Ep 7. The Power of We

As the WeWork saga continues to unfold, in episode 7 of WeCrashed, titled "The Power of We", we delve deeper into the company’s tumultuous downfall. The episode focuses on the events leading up to October 2019, when co-founder Adam Neumann steps down as CEO of WeWork due to the company’s IPO failure.

The episode begins with a recap of WeWork’s rapid growth from a shared workspace provider to a global tech giant, with a valuation of $47 billion at its peak. However, this success wasn’t without its faults: the company was severely overvalued, and its business model was unsustainable. WeWork had a “takeover-the-world” mentality that was ultimately its downfall.

We also learn about the internal problems that plagued the organization, including the greed and power struggles of Adam Neumann, and his wife Rebekah Paltrow Neumann, who served as WeWork’s Chief Brand and Impact Officer. Under their leadership, WeWork’s toxic culture trickled down to its employees, creating a work environment that was both demanding and unstable.

The episode also explores the outside influences that impacted WeWork’s downfall, from the media scrutiny and negative press coverage to the actions of Softbank, its largest investor. Softbank’s decision to pull out of the IPO led to a lack of confidence from WeWork’s other investors, and ultimately the company’s downfall.

Throughout the episode, we hear interviews from former WeWork employees, investors, and journalists who offer insight into the inner workings of the company. We also see footage from Neumann’s infamous speeches, which highlight WeWork’s grandiose plans for world domination that ultimately proved to be unsustainable.

Despite all the chaos and scandal that plagued WeWork, one of the company’s biggest assets was its community. WeWork’s customers, known as “members”, were fiercely loyal to the brand, and many valued the sense of community that WeWork provided. The episode highlights how WeWork’s emphasis on community was a major driving factor behind its initial success, and how that same sense of community allowed many members to weather the storm when the company ultimately collapsed.

Overall, episode 7 of WeCrashed is a thoughtful examination of WeWork’s undoing, showcasing both its successes and its failures. The episode is a reminder that, while WeWork may have been a cautionary tale of greed and overvaluation, it was also a company that brought people together and created a sense of community.