wework-copywriting:-what-they-say-to-1.47-million-pageviews-every-month

Herbert Lui

This article is an excerpt of the original, published here.

Illustration by: Hafid Fachrudin

An investigation into five iterations of WeWork’s homepage (V1, V2, V3, V4, V5/V5.5) reveals:

  • Why themes are important in tying together the messy parts of your business story
  • How to make yourself the future, by identifying and highlighting the past
  • How to tie in the original spirit of your business as you evolve beyond its original vision

In January, along with an investment from SoftBank, WeWork CEO and co-founder Adam Neumann announced the We Company, a company’s expansion that keeps WeWork as one of its main businesses, along with two new brands WeLive and WeGrow.

The idea of The We Company is one the founders had for WeWork since day one:

“The 2009 plan for family of We brands” via wework.com

Tracing this leap in their company’s scope back to their roots, we investigated how WeWork went from a way to work to a way of life, looking at versions of their website to guide us through its development. In this first part, we discovered five copywriting insights that can enable any company to capture the hearts and minds of customers, fans, and other stakeholders.

Full version (February 8, 2011)

In 2010, WeWork’s first website (V1) was only selling New York City “boutique office space” (similar to Adam and Miguel’s previous business, GreenDesk). The website described WeWork as “beautiful, functional, flexible” and promised to provide “a collaborative and creative environment where innovative businesses and individuals can flourish.”

In contrast with its sparse subject matter, the writing style was unabashedly aspirational, promising to revolutionize the workplace and to be a place “where people come together to create something greater than themselves.” It aimed high, telling customers in deliberate all caps, “WE ARE ONE,” even when they only had 350 members.

This spirit was cultivated by WeWork’s chief brand officer Rebekah, who also happens to be Adam’s wife. We write more about her pivotal impact on WeWork’s direction in the full version of this article.

Full version (April 27, 2012)

In 2012, WeWork updated their website to V2. They now wrote of their mission, “In addition to satisfying our members’ practical needs, to empower and inspire them to grow — personally and financially.” While V1 had already demonstrated an emphasis on community, V2 made a stronger promise to help smaller companies and entrepreneurs succeed.

A young Steve Jobs once considered the computer to be the bicycle for the mind. These days, people (like this one) take that analogy even further, claiming that technology gives people superpowers. WeWork uses their language to be emotionally consistent with this claim, invoking words like, “creating, connecting, collaborating and innovating” and emphasizing creator culture and growth. Overuse has unfortunately drained each of these words of the power they once held. If we were to revert them to their original meaning, we can consider the significance of each one:

  • Creating has a prominent, borderline-mystical narrative and history
  • Connecting has religious and, because of social media, technological connotations
  • Collaborating is about bringing people together
  • Innovating conveys progress and a better tomorrow

Creating, connecting and collaborating were all themes that were present in V1, but were more emphasized in V2. By placing its brand new members section at the top of the homepage, WeWork brought these values to the forefront. Adding innovation to the mix encourages creation, connection, and collaboration towards change.

Full version (May 30, 2014)

In V3 of the WeWork website, the site says, “Our members run the gamut — startups, small businesses, freelancers, writers, independent film makers, you name it.”

Amidst their many different types of customers, WeWork ties them together, saying, “One thing they all share is an entrepreneurial spirit.” Not only does WeWork unify all of their customers, they also ascribe the themes of “entrepreneurial” and “community” to them. They also set the expectation that by paying for WeWork, you become a part of this exclusive, diverse, entrepreneurial community.

One more notable point: their hero text, “Do What You Love,” combines their workspace business with their higher calling. There were mentions of creating, collaborating, and connecting in the “What is WeWork” and “Who We Are” sections. Innovation only showed up in a member testimonial, not in WeWork’s writing. V3 also features much more prominent images of their actual workspaces than V2 did.

Full version (October 2, 2014)

In later 2014, V4 of WeWork’s website promised “the space, community, and services you need to create your life’s work.”

