The latest in a long line of seemingly bonkers WeWork related headlines.
- Everyone’s now talking crap about WeWork Adam. But, c’mon. He convinced ostensibly smart people to give his vision billions of dollars. Now after he’s run that vision into the brick wall of reality, he’s convinced one very rich man to give him over a billion dollars to go away. There’s different kinds of intelligence & genius. This is definitely something like that. Wowza.
- Unless there’s more to this story, this seems like awful negotiating by Masa/Softbank. The only way I can make sense of this is that WeWork Adam said he would block everything unless he got his package and Masa/SFTBY just blinked. From what I’ve read, WeWork Adam has an insane ego and I don’t believe he would accept being seen as super-villain level evil of bankrupting a company if you didn’t pay his ransom. (There might be an angle here that SFTBY didn’t want to have to write down the value of its equity to zero in a bankruptcy even if they were also the likely buyers of the assets in the ensuing restructuring, and this is actually where WeWork Adam’s leverage came in?)
- This has to kill any hope of SoftBank Vision Fund II, right? It was said to be struggling months ago, and would think this kills it. This has already been terrible for SFTBY stock, and the only reason I haven’t dove in (the drop is way more than the financial impact could be) is because I now have questions about Masa as a steward.