers and we're not even going to try to do the math to figure out the percentage growth. Let's just say it's insane and that we work claims to be the largest private holder of office space. Yes in manhattan london and washington d._c. But it's losses are also enormous its biggest investor japanese tech giant softbank values the we company at close to fifty billion dollars but it lost nine hundred million on revenues of one point five billion in the first half of this year alone. The company is also obligated. You pay close to fifty billion dollars for long-term offices around the globe over the next ten to fifteen years. We company officials say they'll be resilient to recession kids but real estate businesses stuck with long term leases have struggled in previous economic downturns one of those was we work rival. I w g i w a._g. Owns the regis brand of flexible furnished office spaces that company filed for chapter eleven bankruptcy protection in two thousand three office vacancies had soared after the internet net bubble burst and i w g was obligated to pay rent on all those empty offices today i w g has six hundred two thousand desks in offices across across the globe only two thousand fewer than we work. It's been profitable for years. The wall street journal reports despite its profitability its market cap is less than five billion billion under ten percent of the week companies unicorn valuation. The reason for the gulf in values may lie in the difference between the two companies narratives ribs regis portrays itself as a real estate business but we's adam. Newman refuses that term according to see n._b._c. Where not a real estate company. He says we're a community of creators. The journal says newman has referred to the we company is a physical social network invoking a mind bending metaphor for social life in the real world mimicking that which is online they just happen to be growing community through leasing offices and a few other communal businesses as well such as apartments call we live and even new private schools called. We grow one question. Stumping bloomberg's shiro vide and others is whether we company actually has a path to profitability or not and whether a real estate company asari adema community company employing the fast growth strategy of tech startups like uber and lift will soar or deflate on the public markets. We'll be watching whether this this one works from wonder. This is business wars data. Hey feel like this episode. Sir chartres with a friend and show them how can subscribe for free. We're so grateful to our view of listeners. I'm david brown back with more. This episode is brought to you by send pro online from pitney bowes shipping and mailing from your desk desk has never been simpler than with sent pro online from pitney bowes with simple online is just click sand and save for as low as four dollars ninety nine. Yeah that's right four dollars and ninety nine cents a month. Send envelopes flats and packages right from your p._c. And you are back to business in. I'm not-i'm try it for free for thirty days and get a free ten pounds scale but only when you visit p b dot com slash b._w. Daily that's p._b. Dot com slash b w daily.
CO Founder, Adam Newman And Eliot Brown discussed on WSJ What's News
"Now our main story this morning it has to do with the office company. We work were reporting that even as the company prepares for its I._P._O.. It filed confidential paperwork to go publicly last year. It's CO founder Adam. Newman is cashing out to the tune of seven hundred hundred million dollars to find out more Charlie. Turner has been speaking to Eliot Brown in New York first of all Elliot. How much money did we were CO founder Adam Newman cash out of the company before its I._P._O.?
