• Margot Robbie@lemmy.world
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    1 year ago

    Uber and AirBnB next.

    I still don’t quite understand why a “taxi” and a “hotel” company are considered tech companies.

  • Nighed@sffa.community
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    1 year ago

    Any idea if this is a proper (shut down) bankruptcy, or a get cheaper leases bankruptcy?

  • AutoTL;DR@lemmings.worldB
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    1 year ago

    This is the best summary I could come up with:


    Oct 31 (Reuters) - WeWork (WE.N) plans to file for bankruptcy as early as next week, a source familiar with the matter said on Tuesday, as the SoftBank Group-backed company struggles with a massive debt pile and hefty losses.

    New York-based WeWork is considering filing a Chapter 11 petition in New Jersey, the WSJ reported, citing people familiar with the matter.

    Earlier on Tuesday, WeWork said it had entered into an agreement with creditors for temporary postponement of payments for some of its debt, with the grace period nearing an end.

    The company has been in turmoil ever since its plans to go public in 2019 imploded following investors’ skepticism over its business model of taking long-term leases and renting them for the short term and worries over its hefty losses.

    Its major backer, Japanese conglomerate SoftBank, sunk tens of billions to prop up the startup, but the company has continued to lose money.

    WeWork raised “substantial doubt” about its ability to continue operations in August, with numerous top executives, including CEO Sandeep Mathrani, departing this year.


    The original article contains 296 words, the summary contains 177 words. Saved 40%. I’m a bot and I’m open source!

  • Blackmist@feddit.uk
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    1 year ago

    Genuinely not sure what the business model was here, or how it attracted so many investors.

    “So we get a bunch of office space, right? And then we rent it out not to companies, but to individuals, who then get all the downsides of working in a distracting room full of noisy bastards, while not actually interacting with any of the people they’re supposed to be working with.”

    “I’m in! How much do you need?”

  • Steve
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    1 year ago

    Is it just me, or is this the wrong community for this. WeWork isn’t a tech company or product.

  • IWantToFuckSpez@kbin.social
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    1 year ago

    WeWork was nothing but a scam to fleece money from investors. Only a fool would believe a real estate company is a tech company. And that fool is Masayoshi Son.

    • Hypx@kbin.social
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      1 year ago

      There will come a day when people will realize that even tech companies aren’t worth that much.