News
Welcome to the News community!
Rules:
1. Be civil
Attack the argument, not the person. No racism/sexism/bigotry. Good faith argumentation only. This includes accusing another user of being a bot or paid actor. Trolling is uncivil and is grounds for removal and/or a community ban. Do not respond to rule-breaking content; report it and move on.
2. All posts should contain a source (url) that is as reliable and unbiased as possible and must only contain one link.
Obvious right or left wing sources will be removed at the mods discretion. We have an actively updated blocklist, which you can see here: https://lemmy.world/post/2246130 if you feel like any website is missing, contact the mods. Supporting links can be added in comments or posted seperately but not to the post body.
3. No bots, spam or self-promotion.
Only approved bots, which follow the guidelines for bots set by the instance, are allowed.
4. Post titles should be the same as the article used as source.
Posts which titles don’t match the source won’t be removed, but the autoMod will notify you, and if your title misrepresents the original article, the post will be deleted. If the site changed their headline, the bot might still contact you, just ignore it, we won’t delete your post.
5. Only recent news is allowed.
Posts must be news from the most recent 30 days.
6. All posts must be news articles.
No opinion pieces, Listicles, editorials or celebrity gossip is allowed. All posts will be judged on a case-by-case basis.
7. No duplicate posts.
If a source you used was already posted by someone else, the autoMod will leave a message. Please remove your post if the autoMod is correct. If the post that matches your post is very old, we refer you to rule 5.
8. Misinformation is prohibited.
Misinformation / propaganda is strictly prohibited. Any comment or post containing or linking to misinformation will be removed. If you feel that your post has been removed in error, credible sources must be provided.
9. No link shorteners.
The auto mod will contact you if a link shortener is detected, please delete your post if they are right.
10. Don't copy entire article in your post body
For copyright reasons, you are not allowed to copy an entire article into your post body. This is an instance wide rule, that is strictly enforced in this community.
view the rest of the comments
Never heard of them but I'm a little skeptical a company like that could even have had a valuation that high.
If you were a tech worker 20 miles from a wework building, you got a LOT of swag and invites to events. It was weekly for me.
In the era of low interest rates, a lot of stupidly-high valuations happened in tech. Many of those idiotic valuations were predicated on the idea that companies could afford to lose money for a long time in pursuit of “market share”, and then pivot to profitability when they wanted that. Never mind that if your business model is fundamentally about being the cheaper alternative while losing money — waving at Uber — the only path to being profitable goes through gaining monopoly powers and hiking prices to much higher levels that consumers will hate — waving at Uber again.
The truly dumb thing about WeWork’s valuation was that it was being valued as if it were a tech stock. It was a renter of office space, period. All of its “secret tech sauce” was a combination of lies and aspirational bullshit from its bullshit-artist CEO.
Oh yeah, that's completely stupid. Getting really sick of these 'undercut-everyone-monopolize' companies. Good to see them burn in that case. Wonder if we'll look back on this era as a bubble.
If you’re interested in some of the gory WeWork details, I can recommend either reading The Cult of We: WeWork, Adam Neumann, and the Great Startup Delusion, or (if you have an Apple+ subscription) watching We Crashed.
I frankly don’t understand how so many people didn’t quickly peg Adam Neumann as a charlatan. I guess everyone was more worried about Fear Of Missing Out than Fear Of Losing All My Money, and it drove some really dumb investments in WeWork.