"adam newman" Discussed on Never Seen It
"Jesus. Am I in a nursing home alone? Oh, so I have a lot of kids know, okay? Am I crazy man mental institution? And now, it's hard. I'm just not even thinking of movies yet. Oh, think of movies. Told me that. Yeah. She's do. I die in the end. No, do I am. I redeemed. Yes. Yeah. If you want to clue flu just found. Carrie, particularly. Jeez. Yeah. Okay. No, good guy. Okay. Redeemed in the end. Okay. Is it like redemption in the title of the movie? Yeah. Starting to be like twenty seconds. I was to redemption that movie I've never seen that movie the road to perdition. The road to perdition powder, redemption. We're gonna dance around this. Definitely if you. I'm the guy who kills himself hangs himself. Now, you didn't die in the end. Didn't. I'm Morgan Freeman. From the ninety tidal. But Tom Hanks. You're right. You really fell on that really fell on that on that was that was not. There's so it's really hard to be fair. Any movie? Like a mile Fargo. Yeah. Getting closer. I think that's a good point that I don't wanna play one. But it's not going to be more fun than that. I mean that had a, yeah, we got one more we forgot to tease at the beginning a game we like to call guests. What movie Kyle's dad is describing having only watch the trailer and never having heard. That's fun. And so what's gonna happen is I'm gonna play an audio clip of my dad describing a movie, and then you have to guess what movie? My dad is describing and he's just based on watching the trailer. So you we have three options today would you like door number one two or three manifold guy from the prices right here? Do feel like he would say I feel like he would say door number one door number one is if you think, you know, you can raise your hand, but let it play out to the okay? He's ones are all very hard. Okay. He's going to show how this is done. They're holding up the glasses. He says there's a flutter. You're not supposed to them while you do this. Music and the taller guys getting married. Going to party with these girls. And celebrate this guy's book deal. The gay after yesterday's today. She's beating him up with a helmet. The running around this seller full of barrels. Sunset over field. All right. I think I know knowing so I'm blanking on the name of it. But I can describe the move. It's start saying what he just. A barrel. No, what's the movie where the cast keeps? Switching. They keep going different time periods. And it's all the same cast like Tom Hanks's in do you know, what I'm talking about is atlas atlas. Because there's a book deal that. Here. So funny because there is a lot of overlap and that is so far from being. To give you key. If you've seen this movie beating them up with a helmet is a very big clutch detail carry getting married. The next week is the guy who gets beat up by with helmet. Seller full of barrels. What do you think some the barrels? Barrels. Winer whiskey or something line? So oh sideways sideways. Yes, yes. I have seen side beats him up with that motorcycle. She does beat him. Yeah. It's called the day after tomorrow or the day after yesterday and this she's like because after yesterday's today. And he's he so condescending he's. That was a good one. Saint Germain is such a good policy. So so where is it really does? He's a whole bit about the ides of March where he's like, it's Philip Seymour Hoffman and Paul giamati. He's like, I can't see that movie. That is too much sad. Arguing about who saying Paul his palsy. My thing is I'm the reason the bees are disappearing. Adam. Thank you for never seen lost. Yeah. Pleasure on never having seen it grant. Yeah. For coming back and having never seen. If you guys I want to let anyone know where to find you or anything you have going on go ahead, and Linda, I don't know just I find me on the Twitter Instagram, Adam Newman, you can find me I'm doing an album in some Tory himself this year. So you'll you'll find it or you know, I don't mean to that sounded like a throwaway January one.
"adam newman" Discussed on Never Seen It
"I literally picturing, you know, what guy picturing. I'm picturing like a bald guy. Oh my God. Living in this world. Argo what? Yeah, you're right. William Macy is married to the pregnant lady who trying to the ransom for. Yeah. It's it's like a it's like a balding middle aged bigger. Really, calm guy. That's who I'm thinking of man either way we this game. Is rigged. Played stunning. All right. Well, I would have got it. If you guys would we were over we're over the time. We're trying to get you there. We're trying to get you that. Oh, that was fun. Okay. I know this one this one. Yes. Yeah. I wish I haven't. Yeah. I know. Tilly pulled up here. Mowed down. Take your headphones off. We're going to know who you are. All right. Grant is read from. Shawshank Redemption Morgan Freeman from Shawshank. Freeman. This is the path. Yeah. It does sound like password. The pets. What is see? I think if I think you can get this. Hard this. Because you. Going even give me a main character. You gave me the the the you gave me like a side character. That was really mean, honestly. Really mean, what do you do? Uments from the outside in the booth says, he's the main character is a main character. All right. He's the main character he sprouted three seasons of television show. His name was Fargo. Oh, the far you'll go. What happens if you grand goes, like just my character like sandwiches? Do we just go? You could say it doesn't matter. If he has a question that doesn't matter doesn't matter. Yes. Relevant, although this character loves sandwich. No. There are no stupid questions. Although yours is not right, right. There are there are relative. Okay. Whenever you're ready. Okay. Go. Yeah. We told everyone, right? Yeah. We didn't ready. Everybody's waiting. Am I a man? Yes. Am I in a movie? Yes. To go second. Yeah. Okay. Is my checking past two thousand ten newer, then or who in two thousand ten no newer than two thousand no newer than nineteen ninety. Yes. Ninety thousand. Is it a drama? Yes. Is it like a really fucking serious drama pretty serious? Okay. Answer that like girlfriend. No, no, I hero. No does my. Do you have kids? I don't think that's relevant and don't know twenties. My thirties forties. Fifties sixties came very old man in drama, Jerry. You could say fifties. Sixties sounds like a radio station. Fifty sixties today..
