We Had Been Hoping to Get Paid
Also manipulation, insider trading and five-hour days.
I promise you that no one is more excited than I am about the day I get to stop writing about WeWork forever, but we are not quite there yet. We stuff just keeps happening. Here, for instance, is a story about how WeWork’s employees are mad that their options are all underwater, which is both reasonable (they were induced to effectively invest in a fast-growing startup that ended up exploding) and kind of not (they worked at a money furnace that lost almost $2 billion a year and destroyed $40 billion of market value in a few months; why should they get equity upside?).
They’re particularly mad that, while their equity value has evaporated, founder Adam Neumann will walk away with over a billion dollars in payment for his stock and also a big consulting contract: