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True Crime Obsessed Spills the WeWork Tea

From Audio: 182: WeWork: Or the Making and Breaking of a $47 Billion Unicorn

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station description The true crime / comedy podcast YOU NEED IN YOUR LIFE. We recap your favorite true ... read more
True Crime Obsessed
Duration: 06:47
True Crime Obsessed hosts Patrick Hinds and Gillian Pensavelle spill the WeWork tea and share how the $47 billion unicorn became an absolute failure after a tech company exposed WeWork's fraudulent business practices while working in one of the company's co-working spaces.
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True Crime Obsessed hosts Patrick Hinds and Gillian Pensavelle spill the WeWork tea and share how the $47 billion unicorn became an absolute failure after a tech company exposed WeWork's fraudulent business practices while working in one of the company's co-working spaces.
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this guy Justin, he's a tech guru basically and he is renting space that we work because his company, he owns a company, this is so fucking awesome, this story is amazing, it's delicious. I have in my notes, I was like this is so delicious but he has a company and with index and crawl public information from the web. Our bots just happened to add, we work into our list of companies and then our bots found something astonishing about. We work, they have a list of companies that they're about to do this for and we work just happens to be one of them and they work out, we work so Justin is like in his cramped we work office probably no air conditioner, 90 degrees in august actually smelling like garbage and banana peels because composing again great idea but you have to have the, you have to do it right? So he's like sitting there and this app that he built is like combing the internet and is pulling up all this tian we work and so everything, everything and we know now of course this thing is two hours long but like everything is a lie and so it's just like boom boom boom boom boom it's like coming up on Justin's computer again, he's sitting at a we work and it's just like we work as a like is like showing up on his screen it's stuff that we knew the second like we worked at it, we work that had 14 floors, we worked at least on three of those floors over the year that we were there never one time was the number of offices filled more than a third like there was probably 80 offices on the floors that we were on and never once was there more than like eight or nine businesses there ever like and so they're presenting to the media that like they're sold out there making billions and like secretly filing away these things that these bots are finding that people are leaving their not coming back, we work has their own social networking platform that nobody is using. And so this guy, what's his name Justin he just writes a blog post about it, he's like oh here's what's actually going on that we work within 30 minutes, someone from we work tells him that this is infuriating, this is like this is how to piss me off. The community manager stopped by the office and she says you violated our membership happiness clause. And the kicker was she said you have 30 minutes to leave, you violated our membership happiness clause, we're going to have to ask you to leave within 30 minutes. That's the other thing too, if you've ever been like seeing one, a company at one of these, we work in one of these cramped offices, it would take two hours at least to get all your shit out of there. They throw this company out on the sidewalk. I thought they were all about community and getting hammered together all the time. Summer camp like mandatory summer camp. We didn't even talk about the gay who didn't want to go, let me just like throw this story. And really quickly his name was like Quinn or something and he was one of their designers and they made him go to the summer camp the first year at the second year he was what was boston was like, I'd like to never do that again. I know that gay Patrick hynes really loves the summer camp because it's all about taking the shirt off and the all night drinking and playing the game where you get in the beach ball and you run into other pros and Patrick, weirdly really like that. It's not it's not for me, it's not for me. I sat down with one of the executives and explain to her that last year I went, I didn't enjoy myself, it's not for everybody and please don't make me go again. And she kindly said, I see your point, but it's a mandatory event and he's like, and then I'd be sitting there and the word of the day would be authenticity and I like the word of the day and he's like, you know, it's not authentic being forced to be here. Like how authentic is that? Because they cut to these like seminars that they would have to sit through for eight hours and the people watching the seminars, hundreds and thousands of people sitting in the mud, they're all sitting in the model. Rebecca is on the stage going on and on and on about some fucking nonsense and the guy Quinn or whatever his name is really does not appreciate sitting in the mud. I'm with Quinn. How dare you Rebecca also, where's your toddler? So remember the japanese guy, like one of the richest people in the world, that whole deal, that deal is just over like they were going to spend all this money, billions and billions and moss is just like pulling the plug, I'm not into it anymore. And this is like the biggest deal because he had given him $4 billion and then like the rest of the money that he was committing to, the company was going to be the thing that was going to carry the company over for like forever. And this guy pulls out on christmas Eve girl and it's you know, Adam's in Hawaii and you know, and so the news is about to break, right, and so it does and now Adam is being interviewed, I don't know what all these interviews are for, they're just like doing a press junket or something, but Adam calls his best friend Ashton kutcher, to be the mouthpiece and basically say it's a $6 billion race. It's the second largest venture capital investment of all time. I'm an investor in Uber. So I know what the first largest one was, the second largest of all time. It's Softbank coming into this company. Now they have $10 billion invest in this company. So the notion that anybody is projecting that they don't have confidence in the company, I think it's crazy. I have confidence in the company. Ashton kutcher, that's what I was talking about at the top. He's sitting next to Adam. And again, Adam, without any prompting from Ashton kutcher, just to my eyes is like the total broke down. Low rent Ashton kutcher. So now they're sitting next to each other. That's really not helping Adams look because culture is just a 10 on his worst day. But then culture is just like, spewing this utter nonsense about how the company is going to do just fine and everything is great. And I don't know what you're talking about and it's all a lie and he's totally gaslighting us. But what it's interesting though, because I know you watched his face because I know how you feel about him. His mouth. I was mostly watching his mouth when Adam takes over and he's like, oh yeah, yeah, let me say that. We see Ashton watching Adam speak and you can see it all over his face. He's like, I don't believe a word of this. Like, what did I how did I just vouch for this guy? Because he is looking like, what are you saying? That's bullshit though, And that's bullshit. And that's bullshit. That's bullshit. And like, that's what happens. Like the whole thing falls apart because in order to save the company, Adam decides he's going to take the company public. And I don't really know what that means. I know it's a big deal, but they have to put together this like document that goes out to anybody who wants to read it about the story of the company and all the financials and everything is there. And like, Adam thinks that he's arranged this document in a way where he's going to be able to hide all the financial wrongdoing. And it just goes from talking head to talking head talking about what a laughing stock Rebecca and Adam became the second this document hit. The press is. Almost everyone you talked to had a different item that horrified them. So like one by one, they cannot believe his wife is choosing his successor. So egregious that he would have this 20 to 1 voting shares or I can't believe the company's paying him $6 million for the trademark to the word. We and the company name. And people are just like, how how did he think this was a good look like this is a public offering? So you have to come clean and lay everything out and like they just like triple down and they're like, well, we're just gonna be fucking ridiculous.
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