"adam newman" Discussed on Never Seen It
"Okay. Did it whenever you're ready? All right. Yes. Or no question questions. Don't even know what questions. I'd want to ask. Try narrow down where it's what it is that you're in. And then who maybe figure out who you are from there. Great. Okay. Okay. Am I on a in my on like a network show? One of those streaming streaming. No, no, oh, Dr am I had a network show. Now streaming place. No, am I I'm on cable TV show now on a web series now. I'm gonna move it. Yes. View. This movie come out movie. Before two thousand ten yes. Did it come up before two thousand? Yes, they come up before nineteen ninety now did it come. Okay. So is nine hundred ninety two two thousand is it a romantic comedy? No. Is it an action movie? No. Is it a thriller? No, no, this hard movie find a category for one. Am I am? I in my twenties. No, my thirties when the movie takes place. Yeah. No my child now in my in my forties. Forty days. My my. Man. Yes. Yes. I'm mid forties. I'm a forty something man. In my Jack Nicholson now. No, okay. Am I in a war movie? No, am I in a. M final fucking this is hard, man. So aren't you? Am I Tom Cruise? Wish. Tom Cruise yet. No, I don't think. So boy, I mean, I don't even have it narrowed down and my powder. My Jeremy from how? No, Jeff Goldblum. No, am I addressing park movie? No, am I a how many time how many times are left twenty seconds. Now. My God what pulled out in my in a gremlins movie an animated movie. Am I do? I have a wife. Yes. Yes. Am I I'm not Jack Nicholson? You have a wife and. Twister. Am I? That's what. Am I Philip Seymour Hoffman? I Bill or Ted. All right. To give you one clue. All right. And we'll see if you can we can both give you one clue. Okay. So do you have any clue you want to give him? I would just tell him the actor at this point. You know, you know, I mean, there's a big clue. That's how you're going to need far you need to go. You're in a Coen brothers movie. Okay. That's a big clue. And you're. Married in Coen brothers movie from the nineties forty something man, married. Mccone brothers movie from the nineties and my Bill Murray. Wait, that's not. That's not. That's I just got that confused with who's the other with the the other director, Wes, Wes. Okay. Coen brothers movie, man. I still gonna get this. What's your clue? The movie takes place in a very remote cold place houses Fargo, trying to remember what I remember. I haven't seen Fargo and forever. But I remember remember Steve Bush. Emmy, I remember in my the guy who's married to the cop lady. Yeah. I remember that William H Macy's character. Jerry London guard was William H Macy. Yeah. For second. I thought when you were talking Jack Nicholson that you that as good as it gets. But I was confusing. Greg Kinnear and William H Macy, which is actually doable. I feel like during is there movie. Is there a movie with Jack Nicholson and Helen hunt? Yeah. As good as it gets. Oh, no, wait. That's what's your name. I was confused those I don't know. Hello, Laura Dern. He's like like, oh CD. Get I can't say. One flew over the cookies, I know. Nineteen ninety-five movie one day over the Kuku of a man, then I take away all logic and reason why don't I remember William H Macy..