The writing was heavy on community and creating in this version, from the “Join our community of creators,” slogan to “WeWork is a platform for creators.” Even V4’s member section was called “Our community of creators.” Below it, they built on their technology capabilities, showing off mobile apps, encouraging customers to “stay connected and stay productive.”

Between the rise in independent contractors, freelancers, non-traditional occupations (e.g., professional Fortnite player), and platforms facilitating exchanges, these changes fuel a change in zeitgeist. More and more people make a living without the traditional, 9–5, corporate life that drove the prior generation. WeWork’s own business of renting out office real estate to entrepreneurs is a symptom of this.

And yet the focus on community serves a strategic purpose. Corporations with deep pockets, expanding needs, and a desperation to provide trendy amenities to their employees, could be open to signing longer-term rentals. The community focus would provide their many employees, or potential hires, with a cool place to work.

Additionally, “productivity” makes its first appearance as a theme. It’s a step away from the previously more spiritual tone. There were still mentions of “your life’s work” and other creative endeavours, but this was the first reference to how efficient and focused employees would be in the space. The “Our Spaces” section said membership “gives you access to our locations in cities around the world.” Prioritizing productivity and international access are key to a more serious tone and an audience of bigger businesses.

Full version (May 20, 2019)

In V5, WeWork toned its website to better suit its increasingly corporate audience. The header said, “Space to Elevate Work,” the only trace of its previous voice is the word, “Elevate.” It also cut away “creating” after the emphasis on it in V4. “Innovation” came back after fading out in V3, “connection” was still a constant, and productivity showed up again after its introduction in V4, to continue to appeal to bigger enterprises.

Right below the fold, WeWork promises they’re the place “Where Company Becomes Community.” It’s a strong positioning move: Identifying the antiquated standard, and making themselves represent the changing standard.

Many companies do only the latter, like Lambda School’s “Your new tech career starts here,” and General Assembly’s “We are the future of work.” Explicitly calling out the current, outdated, standard could make each of their statements stronger.

Full version (Present day)

In the update at the beginning of June 2019 (V5.5), the header is “Revolutionize your workplace,” a bit of a throwback to V1’s claim that WeWork was “revolutionizing the traditional definition of the workplace.” Where it used to tell people they sell revolution, now they show it.

For example, rather than specifically highlighting only their large companies, they also show off their range of members with these new case studies, whose links are hosted under the new “Ideas by We” publication (more on that in a future article). It’s not a sign they ran out of ideas — but instead, that they are returning to the spirit that compelled them to start this business in the first place

Creating (“create soulful spaces”) and innovation (“innovative workplace technologies”) are also present themes, but connection, collaborating, and productivity don’t show up in any copywriting. “Meaningful” and “impactful” have popped up, mirroring the opening line of WeWork’s January rebrand announcement: “Nine years ago, we had an idea. We thought that if we created a community that helped people live life with purpose, we could have a meaningful impact on the world.”

WeWork understands the power of symbols and words, and makes use of higher-level themes and abstract ideas to unify the parts of their image and story that could otherwise get disorganized.

Amidst the constant change, WeWork draws inspirations from their roots as they need. But they constantly evolve beyond their previous website. They write not just for the market they have established themselves in, but for the one they want to expand into next.

Thanks for reading! I’m Herbert, the editorial director at Wonder Shuttle. We’re an editorial studio that works with clients such as Shopify, Wattpad, and Twilio to make publications, resource centers, and technical manuals. Our content canvas is a framework that marketers and strategists use to create useful, contagious content.


As of July 2019, SimilarWeb estimates WeWork’s homepage is visited by 50.2% of 2.92m pageviews.

I wrote this article with editorial manager Carolyn Turgeon’s research and writing contributions. Also, Hafid Fachrudin made the illustration for this article.

