Ep 3. How WeWork Went Wild

In season 15 episode 3 of American Greed, titled "How WeWork Went Wild," viewers are taken through the rise and fall of WeWork, a company that aimed to revolutionize the office-sharing industry.

The episode begins with WeWork's charismatic founder, Adam Neumann, who had a grand vision for the company. Neumann's pitch was to create a community and environment where people not only worked but also lived, ate, and socialized. It was a revolutionary idea that garnered the attention of many venture capitalists, who poured millions of dollars into WeWork.

However, as the company grew, cracks began to appear. Neumann's management style was erratic, and he often made decisions that didn't seem to make sense. WeWork's valuation soared to $47 billion, despite the fact that the company had never turned a profit. In 2019, WeWork filed for an initial public offering, but the flaws in the business model were soon exposed. Investors were skeptical, and the IPO never happened.

The episode delves into the series of events that led to WeWork's downfall, including Neumann's questionable use of company funds, his antics, and growing concerns about the company's financial stability. Viewers are introduced to the people behind the scenes who tried to warn investors and the public about WeWork's potential downfall, including activist investor, Elliott Management, who eventually stepped in to take control of the company.

As the episode progresses, viewers learn about the intense legal battles that ensued between Neumann and WeWork, and the financial fallout that occurred when the truth about the company's problems were finally exposed. Interviews with former employees, investors, and journalists provide insight into the culture of greed and excess that seemed to pervade the company.

The episode concludes with a reflection on the lessons that can be learned from WeWork's story. It highlights the importance of due diligence, transparency, and responsible management practices, and the need for companies to focus on long-term sustainability rather than short-term gains.

Overall, "How WeWork Went Wild" is a fascinating look at the rise and fall of one of the most hyped companies of the decade. It is a cautionary tale about the dangers of unchecked ambition, questionable management practices, and the allure of quick profits. The episode offers a sobering reminder that even the most innovative and disruptive ideas can crumble if they are not built on a solid foundation of ethics and financial responsibility.