Rolling US Economy Into The Shitbin Thread

That’d be more like world economy into the shitbin, no?

That main guy for WeWork is such a cartoon version of a tech ceo. He seems a pretty precious choad.

https://amp.businessinsider.com/images/5cdc09f1021b4c7124165cd3-1536-1152.jpg

WeWork more like WeDon'tWork

Neon slogans on WeWork office walls implore you to “Hustle Harder” and “Get S#!t Done.”

https://www.bloomberg.com/news/features/2019-05-15/wework-wants-to-be-its-own-landlord-it-also-wants-2-8-billion

WeSuck

It's as though Adam Neuman said to himself "Let's do an experiment as see just how far we can take the unicorn scam" and the market responded "One step less far than you just went, that's how far"

Meanwhile, unrelated but I guess sort of related, I was walking up second ave yesterday in an area I used to walk around a lot when I worked there a couple years ago, and there are a shit ton of empty and closed down stores, bars, restaurants now. Can't help but feel like that's a bellwether of something.

I hate that there are so many vacant storefronts on Columbus Ave and on Polk St in SF. I don't understand it fully but guess it has to do with the leverage necessary to buy these buildings and the rents required to keep the asset value up - and the owners' bank loans afloat

I think the owners should be fined for keeping storefronts vacant beyond a reasonable amount of time, though

we need a version of Vancouver's vacancy tax for commercial properties:

https://news.bloombergtax.com/daily-tax-report-state/u-s-cities-look-to-vancouvers-novel-empty-homes-tax

yes

the name softbank tells me all i need to know. y’all soft

lol

vacancy tax didn't do shit

It would be nice if all vacant commercial properties were subsidized down to a rent control level and allowed non-chain pop ups on a short term basis.

whoops minus the subsidy for landlords who keep their storefronts empty on purpose.

xxp flopson is that because it got watered down? or was it not enough to begin with?

Things WeWork's Adam Neumann has said to others

-he was interested in becoming Israel's PM
-he was interested in becoming president of the world
-he wants to be world's first trillionaire
-he hopes to live forever https://t.co/DjjF8xt2sn

— Eliot Brown (@eliotwb) September 18, 2019

I'd take him over Bibi certainly

Working out of his Tribeca apartment, he started Krawlers, which sought to make baby clothes with knee pads to make crawling more comfortable.

VC investors are the dumbest most credulous motherfuckers on the planet earth and I hope they all get leprosy

as discussed above, not necessarily credulous, just thinking they can find a bigger fool. But this might turn out to be a situation where they can't.

the 2008 financial crisis left commercial real estate in a smoldering crater but I'm sure this idiot has a plan to avoid that happening at we work before the next recession hits

I was trying to figure out when the GoPro CEO bought his $40m yacht and came across these sigh engulfing wiki facts.

To finance the business, Woodman borrowed $200,000 from his father (an investment banker in Silicon Valley), who still owned a 6.4% stake in May 2014.[17] Nick also borrowed $35,000 and a sewing machine from his mother, which he used to sew camera straps while experimenting with early designs.[18] Nick and his future wife Jill generated an additional $10,000 by selling shell necklaces they bought in Bali (for $1.90) from their car along the California coast (for $60).

On June 26, 2014, GoPro went public – closing the day at $31.34 a share. In 2014, Woodman was the highest paid US chief executive, paying himself $235 million while GoPro earned profits of $128 million.

paying himself $235 million while GoPro earned profits of $128 million

Now there is a person who understands capitalism.

ATH GoPro stock closing price was 93.85 on October 07, 2014. It's ~$4.50 today.

I worked on an intellectual property case involving a start up and VCs and that whole world just seems like it entirely consists of hype filled powerpoint presentations and business dudes exchanging contacts and favors

So is this the thread for this story?

https://www.wsj.com/articles/this-is-not-the-way-everybody-behaves-how-adam-neumanns-over-the-top-style-built-wework-11568823827

And this...anecdote?

After firing hundreds of staff, the WeWork CEO held a somber all-hands meeting explaining why it was a necessary move, but then trays of tequila were handed out and DMC from Run-DMC burst into the room and performed "It's Tricky" https://t.co/t9oGq8ebTb pic.twitter.com/cuq0aM1Tqi

— Tom Gara (@tomgara) September 18, 2019

oh cool it finally happened pic.twitter.com/cyLCjLcNAg

— Ryan Broderick (@broderick) September 18, 2019

https://boingboing.net/2019/09/18/wework-sounds-like-a-real-piec.html

zerohedge i know but

https://www.zerohedge.com/markets/wework-business-model-systemic-risk-economy-feds-rosengren-warns

WeWork's largest investor, SoftBank, and others moving to oust Adam Neumann as CEO

https://t.co/BiXN6Zwo19

— Eliot Brown (@eliotwb) September 22, 2019

lmao

*NEUMANN EXPECTED TO STEP DOWN AS WE CEO: DJ

— zerohedge (@zerohedge) September 24, 2019

https://www.nytimes.com/2019/09/24/business/dealbook/wework-ceo-adam-neumann.html

aw man the party was just getting started

the party is just getting started

pic.twitter.com/1NQytV21NR

— Zach Scott (@weinventyou) September 24, 2019

lol

oh my GOD

I swear every time the stock market takes a hit there is "news" of optimism regarding a trade deal with China so it goes back up. seems odd but idk anything about this shit

maybe you should buy a bunch of shares after it takes a hit and sell after modest gains. you'll stop before the hit sticks. it is easy to stop.

there’s this thing in macroeconomics called the equity premium puzzle, which basically says bonds are way overpriced relative to stocks given what we think of as reasonable preferences for risk, in classical asset pricing models. anyways one of the most famous attempted reconciliations of it was to suggest that people’s risk preferences (and more generally their beliefs about the economy) are shaped by the economic fluctuations they’ve observed in their lifetimes. so people who were old enough in the 70s are really afraid of inflation, etc. reading this thread makes me think of that; you guys are all a bit older than me, prob most of you experienced the dotcom bubble as adults whereas i was like 8 years old and 2008 was my ‘first’ recession. i find it puzzling that y’all are often trying to read macro trends from stuff like tech IPOs. like, wework, really? but i think it’s just this weird form of generational learning forming our perception of the economy

we're not weird you're weird

look at your name, flopson, what kind of name is that, a weird one

wow owned

Sonned in late night American beef

Wait, why are you guys over here when we're over here?

Silicon Valley Techno-Utopianism

i've been posting my wework content here for months on the basis that it's a credible global financial contagion and it's not really a tech company ¯\_(ツ)_/¯

flopson is eagerly awaiting their own traumatic financial black swan event.

Yeah, this is clearly not just old people's PTSD from stock markets past. Nothing about the current moment suggests that the fundamental laws of gravity no longer apply to today's market.

so why is wework uniquely poised to create a global financial crisis? it's a tiny little thing