If you liked this piece, check out our series deconstructing Slack’s writing:

wework-copywriting:-what-they-say-to-1.47-million-pageviews-every-month

Herbert Lui

This article is an excerpt of the original, published here.

Illustration by: Hafid Fachrudin

An investigation into five iterations of WeWork’s homepage (V1, V2, V3, V4, V5/V5.5) reveals:

  • Why themes are important in tying together the messy parts of your business story
  • How to make yourself the future, by identifying and highlighting the past
  • How to tie in the original spirit of your business as you evolve beyond its original vision

In January, along with an investment from SoftBank, WeWork CEO and co-founder Adam Neumann announced the We Company, a company’s expansion that keeps WeWork as one of its main businesses, along with two new brands WeLive and WeGrow.

The idea of The We Company is one the founders had for WeWork since day one:

“The 2009 plan for family of We brands” via wework.com

Tracing this leap in their company’s scope back to their roots, we investigated how WeWork went from a way to work to a way of life, looking at versions of their website to guide us through its development. In this first part, we discovered five copywriting insights that can enable any company to capture the hearts and minds of customers, fans, and other stakeholders.

Full version (February 8, 2011)

In 2010, WeWork’s first website (V1) was only selling New York City “boutique office space” (similar to Adam and Miguel’s previous business, GreenDesk). The website described WeWork as “beautiful, functional, flexible” and promised to provide “a collaborative and creative environment where innovative businesses and individuals can flourish.”

In contrast with its sparse subject matter, the writing style was unabashedly aspirational, promising to revolutionize the workplace and to be a place “where people come together to create something greater than themselves.” It aimed high, telling customers in deliberate all caps, “WE ARE ONE,” even when they only had 350 members.

This spirit was cultivated by WeWork’s chief brand officer Rebekah, who also happens to be Adam’s wife. We write more about her pivotal impact on WeWork’s direction in the full version of this article.

Full version (April 27, 2012)

In 2012, WeWork updated their website to V2. They now wrote of their mission, “In addition to satisfying our members’ practical needs, to empower and inspire them to grow — personally and financially.” While V1 had already demonstrated an emphasis on community, V2 made a stronger promise to help smaller companies and entrepreneurs succeed.

A young Steve Jobs once considered the computer to be the bicycle for the mind. These days, people (like this one) take that analogy even further, claiming that technology gives people superpowers. WeWork uses their language to be emotionally consistent with this claim, invoking words like, “creating, connecting, collaborating and innovating” and emphasizing creator culture and growth. Overuse has unfortunately drained each of these words of the power they once held. If we were to revert them to their original meaning, we can consider the significance of each one:

  • Creating has a prominent, borderline-mystical narrative and history
  • Connecting has religious and, because of social media, technological connotations
  • Collaborating is about bringing people together
  • Innovating conveys progress and a better tomorrow

Creating, connecting and collaborating were all themes that were present in V1, but were more emphasized in V2. By placing its brand new members section at the top of the homepage, WeWork brought these values to the forefront. Adding innovation to the mix encourages creation, connection, and collaboration towards change.

Full version (May 30, 2014)

In V3 of the WeWork website, the site says, “Our members run the gamut — startups, small businesses, freelancers, writers, independent film makers, you name it.”

Amidst their many different types of customers, WeWork ties them together, saying, “One thing they all share is an entrepreneurial spirit.” Not only does WeWork unify all of their customers, they also ascribe the themes of “entrepreneurial” and “community” to them. They also set the expectation that by paying for WeWork, you become a part of this exclusive, diverse, entrepreneurial community.

One more notable point: their hero text, “Do What You Love,” combines their workspace business with their higher calling. There were mentions of creating, collaborating, and connecting in the “What is WeWork” and “Who We Are” sections. Innovation only showed up in a member testimonial, not in WeWork’s writing. V3 also features much more prominent images of their actual workspaces than V2 did.

