With images like this ... what did we expect?

Hulu's new documentary on the rise and fall of WeWork focuses on its charismatic, egotistical founder and CEO Adam Neumann, who was ultimately the company's downfall.


In the tale of how the cult-of-personality (rumored to be played by Jared Leto in an upcoming film adaptation) created the coworking empire and subsequently caused its downfall, WeWork: or The Making and Breaking of a $47 Billion Unicorn interviews employees of the company who were there from the beginning to pinpoint what went right that led to the inescapability of WeWork a few years ago, and what went so horribly wrong.

WeWork went from being valued at $47 billion to collapsing in a matter of months, largely because of the unchecked whims of Adam Neumann, who expanded without consideration of cost, and because of the the false promises made by the company's mission and its overinflated value.

WeWork: Or the Making and Breaking of a $47 Billion Unicorn • Official Trailer - A Hulu Original www.youtube.com

Above all, the documentary exposes the hollowness of value-driven corporations, and exposes how WeWork used its message of community to fuel the ambitions of those at the top. It also reveals how much of the company fell prey to its idealization of the rat race of hustle culture for very little reward.

So much of the documentary was surprising — the extent to which people bought into their brand's message, the internal cultish loyalty to Adam as the leader — and almost all of it seems, from the outside, insane. Startups are notoriously fickle, but WeWork's meteoric rise and fall was so catastrophic that it makes sense that there was more to its implosion than meets the eye.

The common lore of its downfall focuses on the loss of its major investor, SoftBank, alongside its reckless spending combined with its ambitious growth, but The Making and Breaking of a $47 Billion Unicorn shows how much was wrong at the core of WeWork and its culture from the start.

Critics of hustle culture and corporate activism (read: us) are not surprised by this capitalist Wizard of Oz story. Here are some of the wildest, most warped aspects of the WeWork documentary, which make us wonder how the employees on the inside didn't recognize their unicorn as an overinflated bubble waiting to burst.

Major Frat Vibes

from WeWork Summer Camp

Note the fist pump? Sorry Chet Hanks ... Maybe WeWork invented White Boy Summer

Start-ups have become notorious for their strange bro-heavy office cultures — which often means various ping-pong tables and lots of flip flops. As a co-working space, WeWork's frat vibes manifested less in the office and more in every single other aspect of the business.

Having grown up idolizing the parties in American college movies, Adam Neumann made sure to integrate them into his business model. The company had retreats for its employees, called summer camps, which looked more like EDM festivals than team meetings.

The summer camp clips looked like outtakes from Project X or Superbad, the kind of unhinged parties thrown by people who have never actually been to a good party and instead compensate by filling the budget with kegs and doing a lot of fist pumping.

But Also Kind of GOOPy

Adam and Rebekah

A strange component that was essential to concocting the overall in-cohesive WeWork vibes was Neumann's wife, Rebekah. A cousin of Gwyneth Paltrow, Rebekah's contribution to the WeWork dynamic was the kind of vacuous wellness-talk that feels very GOOPy, which is no real surprise.

Between ragers at the summer camps, the Neumanns would stand on a giant concert-like stage and talk about their vision for the company. Adam's original conception had always been focused on community, and Rebekah's influence made it increasingly more spiritual and less coherent.

Talk of "raising consciousness" became somehow tied to the mission of the company thanks to Rebekah, who was instrumental in founding the children's school that eventually became an offshoot of WeWork, WeGrow.

WeGrow

WeGrow

The whole concept of WeGrow was unhinged, but The Making and Breaking of a $47 Billion Unicorn exposes just how disconnected and delusional Rebekah and Adam actually were.

Adam's first venture had been for kids — a line of pants that were padded at the knees so young children could crawl comfortably, with the tagline "just because they don't tell you, doesn't mean it doesn't hurt." The company failed, for obvious reasons, but with seemingly limitless streams of money to channel into WeGrow, the children's school didn't meet the same fate despite its glaring conceptual flaws.