"adam newman" Discussed on Never Seen It
"And then once he got on the island could walk and so sorry from spoiling. No, that's and then he. Like this island's bigger than us wherever we gotta get off. He's like we're here. And this is this is what it is. Almost wrote a person in a wheelchair. Really? Yeah. I almost wrote a personnel. And so lock is the mystical. It. Her connected with the island, and like, you know. I guess and but he's the he's the most outdoorsy, and he knows how to I can kill that bore. I can do this. There's like big giant. There's there are bears. Oh, wow. Take that different. So not. You're in the upper tier of Galen tone. Well, I mean, obviously, I haven't seen it but losses one of those shows where you would overhear stuff so much that is one of those things where if you've never seen it. I feel like I knew the gist. I knew that they were lost on an island. And I knew I knew there. I knew there's a plane crash, and they were loss on an island with some of the characters this most monsters, really, that's that's the one that's teams they ever defeat the smoke monster. What is defeat? This is. Inhale? And then they roll it up. But the thing is the the rolling papers were grape. So everyone's like mouths like. Afterwards. This is the thing about talking to someone about Las bec-. Well, what about that? They're like hip. You can be like they rolled it up and grape flavors. Yeah. And I'd be like, oh, really? No. I made that up. I don't I would say so there's one hundred and twenty two lost thirty of them are bad. Oh, wow. And you're letting what's bad at at the fault of no one in the episode just like come on. But no payoff stop like do something or don't do something or they just you are Phil or like or who is that. Why are we focused on this? They just told there's twenty two more next. Voters lizard gets a back story. But I think feels like if you like the leftovers, right? Yeah. They're ten episodes of the leftovers that are some of the greatest anything that's ever been made. I was I was I I also got the luxury of being able to binge the leftovers. So I don't even remember if there was anything that was bad. You're like next one like don't feels like it goes together. Yeah. And so that binging this would probably do that as well. But there's ten or fifteen episodes a loss that I think are like this is as good as it could possibly making television and some emotional moments that you just like there's like a motion phrases, you can tell someone who likes loss that they'll be. Because you invest so much time. What what he give me one not Penny's boat. That's a big loss thing. It's also a huge spoiler that. Hopefully, you would forget okay show, but say, it's. Who's is? It's pretty much do pretty good job emotional, and then the ending. No one's ever liked the ending of anything because it's hard to end stuff thought breaking bad. Before they ever made it. Yeah. Still the leftovers. I and. And I know favorite leading leftovers leftovers. I'm totally good with. Yeah. Does it answer it? I mean, I never saw. Good. You feel like okay here. We are. Somehow, we always talking about the ending the leftovers. I think they answer it in a way that's appropriate and finite and the motion. That's nice. Yeah. I would agree with that. I like the innings everything though, I'm forgiving if. Seinfeld. Ending didn't bother me. Honestly seinfeld. But the ending to the show or the show show. Had been in and out of like episode problematic. And I I'm surprised that you say they didn't want Seinfeld should do one. Actually, I like Kramer stand up. I've been to lie. If you wanna do I'll I'll bring in a base. I'll be. Inning, the Seinfeld. Based on what I've heard that sounds areas. I think it's a good concept. I think maybe the execution got weird..
"adam newman" Discussed on Never Seen It
"There is a smoke monster. I knew there's a smoke monster. And and literally there's I knew this monster and the image. I see them all standing like a survivor poster whatever felt like they were in like a place with tall grass and log. So I'm like, they must have camped at some point. Can you tell I'm imagining the where we're going, but I imagine if someone who loved lost, can you tell me what I what I hit in didn't hit. You you nail the smoke monster. You nailed and community got no he was smoke. He could fit through a keyhole probably. But he like it. No, I'm sorry. I don't mean to be like general. Because it's like was it a character? Yeah. Wasn't a live. I was alive. And there's a lot of weirded come from great question to answer. It. Game of thrones woman's who. The red one. Babies there? There's like a smoke monster that that it makes like I did you let him on do. I like Pokemon. I'm not I don't know. The noise about you makes when it shoots electric city. I don't think that's kind of the noise the smoke. Leave crackling electric annoys memo a villain will harness electricity. And it's like it seems like smoke monster can spread itself as than is at once. And just take over the island very in a very just like a light smoke light Hayes. It was big. And then sometimes it would be absolutely nothing. And also the big big thing is like is the island is alive in like who was everyone's connected to it. And why are they there and not all not all explicitly answered? That's I do get frustrated when especially a show that long. We're like we couldn't we want wanna know one everything ran one. I want. Hey, it's cheap in duct taped. As long as it's as long as it's attempt as long as it's. The answer. But at least we'll get some answers. But some things if you especially I would imagine if binged entire show for the first time, let's say you watch it in four months, or whatever at the end, you'll be you. It will be fresh enough in your head to be the fuck happened to that thing. Yeah. 