1/
More news from WeWTF today.
i) Adam’s shares reduced from 20x to 10x voting power; ii) The board can now remove him; and iii) @Softbank to purchase $750mm in shares at IPO.
OK,,,so
on.wsj.com/2lN8NtV
More news from WeWTF today.
i) Adam’s shares reduced from 20x to 10x voting power; ii) The board can now remove him; and iii) @Softbank to purchase $750mm in shares at IPO.
OK,,,so
on.wsj.com/2lN8NtV
@SoftBank 2/
i) Adam/board have acknowledged that Dear Leader is now only 10x (vs. 20x) as smart as the other owners/suckers/shareholders re decisions impacting everyone 1:1.
i) Adam/board have acknowledged that Dear Leader is now only 10x (vs. 20x) as smart as the other owners/suckers/shareholders re decisions impacting everyone 1:1.
@SoftBank 3/
ii) Great, board is now an actual (wait for it) board of directors, similar to 9 of 10 firms. If a board can’t remove CEO, or sell firm, it’s not a board but a group of people who get free dinner, collect $150k/year, and heckle from cheap seats (been there--board of NYT).
ii) Great, board is now an actual (wait for it) board of directors, similar to 9 of 10 firms. If a board can’t remove CEO, or sell firm, it’s not a board but a group of people who get free dinner, collect $150k/year, and heckle from cheap seats (been there--board of NYT).
@SoftBank 4/
So, @wework governance is no longer stage 4 cancer, but stage 3.9. Wait, I forgot, they now have a (gasp!) woman on the board. Let’s be generous and call it stage 3.8. SO progressive. What’s next, no child labor?
So, @wework governance is no longer stage 4 cancer, but stage 3.9. Wait, I forgot, they now have a (gasp!) woman on the board. Let’s be generous and call it stage 3.8. SO progressive. What’s next, no child labor?
@SoftBank @WeWork 5/
iii) Softbank propping up IPO, when they clearly want liquidity, is a dangerous cocktail of pump and dump and greater fool theory that buttresses notion markets are tilted against the little guy/retail investor. Dear SEC: Where the fuck are you?
iii) Softbank propping up IPO, when they clearly want liquidity, is a dangerous cocktail of pump and dump and greater fool theory that buttresses notion markets are tilted against the little guy/retail investor. Dear SEC: Where the fuck are you?
@SoftBank @WeWork 6/
Why would the firm be “full speed ahead” re IPO at a valuation ($10b), less than the money raised ($12b) to-date? A: i) Insiders know/acknowledge the business does not work;
Why would the firm be “full speed ahead” re IPO at a valuation ($10b), less than the money raised ($12b) to-date? A: i) Insiders know/acknowledge the business does not work;
@SoftBank @WeWork 7/
ii) JPM is in a corner, having loaned/bought hundreds of millions from Neumans secured by Adam’s common shares that, with no IPO, are worth zero as prefs stay in place if firm remains private--common shares sit behind preferred who are owed $12b+
ii) JPM is in a corner, having loaned/bought hundreds of millions from Neumans secured by Adam’s common shares that, with no IPO, are worth zero as prefs stay in place if firm remains private--common shares sit behind preferred who are owed $12b+
@SoftBank @WeWork 8/
(not to mention $130+mm in fees JPM/Goldman counting on) JPM’s exposure, if We does not get public, becomes first (and last) question(s) in next JPM next earnings call;
(not to mention $130+mm in fees JPM/Goldman counting on) JPM’s exposure, if We does not get public, becomes first (and last) question(s) in next JPM next earnings call;
@SoftBank @WeWork 9/
iii) We needs IPO to secure another $6b in debt to fund additional growth/halcyon/consensual hallucination.
iii) We needs IPO to secure another $6b in debt to fund additional growth/halcyon/consensual hallucination.
@SoftBank @WeWork 10/
The story leaked that Softbank was urging We to shelve IPO was a headfake (i.e., lie). The investment firm, if we remains private, will have to mark their holdings down by 75%, and still have no liquidity--worst of both worlds.
The story leaked that Softbank was urging We to shelve IPO was a headfake (i.e., lie). The investment firm, if we remains private, will have to mark their holdings down by 75%, and still have no liquidity--worst of both worlds.
@SoftBank @WeWork 11/
JPM/Adam/Softbank have decided to move forward despite a 75% reduction in value. A very bad/awful sign.
JPM/Adam/Softbank have decided to move forward despite a 75% reduction in value. A very bad/awful sign.
@SoftBank @WeWork 12/
Prediction(s): i) We does not get out. This isn’t lipstick on a pig, but botox on a lame Unicorn. If it does, this could be bad,,,really bad.
Prediction(s): i) We does not get out. This isn’t lipstick on a pig, but botox on a lame Unicorn. If it does, this could be bad,,,really bad.
@SoftBank @WeWork 13/
The price will be artificial, sitting on a throne of lies, and the eventual stampede for the exit by Softbank and others, who bought stock only so they could (eventually) sell more stock, could send a chill across unicorn class and broader market.
The price will be artificial, sitting on a throne of lies, and the eventual stampede for the exit by Softbank and others, who bought stock only so they could (eventually) sell more stock, could send a chill across unicorn class and broader market.
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