Wework loses $5200/customer, lost $1.3B in H1/2019

[L0ki]

I also like this:

Our Principal Stockholder and Our Status as a Controlled Company

Following the completion of this offering, as a result of his share ownership, together with his voting arrangements with certain stockholders, Adam Neumann, our Co-Founder and Chief Executive Officer, will be able to exercise voting control with respect to an aggregate of shares of our Class A common stock, shares of our Class B common stock and shares of our Class C common stock, representing approximately % of the total voting power of our outstanding capital stock (or approximately % of the total voting power of our outstanding capital stock if the underwriters exercise in full their option to purchase additional shares of our Class A common stock). Accordingly, Adam will have the ability to control the outcome of matters submitted to our stockholders for approval, including the election of our directors. As a founder-led company, we believe that this voting structure aligns our interests in creating stockholder value.

my emphasis, obvs.

Well “as a founder-led company”, of course you believe the founder having complete control is best. Arguing that it aligns with creating shareholder value would be nice if you didn’t also admit (as you are legally required to do) that the co-founder and major shareholder is pulling money out of the company in undisclosed but presumably non-zero amounts.

This on the other hand is exactly the sort of thing that makes me want to throw up at the thought of working in certain industries:

WE DEDICATE THIS
TO THE ENERGY OF WE -
GREATER THAN ANY ONE OF US
BUT INSIDE EACH OF US

I’m sure knowing that makes working in one of the spaces so much better.

To be fair, seeing it like that doesn’t really get across the soulless horror of how it appears in the prospectus. The dead beige background, the shonky font and the juxtaposition of the little poem/haiku ‘dedication’ with the logo on the opposite page…

Before they then launch into a whole bunch of tech-bro, IPO jargon and puffery carefully swirled around the legally mandated admissions that they don’t actually make any money, never have and have no intention of doing so any time soon.