'cause they just will go take a left and never get back. Is there a REBA asked? Dr is the star. Whole show happens. We started writing. There should be like a little southern twang southern guy named Sawyer. Who's like he's like the loaner sit off on his own at the beginning. And I do me for me. I heard supplies and I'll sell them like, but then ends up having a heart. You know what I mean? Oh, yeah. Everyone it is every most characters are very tropy a lot of the acting is incredible. A lot of it is not. And I kinda was going for Trump. I'm like, all right. Let's do. Yeah. We'll have the smart one. We'll have like. I mean, there's that's the only trope made Rick Rick is the bald older man image of what he looked like. Yeah. There is a guy named lock which sounds exactly like Rick, right? Those characters name sounds sheet it on this podcast to be like I have seen it. I just want. I want it. So funny. Sent me five pages from a script that they didn't even right. The goal of the point would be like to impress. You never seen. It. You nailed title the title page looked like Xerox copy of Pulp Fiction, you publish it. Yeah. Lock is like a bald bald older man who. Was in a wheelchair..
"adam newman" Discussed on Never Seen It
"She I think she enjoyed it. She had a couple of notes the best note. She had I thought was that we needed a real REBA quote, and she sent me like Ribas top thirty quotes, and the one that maybe laugh, the most was the one thing I know for about how. Strivers? I mean, that's true. I've never been my parents have had to drive me to school because of bad musician. That's true. I mean, there is okay. Didn't not nail it. Now. I felt like we definitely didn't I knew there was a smoke monster. And I knew there was a big guy with curly hair. And I assumed he was a stone base. He's kind of Hurley is big. As our album that after him, really, yes. And a clothing company. Hoving have been around before. Motorcycling this. Hold it into the market. A whole line of motorcycles. I believe. Hurling? He's not really a he's he's not really stone. More aloof. Made it on looks. They do. It is crazy because the guy is a big guy who plays him, and he sort of like the butter jokes the beginning. But then finds a savior moments and becomes a huge deal by the end. But there's a point in a little way since the show horn, literally they addressed that his character has not lost weight. How you been on this island? Metabolism. Hato? People had to have been like how is he still this big? Oh, man. And they're like, oh, that's. Attention. That deserves are plot devices that that would like Hinton it was just this show was so the discussion of the show is so huge online and the people who made the show were so available for interviews. They will do interviews all the time. And let people imagine like if someone did, you know, ask me anything on Reddit. Imagine if George are Martin didn't ask me anything after every episode. What do you guys think makes sense here? And it's like, no, these aren't the people who need the influence on this had to sign NDA's for like shows. I've been I've had one line in the sketch for and they're like you do not talk to anybody about anything that you saw here. And it's and it'd be like, you know, like a late night show or something. Yeah. It's crazy that they would they would they were so cool. They there's like this. I am. I am obsessed with lost because of how it existed on the internet. And because a lot of this show comes from his fascination with viewing habits talking about movies and TV shows and lost. Is the lost was on Hulu? That's how long who's been around. Oh, crazy. It was one of the loss. Now, if I wanted to begin and Hulu, that's cool. Lost was one of these. I think it's really fun. If you have no expectation bet, it's more fun to watch all the way through than wait a week in between and be like fuck are. They what are they gonna fuck and talk about this? Because then you can just it is six seventy five clinic. If you. Oh, yeah. This caves and knowing just kills themselves jumping off. So there's something funny. Do you making one of the characters of figure skater I mean, I know that's like I figure skater until right now. Just like when you write a character for some. I just have to have a visual in my head of what they look like. But I'm going to I'm going to say that that's relevant because there's a character who is a rock star in the show who wishes people treated him as more famous. Assumes everyone knows who he is. And that's kind of Tonya Harding's sign when you know, she can be Hello. I imagine people die on the show pretty regularly die on the show. Lots sons they the core characters deaths are all pretty impactful and emotional when they happen. And so you can usually tell they're like like someone new shows up and you're like, oh, you're here to die like Looks someone. like an action movie the three main characters, and they're like take this guy with you. Like get killed by the monster..
