Tuesday, October 15, 2019

This explains a lot.

"WeWork used massive discounts — in some cases, essentially giving away space for free for 2 years — to try to poach customers from rivals".  (I can't give you the businessinsider link because you have to pay.)

I have been trying probably for a year to figure out how this company worked. It came on my radar because they have a building in Fremont that only seemed to be storing cars. (not Teslas) I just couldn't figure out how that was profitable. The cars now have been completely evacuated and now sits empty in what I would consider a prime area of real estate. Easy freeway access. On the line between Silicon Valley and the burbs which seems ideal. I just don't get it.

Well.. maybe now I do.

In the meantime - this socialist douchebag Mark Benioff keeps talking about how capitalism needs a reboot. THIS IS NOT CAPITALISM. This provides no return, and frankly I'm not even sure what Softbank sees in these money losing companies. That dude said he overpaid on the IPO because there was no competition. Who DOES THAT? What a shitty business person. It's also the reason we need recession from time to time. To flush out all the phonies and frauds.

Ousted WeWork CEO Adam Neumann 'is a great entrepreneur,' says Salesforce CEO Marc Benioff.

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