Today's Blinkist summary is about the Cult of We by @eliotwb and @maureenmfarrell…
The story of WeWork is that of a "glorified real estate company" that was selling itself as a tech company/startup. It all came crashing down in 2019.…
It all starts back in 2006 when Adam Neumann met an architect called Miguel McKelvey. Neumann needed a space for a baby clothes business. They ended up in the same building and they started collaborating on a business of renting ready-to-use office space.
The first company was GreenDesk and they sold out in 2009. They then convinced Joel Schreiber to invest in a new company called WeWork.…
Neumann positioned the company as a tech start up to maximise the hype (and money that ppl we willing to invest).

It sounds like he was a slick salesman. He had slides predicting revenue to increase from $73 mil to $2.8 billion from 2014 to 2018. Wow!…
McKelvey cashed in his profits, and Neumann continued the work. The company was still "losing a million dollars a day" after 7 years.

Neumann had a "triangle plan" which he used to entice Masayoshi Son, the CEO of Softbank Group in Japan.
Softbank valued WeWork at $47 billion and invested $10 billion, with promises of a further $10 billion.

Rather than a "triangle plan", perhaps house of cards or pyramid might have been more apt.…
WeWork tried to expand into other areas. They acquired other companies and spending was exorbitant. "In less than two years, WeWork had depleted $3 billion of Softbank's money".

That's $3 000 000 000.…
There was a large staff retreat in 2019 where Neumann announced he thought the company was worth $100 billion.

Softbank's money was partly provided by the Saudi government, and they grew wary.

4 months after the summit, Neumann announced an IPO.…
"by 2019 Neumann boasted a personal net worth of $10 billion...He developed a reputation for partying hard on his private jets – and traveling everywhere with a trail of aides, including a hairdresser and a surf instructor."

Eggregious is the word.
Before the IPO document was released, the comms department put together a list of potentially damaging details about the company. It was 20 pages long.

The IPO documents were published on 19 Aug 2019. Two days later, Neumann stepped down with a $1 billion severance package.…
And lo and behold, in the news today, it looks like Neumann remains unrepentant.

And this whole saga reminds me how the western capitalist system is set up to allow people to get away with this type of scam. *end rant*

• • •

Missing some Tweet in this thread? You can try to force a refresh

Keep Current with Dr Andrew Huang 黄延祺

Dr Andrew Huang 黄延祺 Profile picture

Stay in touch and get notified when new unrolls are available from this author!

Read all threads

This Thread may be Removed Anytime!


Twitter may remove this content at anytime! Save it as PDF for later use!

Try unrolling a thread yourself!

how to unroll video
  1. Follow @ThreadReaderApp to mention us!

  2. From a Twitter thread mention us with a keyword "unroll"
@threadreaderapp unroll

Practice here first or read more on our help page!

More from @DrAndrewHuang

12 Nov…
Political Tribes by @amychua in 2018. She's the author of the Tiger Mum book, and my interest was piqued when I heard her on @GadSaad's podcast yesterday.

Let's see what she's got to say about tribalism.…
Populism, Chavez, Brexit, Trump. You've got my attention.

Chua has a theory about how it all comes together, and how failing to take into account tribalism has resulted in serious US foreign policy blunders.…
We are tribal, and it is hidden. It's about excluding and including. It's about shared bonds and shared identities.

I see this in medicine all the time. E.g. the way ICU and emergency medicine trainees are treated by anaesthesia departments.
Read 18 tweets
8 Nov
OK. Restarting this thread after almost 2 years.

I found the name of the play. It is "True Cut" by @DavidJAlderson.…

It took me a good 15-30 minutes of detective work to find it.

I've backtracked to the start of the chapter because it's been so long. Schon is highlighting the tension between discipline and practice-orientations to education. He menions Veblen.
And again on the page 308. What is Veblen's ancient hierarchy of knowledge? Who was Veblen?
Read 43 tweets
7 Nov…
Not today - 9 habits of extreme productivity by Erica and Mike Schultz.

This should be the counterpoint to Rest (I think)
The authors think that productivity can be learned. I think they're probably right. Being productive is a skill, and I think most if not all skills can be learned and improved upon.…
The authors had a son with a health condition. They kept working to maintain their health insurance. They also had two more kids AND grew their business.

OK. So what's their secret sauce?
Read 11 tweets
3 Oct…
Another book by Gottman of the @GottmanInst.

We can all improve our relationships.
Seven principles in total. Let's see where this goes.…
We form love maps of information on our partner. It contains our partner's and our own aspirations and life philosophies.

Love maps are dynamic too. They change over time and with the season of life we go through. e.g. having kids can change your map.
Read 20 tweets
3 Oct…
This book by John Gottman of @GottmanInst will be interesting. They're trying to answer this question: "What's the secret to having a happy, healthy, and close relationship with another person?"

Let's see what they've got to say...
Gottman set up the "Love lab". Must have been an observational study. What they found was that how the couples communicated was not important, not what was said.…
Gottman developed the concept of a "bid". A Bid is an attempt to establish an emotional connection and can be verbal or non-verbal. It's a way of saying "Hey, I'd like to connect with you".

Gottman found that responses fell into three categories.
Read 16 tweets
2 Oct
Well done to the trainees to write to @ANZCA. Need to empower and engage the next generation. They are the future leaders.


I'm pretty sure Myat came to Viva coaching.

Also, I'm hearing skips. @rseglenieks has used Powerpoint to record his presentation. You can record one slide at a time. Learnt this myself. Better than one take in some ways.
Who took this photo? Bigeminy and hypotensive. Glad it's not my anaesthetic! 🤣
Read 16 tweets

Did Thread Reader help you today?

Support us! We are indie developers!

This site is made by just two indie developers on a laptop doing marketing, support and development! Read more about the story.

Become a Premium Member ($3/month or $30/year) and get exclusive features!

Become Premium

Too expensive? Make a small donation by buying us coffee ($5) or help with server cost ($10)

Donate via Paypal

Thank you for your support!

Follow Us on Twitter!