"adam newman" Discussed on Never Seen It
"I'm so sick of this. Are we did talk everybody? You guys have had this exact same conversation every day for the past eight months, and the fact is we're still lost on this god-forsaken islands. Big beat Rick is so intense scooter, hey, you guys know what I miss Tanya. What are you miss gut's? We need wouldn't what I wouldn't do for a nice hit off a big fatty fed joint right now got damaged scooter. We get it you like to smoke weed everyday with the God dead. I wish we had. We'd there isn't any. We'd here and there isn't any chocolate for Samantha or pianist butter four Tanya or baseball games to watch for Derek. And I'm sorry REBA. I'm forgetting at the moment. But the thing is that you like rodeos, right? Rodeos? Well, there aren't any goddamn rodeos on this God damn island. Either REBA frigging McIntyre, just then a wild boar comes crashing through some brush barrels through the campsite. Everyone is freaking out retake soften untitled loop of rope around her waist chasing, the board for a few hundred feet past the plane wreckage while trying well tying the rope into a LASSO. She lets it fly in an expertly wraps around the boars, neck, he gangs. The rope tight and the bore skids onto its side REBA jumps in the air produces an unfolds and knife from her pocket the mid air comes down on the bore and sings tonight right into its heart. The bore squeeze Rick looks like she got her rodeo REBA. It ain't my first. And it ain't my today's really needed nail. That ain't my first rodeo joke. You know to exterior a little later campsite night dusk. I'm sorry. Six lost. People are now sitting around a campfire eating giant chunks of meat with their bare hands while the bore crackles on a spit above the fire. Derek thank you REBA for a wonderful dinner. Yes. Thank you. Thank you for this, bounty. Thank you. Mrs McIntyre, a beat scooter says Tonja are you going to say thanks to REBA Tani's phases completely stuffed. She takes a big swallow. But her mouth still full. Yes. Thank you. Of course. Jeeze? I was just waiting to swallow to be polite. I love wild-boar. I always ordered fair burger when they have it. I think it's so cool that a burger chain such exotic choices. Sometimes I also get ostrich or elk so fun. Y'all are very welcome. I'm just grateful. Everybody likes. It even scooter the ju- hope my.
"adam newman" Discussed on Never Seen It
"I know this might be like a weird question. But do you ever think maybe we didn't survive the plane crash eight months ago, and we've been dead this whole time Thanh am I supposed to read all the names? You can't since we'll just for. So there's a Samantha asking the tough questions a deep question. I feel I just all I will Tanya. I know right. I think about that. Tommy doesn't have a southern accent. I don't know. I mean women here. Oh, you'll you'll I only have one woman voice. All right. I can do Jap or. Loss. All right. All right. Who still wait? Wait. What's what what kind of women? Are. They who. Samantha who's Tanya? All right. Let's say Samantha's like a all right character. Samantha's kind of like a hippie. Okay. Samantha little hippy, deep thoughts. Sure. Sure. Sure guy. Okay. Tonya, literally just had Tonya Harding in my head. Southern Link a figure skater. Yeah. Yeah. She's like a figure skater Cape. Okay. Be in the Olympics. Okay. Let's say Tonya Tonya Tonya is a was in the Olympics. She's a hard worker. Okay. Collar blue collar. Okay. Derrick will be in here. Let's let's call him. The he'll be like, the smart one. Like, the smart, the smart guy REBA southern stone cooter stone or Rick. I'm picturing Rick Grimes from the Walking Dead. I don't know. I didn't watch the Walking Dead. He's like the main guy. Yeah. Perfect main guys were like, yeah. Guys. He's the main guy the main guy Minka. Okay. And you'll and he's got more of a description coming later. Okay. So here we go. Let's start again. All right. So we're we're in a we're in a campsite, we're in a campsite, you got your dry logs surrounding you and your grass, and then he got your your wreckage of the plane one hundred feet away. And then the other direction you got your waves crashing under a big giant cliff? And here's our here's our diverse cast. Samantha hey, guys. I know this might be a weird question. But do we ever think maybe we didn't survive the plane crash eight months ago, and we've been Ted this whole time Tanya? Figure skater. I know right. I think about that literally every single day, Derek, the smart one alad mitt that they go I'll admit that thought has crossed my mind. But I don't know I still feel alive. No, here's REBA with a southern twang. Especially on the word poop. I guess my argument will be if we're dead. Why was still Poos? This other twang is a slide. I guess my argument would be if we're dead. Why why do was still poo Ribas actually REBA mcentire scooter is the big guy with the curly hair? I remember from the show poster. Maybe we're not really pooping or doing anything. It's just like our consciousness thinking, we're pooping or doing other stuff. I'm gonna have to think on that for a little while scooter everyone. Oh, yeah. That's deep. Tim. Rick around forty five years old crawls out of his tent, he's wearing cargo pants and a gray tank top and his in pretty great shape for a guy his age, the sun reflects off his bald head giving him an air of Bruce Willis authority..
