Courtesy of Pam Martens
By Pam Martens and Russ Martens
The WeWork IPO is hype wrapped in subterfuge. It’s a money-losing commercial real estate company attempting to pass itself off as the Dalai Lama of office space rentals. The company has never made a dime of profits and its losses spiraled to $900 million in the first half of this year.
Here’s a sample of the spin from its IPO prospectus:
“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. We believe our company has the power to elevate how people work, live and grow.”
“We believe that individuals are more productive when they are able to express their full and authentic selves, so we aspire to be as inclusive as possible.”
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