Full version (October 2, 2014)

In later 2014, V4 of WeWork’s website promised “the space, community, and services you need to create your life’s work.”

The writing was heavy on community and creating in this version, from the “Join our community of creators,” slogan to “WeWork is a platform for creators.” Even V4’s member section was called “Our community of creators.” Below it, they built on their technology capabilities, showing off mobile apps, encouraging customers to “stay connected and stay productive.”

Between the rise in independent contractors, freelancers, non-traditional occupations (e.g., professional Fortnite player), and platforms facilitating exchanges, these changes fuel a change in zeitgeist. More and more people make a living without the traditional, 9–5, corporate life that drove the prior generation. WeWork’s own business of renting out office real estate to entrepreneurs is a symptom of this.

And yet the focus on community serves a strategic purpose. Corporations with deep pockets, expanding needs, and a desperation to provide trendy amenities to their employees, could be open to signing longer-term rentals. The community focus would provide their many employees, or potential hires, with a cool place to work.

Additionally, “productivity” makes its first appearance as a theme. It’s a step away from the previously more spiritual tone. There were still mentions of “your life’s work” and other creative endeavours, but this was the first reference to how efficient and focused employees would be in the space. The “Our Spaces” section said membership “gives you access to our locations in cities around the world.” Prioritizing productivity and international access are key to a more serious tone and an audience of bigger businesses.

Full version (May 20, 2019)

In V5, WeWork toned its website to better suit its increasingly corporate audience. The header said, “Space to Elevate Work,” the only trace of its previous voice is the word, “Elevate.” It also cut away “creating” after the emphasis on it in V4. “Innovation” came back after fading out in V3, “connection” was still a constant, and productivity showed up again after its introduction in V4, to continue to appeal to bigger enterprises.

Right below the fold, WeWork promises they’re the place “Where Company Becomes Community.” It’s a strong positioning move: Identifying the antiquated standard, and making themselves represent the changing standard.

Many companies do only the latter, like Lambda School’s “Your new tech career starts here,” and General Assembly’s “We are the future of work.” Explicitly calling out the current, outdated, standard could make each of their statements stronger.

Full version (Present day)

In the update at the beginning of June 2019 (V5.5), the header is “Revolutionize your workplace,” a bit of a throwback to V1’s claim that WeWork was “revolutionizing the traditional definition of the workplace.” Where it used to tell people they sell revolution, now they show it.

For example, rather than specifically highlighting only their large companies, they also show off their range of members with these new case studies, whose links are hosted under the new “Ideas by We” publication (more on that in a future article). It’s not a sign they ran out of ideas — but instead, that they are returning to the spirit that compelled them to start this business in the first place

Creating (“create soulful spaces”) and innovation (“innovative workplace technologies”) are also present themes, but connection, collaborating, and productivity don’t show up in any copywriting. “Meaningful” and “impactful” have popped up, mirroring the opening line of WeWork’s January rebrand announcement: “Nine years ago, we had an idea. We thought that if we created a community that helped people live life with purpose, we could have a meaningful impact on the world.”

WeWork understands the power of symbols and words, and makes use of higher-level themes and abstract ideas to unify the parts of their image and story that could otherwise get disorganized.

Amidst the constant change, WeWork draws inspirations from their roots as they need. But they constantly evolve beyond their previous website. They write not just for the market they have established themselves in, but for the one they want to expand into next.

Thanks for reading! I’m Herbert, the editorial director at Wonder Shuttle. We’re an editorial studio that works with clients such as Shopify, Wattpad, and Twilio to make publications, resource centers, and technical manuals. Our content canvas is a framework that marketers and strategists use to create useful, contagious content.


As of July 2019, SimilarWeb estimates WeWork’s homepage is visited by 50.2% of 2.92m pageviews.

I wrote this article with editorial manager Carolyn Turgeon’s research and writing contributions. Also, Hafid Fachrudin made the illustration for this article.