"adam newman" Discussed on Never Seen It
"I'm going to grab this thing. Because I think it will finally be athletes to the show. Oh, yeah. That's free. Go any firm. Anything you want to see? We'd actually will score the whole podcast. Okay. Great. So lost very famously didn't really have an intro music or theme song. And also always had it had this. Oh, yeah. That's going to work. Well. Great. And then it had this noise. That'd be like go to the end of the episode thing. But we've always had this in studio. And I think it finally works. Yeah. That's great. That's going to work well for this. I think my sound effect is gonna come in towards the end of the very specific entrance. Okay. Cou although I believe someone sent us that twine because they said you got your fucking trying it. Yeah. You can't if you have a triangle. You can't hold it right gang couldn't reverberate and people like you got to stop. This is not even funny. You want to who wants a dead trying. Someone mailed us that twine which looks basically like their mailing us kidnap evidence. And it is being twine with like a letter with letters cut out of magazines, said fix the triangle. Yeah, you see they could adjust found the address of the studio in Amazon sent it. You know this. All right. This is nice. I yeah. I don't mean to be. Thank you. Thank you for the Twi. Fine joins us about to be. You. Gotta love the twin. My hands are tied here. Okay. Must are. We ready. All right exterior campsite afternoon. The sun is shining brightly on a campsite set setup clearing surrounded by tall. Grass and dry logs about one hundred feet away in one direction as a giant cliff with crashing ocean waves and sharp rocks below one hundred feet in the other direction is the wreckage of a commercial plane hundreds of feet beyond the plane is a never ending forest. Six people very races ages ethnicities think community college brochure are cleaning up doing various chores in their tents, which are really just patched together leaves of sticks and canvas Samantha, hey, guys..
"adam newman" Discussed on Never Seen It
"Episode. He went from being twelve to then he wasn't in a season of the show a whole season. The character wasn't an. Seventeen Julian casablancas? I guess I still want because he's still need to be drug around have never seen lost. And having watched every single episode of game of thrones. I can tell you. I bet I had an easier time writing lost writing this last episode than I if I was writing a fake game of thrones episode. The amount of research. I would have to do to just know it would be informed by eight hundred hours television. Well, I think lost is too. Isn't it? Zola, but I would also have to to write a game of thrones fake thing. And I don't know about this with loss. I just I just went for it with lots. But like with game of thrones. If you were to write a five page little fake script, you'd have to combine. I would combine like nine storylines. I'd want everybody to be able to make an appearance LA LA. I don't know. I don't know if it's I don't know who because I'll going into lost. I have a show poster in my head that shows like ten different people that I'll look I have like kind of a visual in my head of what it looks like. So I'm like, well, all those people are probably always intersecting. But I don't know if that's actually I do not know if that's just had the same thought. But I realized it was survivor poster. So trouble. Wait, host of long. Million dollars. I don't know. Instead of just put someone's torch out. They see I'm like, oh, yeah. There were probably torches. I wish I had put more torches in mind lost. And and we've talked I have talked about this before. But it's very interesting thing about lost. If you like prestige, you know, there are shows if I say, tell me the shows you will list some, and it'll be breaking bad, a madman and the sopranos and the wire because people those are the shows, right? Yeah. Shows you gotta see people. There's there's a book called the revolution was televised about the shows and about the change in TV, and it has lost in there, and it discussed how lost was a show. All these shows the thing about the sopranos, and madman and the wire and breaking bad. Are. They are ran by show runners with very specific, visions who wanna make this thing they have to get out of them more than anything like madmen is like a lifetime passion project of a guy who wrote this thing. I think if I remember correctly was was madman sopranos writers rentals writer who is