A Wall Street Journal Business Bestseller: This "vivid" inside story of WeWork and its CEO tells the remarkable saga of one of the most audacious, and improbable, rises and falls in American business history (Ken Auletta).
Christened a potential savior of Silicon Valley's startup culture, Adam Neumann was set to take WeWork, his office share company disrupting the commercial real estate market, public, cash out on the company's forty-seven billion dollar valuation, and break the string of major startups unable to deliver to shareholders. But as employees knew, and investors soon found out, WeWork's capital was built on promises that the company was more than a real estate purveyor, that in fact it was a transformational technology company.
Veteran journalist Reeves Weideman dives deep into WeWork and it CEO's astronomical rise, from the marijuana and tequila-filled board rooms to cult-like company summer camps and consciousness-raising with Anthony Kiedis. Billion Dollar Loser is a character-driven business narrative that captures, through the fascinating psyche of a billionaire founder and his wife and co-founder, the slippery state of global capitalism.
A Wall Street Journal Business Bestseller
“Vivid, carefully reported drama that readers will gulp down as if it were a fast-paced novel” (Ken Auletta)
Journalist Wiedeman debuts with a thrilling page-turner about the fantastic success and subsequent crash of WeWork. Drawing on interviews with the company's current and former employees, competitors, and industry observers, Wiedeman meticulously recounts what happened between WeWork's 2010 launch and disastrous 2019 IPO. Envisioned by CEO and cofounder Adam Neumann as a reimagined space for community living that would make people "feel as if they were part of a club," WeWork quickly became a major player in commercial real estate, but as Wiedeman reveals, that growth was untenable WeWork employed nearly 10,000 people by late 2018, half of whom had been there for less than six months. Wiedeman creates a palpable sense of suspense as the 2019 IPO approached an investor tour left analysts with serious questions, which Wiedeman sums up as "What is it, exactly, that you do?" and how, as losses mounted following the IPO's failure, Neumann, now WeWork's "greatest liability," grew increasingly paranoid and self-important ("No one says no to me"). What lifts this book to excellence is Wiedeman's ease at presenting a complex business saga both understandably and entertainingly. Readers will feel like they are in the room with Neumann and his beleaguered colleagues during every twist and turn of this fascinating corporate train wreck.
Great book, needs to be a movie
It’s a great book to read, it’s light on financial details of WeWork but does a very enlightening job of showing how the founders were basically ordered to spend and grow if they wanted the big investment dollars, they were all big boy, big name “smart” investors and obviously are all playing the greater fool theory, the book shows it’s just now at a multi billion dollar level compared to couple hundred million dollar IPOs back when I was in this in the late 90s.