If you liked this piece, check out our series deconstructing Slack’s writing:

wework-isn?t-a-tech-company;-it?s-a-soap-opera


Illustration by Alex Castro / The Verge

I dedicate this to the energy of We

On August 14th, The We Company (the company formerly known as WeWork) filed its mandatory S-1 paperwork to go public, and it’s worth reading in full. I mean, forget the serious stuff for a moment. The thing begins with an epigram: “We dedicate this to the energy of we — greater than any one of us, but inside all of us.”

The energy of we. I get it from a branding perspective — they’re literally calling themselves The We Company — but, you know, normal people would just say “our energy.” I tease Silicon Valley’s tech companies a lot, but New York easily matches them in ego. Look at these kids, literally bending the English language to their will!

Anyway, please join me on an annotated trip through my favorite parts of the mandatory filing.

Is The We Company a tech company?

WeWork — excuse me, The We Company — is primarily a landlord for freelancers and companies. You pay rent on your desk or whatever, and then you don’t have to work in the same place you live. (There are also conference rooms.) And yet the word “technology” appears 110 times in the S-1. “We provide our members with flexible access to beautiful spaces, a culture of inclusivity and the energy of an inspired community, all connected by our extensive technology infrastructure,” The We Company tells us. But I am having the damnedest time figuring out what the “extensive technology infrastructure” is. Does this just mean Wi-Fi? Is it the neon lights? Is it… lasers?

It’s true that The We Company hires lots of engineers, product designers, and so on. But, like, what major company doesn’t? If that’s the standard by which one considers a tech company, JPMorgan Chase is one of the biggest and most important tech companies on earth.

I am just going to drop The We Company’s org chart here because it honestly leaves me speechless:


This is the planned structure for The We Company after its IPO, as it appears in its S-1 form. I’d try to explain it, but I don’t understand what the fuck is happening.

The We Company, taken broadly, is interested in co-working spaces (WeWork), private schools (WeGrow), and apartments and hotels (WeLive). The We Company isn’t a tech company, though it is very successfully posing as one. It also has investments in a private club targeting women called The Wing; The We Company owns a 23 percent stake, according to these documents. Its other investments are mostly real estate. This is to say nothing of the fact that there are two ways the company makes money: 1) from people paying fees to lease its shit, and 2) from sponsorships and ticket sales for events.

The We Company’s main competitor is IWG, a real estate company that is not pretending to be a tech company, as Recode points out. “IWG has had substantially more square footage and more customers, and has actually made a profit — yet its market cap is just 8 percent of what SoftBank’s latest funding round thinks WeWork is worth,” Recode helpfully tells us. The We Company isn’t just a regular real estate company, then; it’s a real estate company that’s taken a lot of money from SoftBank and other firms by just saying “tech” a lot.

Anyway, I went further into the documents, and wow. Adam Neumann, CEO of The We Company, and Rebekah Paltrow Neumann, founding partner of The We Company and first cousin of Gwyneth, have a succession planning document that does not even consider the possibility of divorce. If anything happens to Adam, Rebekah plus two board members (in some circumstances, of her choice) get to pick the next CEO.

Now, if Rebekah can’t do this — perhaps because she is dead or disabled — a trustee acting on behalf of the Neumann estate will pick up the work of finding a new CEO. This company appears to be all about the Neumanns, especially Adam Neumann.

A major risk factor: Adam Neumann

Adam is a risk factor. Seriously, check the Risk Factors section. “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.” Well, it creates value for Adam, anyhow.

Adam Neumann bought buildings that he then leased to WeWork, The Wall Street Journal reported in January. Adam made millions on the deals. In May, he said he would sell the properties that WeWork leases to a real estate investment unit run by WeWork and funded by outside investors, The Wall Street Journal reported.

The investment vehicle, called ARK, will manage Adam’s holdings in 10 commercial properties, the IPO form says. Four of those properties are leased by WeWork.