how he got the job was the madman pilot Yata, and then after he got to go back, and yet I love lost was written by producers who aren't creative in a room who literally said, what will make the most money all my said survivor. It's like, oh, boy TV show is there like let script survivor. Wow. And that's all it was it was like five producers. And then they were like who can do Saifi and coming off of Buffy, and what was that show that everyone loved that firefly firefly. And like these things they they go, and they get Jj Abrams to make this pilot and give him what was the most expensive television show ever made. That has now been according to the internet eclipsed by fifty episodes of game of thrones. All. With the lost pilot was the most expensive TV ever made because they were scripting survivor, and that was just they were like what makes money, and then that's incredible happens to be lightning in a bottle that it was good. So it was just a masterpiece of execution, essentially. Yeah, exactly was it was factory product. But they just you know, just use the quality greeting insane. A lot of. Boy band thing is exactly I think what it is like in sync has a bunch of good songs and people who had person who had good career afterwards because they just took a bunch of good parts whose name is are there. I don't know..
WeWork CEO Raises Conflict of Interest Concerns
"Co working space company. We work is one of the nation's most valuable startups but conflict of interest concerns are being raised after founder, Adam Newman bought property, and then leased it back to his own company a practice that has made him millions of dollars Wall Street Journal reporter Eliot Brown dug into the matter and joins us now via Skype from San Francisco with more details Elliott, we work was recently valued at forty seven billion dollars by investor. Softbank. This is a company end concept that of shared working spaces that really seems to have taken off explained for us, generally how it works. It's been super popular with investors, which explains that valuation, which is just one of the largest companies out here in Silicon Valley. The concept is actually pretty simple what they do is they lease office space long-term from a landlord, and then, you know, say sign a ten year lease than they fitted out with glassy offices and cucumber water, and you know, white subway, tile and hip. Decor? And they lease it to small companies or divisions of larger companies for a month three year at a time. Now, let's talk about what you were able to find out regarding instances where Newman we work CEO is essentially acting as a landlord for his own company. How many of the spaces we work leases across the nation roughly are owned by Newman. So it's it seems like it's a pretty small number. But that concept is rather unusual. When basically they've disclosed as of the end of two thousand seventeen at least two separate buildings where Adam Newman, the the CEO of the company who owns a stake. I think it's about twenty five percent. He been has bought buildings and lease them to his company, which is owned mostly by investors. So in the corporate governance world, that's a pretty big unusual scenario that that companies really strive to avoid because it suddenly can put the CEO of the company on the other side of negotiating table with his own company. And you know, then investors will have to worry about whether they're getting the best deal for for we work. So the first place that that we're aware that this happened was in this building in Manhattan, south of union square. It's sorta old, you know, early twentieth century building eleven stories and Adam the CO bought it with fashion designer Elliott Hari paid seventy million. And then soon there after leased it to we work which in turn subleased to IBM IBM gets there and the spring last year, and they find that the elevators are a disaster. One of them's completely out. The other is constantly breaking. So you have eleven stories is building in the huge amount of people need to commute by stairs. Which is not a very comfortable thing to do. And so then we worked on the hook for actually having to to figure this out and fix the elevator. So the pointing it's particularly awkward situation for the people who are at work, which is like our building that our boss owns, and then you also have to wonder or in general conceptual. Level. People wonder about whether the rents are fair. What happens if we were getting pushed into a substandard, building, etc.