WeGrow was essentially an elementary school which claimed to offer a more holistic education, boasting curriculum features such as language immersion, yoga, meditation, music, and weekly farm visits. The school claimed to have community as its focus — but with a price tag ranging from about $36,000 to about $42,000, the community it was fostering was pretty narrow.

After the Neumanns were ousted from the company, WeWork closed WeGrow, but Rebekah quickly bought it back — so it's still standing, churning out the minds of tomorrow… God help us.

WeLive

WeGrow wasn't the only offshoot of the co-working part of the WeWork company. Pretty early on, WeWork launched WeLive, an apartment complex for WeWork members. The living community was mostly full of young, single people who could drop everything to essentially live in a WeWork.

Designed with the same functionality and intentionality as the co-working offices, the living spaces were built to foster work and community. One of the interviewees who lived in a WeLive describes being called by a friend about an opportunity for "the coolest people in New York," if he could break his lease without really knowing the details.

These kinds of hyperbolic sales pitches and high stakes trust that the company demanded were embedded in its culture from the beginning, and effectively enough to fill the WeLive spaces immediately upon opening. Residents describe their social lives shrinking to their relationship with other residents, with their outside friends barely visiting more than once.

At its peak, a person could have worked in a WeWork, lived in a WeLive, and taken their child to WeGrow to have a life ruled by a company posing as a "community."

Overall: Very Cultish

Adam Neumann

WeWork? or Adam Egofest

If the extensive nature of the "We" company sounds cultish, it's because it kind of was.

In the middle of the documentary, as the tables begin to turn, a former WeWork employee tells an anecdote about trying to explain the company to an outsider, to be met with the question, "brother, are you in a cult?"

From the beginning, the company was inextricable from Adam Neumann and his energy and his vision. More than once in the documentary, Neumann leads chants along the lines of "when I say We, you say Work," and the room erupts in the cacophonous sound of a quasi-cult.

Employees describe being taken in by Neumann's infectious energy and feeling like their work was directly linked to their self worth. Convinced they were changing the world, the work they could do for the company felt like what they could do for the greater good.

So, with the fall of the company and its charismatic CEO came the fall of the ideal, which left employees disillusioned and disjointed.

The Delusion to Disillusionment of Former Employees

WeWork

What makes WeWork: or The Making and Breaking of a $47 Billion Unicorn so compelling was the fact that it is mostly filled with firsthand accounts from former employees who had been working at the company for a long time, and most of whom were very close to Neumann and the C-Suite.

It's easy to imagine a version of the WeWork story in which the delusion persists despite Neumann's departure — after all, WeWork is technically still standing. However, from Neumann's assistant to lawyers at the company, the documentary participants describe that the distance from Adam made them realize just how immersed they had been in the world he created.

So much of the classic "toxic workplace" tropes were at play at WeWork, but this was no Devil Wears Prada. The demanding pace was set from the top but it came with a smile, a flick of Neumann's trademark long locks, and a message about community used to cloak the exhaustive grind culture and capitalist hell the company really was.

The Hollowness of the “We”

WeWork Mug

"I worked for a quasi-cult and all I got was this mug"

What made work at WeWork so fulfilling was the promise of being part of a greater collective — the promises of the "We." But those promises proved fickle when Neumann ordered large-scale layoffs left and right as the company burned money.

Emails were uncovered revealing executives bragging about how many people they had fired in their departments while Adam was buying a $60 million private jet and investing in wave pools.

The Scale of its Profit Losses

Adam Neumann

Turns out it was all smoke and mirrors

Though it eventually became obvious that WeWork was not making the amount of money it said it was, its valuation made it seem valid enough when they first considered an IPO, and the reality of the company's financials was even more horrifying than anyone assumed.