This chart from the S-1 forms describes ARK’s structure. I don’t understand it either.

The S-1 form notes that Adam “currently has a line of credit of up to $500 million with UBS AG, Stamford Branch, JPMorgan Chase Bank, N.A. and Credit Suisse AG, New York Branch, of which approximately $380 million principal amount was outstanding as of July 31, 2019.” That loan is secured by some of The We Company’s shares.

Adam is also $97.4 million in the hole to JPMorgan Chase “across a variety of lending products, including mortgages secured by personal property,” though those “lending products” aren’t secured with We Company shares. Incidentally, JPMorgan Chase is one of the underwriters of The We Company IPO. (Others include Goldman Sachs, Bank of America, Citigroup, and Barclays. The IPO may be worth more than $122 million in fees, according to Bloomberg.)

While Adam hasn’t taken a salary for his We Company work — neither has Rebekah — the company issued him a $7 million loan in June 2016. (It is repaid, with interest.)

There are a few reasons to launch an IPO: a big one is to take on new investment. IPOs also let insiders cash out. Before 2019, Adam had not received any equity awards, the documents say. But as The We Company got larger, the board of directors decided to give Adam reason to do an IPO, so Adam received options to purchase more than 42 million shares.

The breakdown of the shares in Adam’s compensation package is as follows:

  • 9,438,481 options vest every month for five years
  • 9,438,481 options are performance-based vesting and vest monthly for five years
  • 7,078,861 options will also be granted monthly “if we attain a public market capitalization of $50 billion and vest monthly for a period of years after that”
  • 7,078,861 options “meet the performance-based vesting conditions if we attain a public market capitalization of $72 billion, and vest monthly over a period of two years from that date”
  • 9,438,481 options “meet the performance-based vesting conditions if we attain a public market capitalization of $90 billion, and vest monthly over a period of two years from that date”

This led to the $362.1 million loan Adam got in April from The We Company to exercise his stock options. Adam repaid the loan this month by giving the shares back. “Following the settlement of this loan, the Company issued to Adam the number of profits interests equal to the number of shares surrendered by Adam in settlement of the loan.” I am not totally sure I follow this sentence, honestly, but it seems like Bloomberg’s Shira Ovide did, and here is how she describes it: “Neumann swapped out a portion of those options the company valued at more than $360 million in a complicated transaction with the company that gave him a financial instrument tied to future WeWork profits.”

Adam spread the financial love to his wider family, too. From the filing:

One of Adam’s immediate family members hosted eight events relating to our Creator Awards ceremonies in 2018, for which she was paid an aggregate of less than $200,000. Another one of Adam’s immediate family members has been employed as head of the Company’s wellness offering since 2017, and he receives less than $200,000 per year for acting in this capacity.

Also, while we’re talking Adam-related risk factors: interviews Adam gave to Business Insider and Axios possibly violated the Securities and Exchange Commission’s IPO quiet period. They’re listed in the form as risks to the business. See, The We Company filed for IPO in December; the SEC’s required quiet period starts when a company files its registration, and it ends when the SEC staff declare the statement “effective.”

In total, as Shira Ovide at Bloomberg points out, there are 10 pages’ worth of the filing that are just disclosures about Adam.

What about Rebekah?

Rebekah, Adam’s “strategic thought partner,” appears significantly less often. As I mentioned, she’s never received a salary. She also kicked up a fuss in September 2018 by making some pretty weird comments about what women are supposed to do, according to CNBC: “A big part of being a woman is to help men [like Adam] manifest their calling in life.”

This is a dim view of marriage: only one partner can “manifest their calling in life.” While The We Company walked back those comments — sort of! — by adding more context, it didn’t help because the context is: “The reality that I see today is that there is nothing bigger that women can do, in my opinion, than empower their partners — and that can be a man, a woman, a friend, it doesn’t matter, but empower others.”

