“In retrospect, there’s no way this could have worked,” said one WeWork employee, a software engineer, about the company’s failed I.P.O.
I was in a wine bar the other day, having drinks with a couple of WeWork employees, when a waiter arrived to take our order. He’d overhead some of our conversation. “Are you talking about Adam Neumann?” he asked. “I know that dude! I grew up with his nephew. He used to smoke weed with us.” Somehow, this felt natural.
I spoke to about a half-dozen WeWorkers, a sampling that was heavily tilted toward the architecture and building sides of the business—the company’s “core offering.” They used words like “sombre” and “uncertain” to describe the mood at the company. A new chairman, Marcelo Claure, had arrived from SoftBank and made a speech promising “bumpy roads” ahead. Early-stage projects had been put on hold.
Then came a literal honeymoon: a festival known as Summer Camp, which was mandatory for new employees. At the wine bar, my two drinking companions thought back to the summer of 2018, shortly after they’d been hired. SoftBank had just provided the company with a billion-dollar cash infusion. Eight thousand WeWorkers were whisked to a field outside of London, where they camped in tents for three days. Lorde performed, and the New Age guru Deepak Chopra led a meditation.
Next came the middle period: a blur of frantic work.WeWork was in the business of delivering digital-style growth in the very analog sphere of commercial real estate. For the employees, this meant building lots of office spaces very, very fast. “It was chaos,” an architectural designer, who described herself as logistics-oriented, said. Design teams were huge. Trying to get everyone on the same page “was like herding cats,” she said.
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