Neumann, a born salesman, had been spinning rhetoric that the company could "choose when to become profitable" and that its gains were measured on a standard adjusted scale. However, the adjustments WeWork was making to feign profitability were obscene — camouflaging large debt and burning through money with the assumption that their investors would pick up the bill.

Overall, the documentary was an elegy to an "era of easy money and no rules," according to Bloomberg Quicktake. Neumann reaped the benefits of a time when innovative tech startups were hailed as the new frontier, real estate was changing, and co-working was still just an idea.

However, his massive success came with a God complex which was eventually his downfall, all at the expense of the people he had made believe in him.

PayPath
Follow Us on

Airbnb is a great option while traveling, but you should protect yourself from damage charges from unscrupulous hosts.

Airbnb offers an affordable option for people looking to be more comfortable as they travel.

However, there are downsides to staying in a host's home rather than a hotel. Whereas hotels are designed for constant streams of visitors and often have furniture built to last, at an Airbnb, you may be staying on old or cheap furniture that a host is using in order to maximize their profits.

And while most reputable hotels will have regular room inspections from staff to check for any wear and tear, Airbnb damage disputes are oftentimes he said, she said situations. If you are in an Airbnb and something breaks, there are a few steps you should take in order to ensure that you are not on the hook for damages out of your control.

Keep reading Show less

What Are NFTs?

Art Installation N°1 by Carlos Marcial. Rhett Dashwood / YouTube

If you're keeping tabs on the art and tech worlds, you've probably been hearing whispers about "NFTs" for the past month. Just over the past week they've entered the mainstream lexicon.

Twitter founder Jack Dorsey made the news for selling his first ever tweet. The app has been teasing paid subscription models and newsletter-like features, but tweets for sale is "the next frontier."

The 2006 tweet went up for auction as an NFT, and the current bid is $2.5 Million. But what does it mean to own that? Why would anyone want to? And what even is an NFT?

Keep reading Show less

Long gone are the days when the majority of Americans dreamed about owning a home with a white picket fence.

The traditional American Dream may be on its deathbed, but that doesn't mean a core component of the vision can't survive. It simply takes a diverse perspective. People can still believe they can attain their own vision of success in society with hard work, knowledge, and risk-taking. Investing in today's American Dream may literally mean investing money in our modern economy, starting with our infrastructure.

Real estate investing in particular is a lucrative method that can boost income and secure a better financial future for many. There's always risk involved, but the payoffs can far outweigh the uncertainty. Selecting solid financial investments is about confidence and competence. If you're looking for some advice on this kind of investment, here are a few savvy tips for new real estate investors.

Stick To a Specific Strategy or Niche

Real estate is a challenging sphere of the business world, one that requires several key skills: groundwork knowledge, networking, perseverance, and organization. True knowledge of the real estate market will come with time and experience, but it's a smart idea to select one area of the market and stick to it. This is the best way to attain in-depth familiarity with your specific niche.

First, choose a geographical area close by and then a niche strategy within it, such as house flips, rental rehabs, or residential or commercial properties. By doing so, you can become aware of current inner working conditions in the market and you'll have a better idea of how these trends may change in the future.

Be Vigilant About Viable Financing Options

While it takes money to make money, you don't have to use all your own money. A common misconception about real estate investing is that you must be wealthy to start off. This isn't straight fact, however. A majority of people can test the waters of real estate investing without a lot of initial cash in their pocket.

Aside from traditional financing options from banks and institutions, private lending options can be worthy solutions. Hard money lenders are popular, reasonable choices, and they tend to have fewer qualification requirements upfront. However, be sure to strategically choose a hard money lender to find the best possible fit.

Master the Art of Finding Good Deals

There may be hundreds of thousands of available properties for sale on the current market, but the bulk of them will never amount to the final money-making result you desire. Another great tip for new real estate investors is to use good math to estimate profit. Taking risks is part of the process, but you have the ability to analyze properties and use networking sources to find the greatest deal. You can't win every deal, but you can steadily work towards a thriving financial future.