At The We Company, Rebekah is the CEO of WeGrow, the school. At Cornell University, she majored in business and also studied Buddhism. Actually, I’m just going to quote her biography on WeGrow: “Rebekah has traveled the world apprenticing and studying under many Master Students, such as His Holiness the Dalai Lama and Mother Nature herself, and is committed to creating an educational community that fosters growth in humans’ minds, bodies, and souls elevating the collective consciousness of the world.”

She’s even attended the Dalai Lama’s birthday party, according to a 2016 Fast Company profile. “We don’t have a line at all between work and life,” she told Fast Company. “It’s not even a blurred line. There is no line.”

Since Rebekah is the one in charge of branding, I presume the following sentence from the S-1 is her doing: “We are a community company committed to maximum global impact. Our mission is to elevate the world’s consciousness.”

I blame SoftBank

Okay. So we know that The We Company, hilarious as it is, isn’t a tech company. So why does it have this sky-high evaluation? The answer appears 51 one times in the S-1: SoftBank.

SoftBank, its Vision Fund, and its CEO and founder Masayoshi Son, have loomed large over the tech industry, with investments in Slack, Uber, and GM Cruise. “SoftBank’s strategy has been to put enormous sums — its smallest deals are $100 million or so, its biggest are in the billions — into the most successful tech startups in a given category,” Sarah McBride, Selina Wang, and Peter Elstrom wrote in a Bloomberg profile last year.

In that article, an anonymous Silicon Valley partner calls SoftBank a “big stack bully,” which is a poker expression for someone who has so many chips that no one else will bet. (If you are reading this, anonymous source, please drop me a line. You sound fun!) The investments made by SoftBank are huge — and often push the companies SoftBank has invested in past their competition in both valuation and scale.

In January, SoftBank dropped another $2 billion into The We Company, bringing it to a valuation of $47 billion, according to The New York Times. SoftBank’s total investment in The We Company — including those made by its Vision Fund — is something like $10 billion, that report said. The Vision Fund, which raised about $100 billion, is backed by Saudi Arabia’s Public Investment Fund, Apple, and the government of Abu Dhabi, among others, according to Bloomberg.

That $2 billion might seem enormous, but it wasn’t as big as one of the deals SoftBank considered: buying out all other investors for $10 billion and then adding $6 billion more to The We Company, The Wall Street Journal reported. “Within SoftBank, the strong support for WeWork has been controversial,” wrote Eliot Brown. ”Several executives questioned the lofty valuation of a company primarily focused on real estate.”

If the company is to continue expanding at its current pace, it needs to get cash from somewhere. The IPO was filed in December 2018. In early January, several papers reported that the SoftBank cash injection was smaller than expected. And “in the first half of 2019,” the CEO got his first performance incentives, which are tied to the public market, per the documents.

An elevated consciousness of downside risk

So this company, The We Company, used to be called WeWork, but it changed its name. The new name was owned, Bloomberg’s Ellen Huet reports, by We Holdings LLC — so WeWork paid $5.9 million to acquire “we” and changed its name last month. We Holdings — you guessed it! — manages stocks and assets owned by… WeWork’s founders.

I tell you what, this has absolutely elevated my consciousness. For instance, the average initial term of The We Company’s leases is 15 years. The company will pay $47.2 billion, minimum, on the leases it’s already signed as of June 30th. And it’s still trying to grow.

I don’t know, friends. I just don’t know. I have never seen anything like this, and I cannot wait to see what the SEC has to say about loaning your founder, CEO, and controlling shareholder money while also paying him rent. This is to say nothing of who got paid by the name change or any of the rest of it. “As an investor, why would you be willing to put your confidence in this structure?” Charles Elson, a corporate governance professor at the University of Delaware, told Bloomberg.

I love chaos, and I am now very interested in The We Company. This company is heavily dependent on one guy, Adam, who seems to have a propensity for absolutely incredible deal structures. I am very excited to find out who will pony up for shares. Whee!