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"new yorker new york times magazine" Discussed on Duct Tape Marketing

Duct Tape Marketing

04:54 min | 1 year ago

"new yorker new york times magazine" Discussed on Duct Tape Marketing

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

Adam Newman New Yorker New York Times Maga New York magazine New York City contributing editor reeves Softbank founder