WEBVTT - Introducing Foundering

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<v Speaker 1>Everyone was too bright eyed and too eager, and they

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<v Speaker 1>we chanted, we work, we chanted, we work, we work,

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<v Speaker 1>and then we hit a gong. Not that long ago,

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<v Speaker 1>Adam Newman was one of the most successful startup founders

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<v Speaker 1>in the world. He was a visionary leader who said

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<v Speaker 1>he was going to overturn a trillion dollar industry and

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<v Speaker 1>we Work. We really strive to help you as much

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<v Speaker 1>as we can. Focus on doing what you love, create

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<v Speaker 1>your life's work, and let us figure of the rest.

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<v Speaker 1>Venture capitalists were falling all over themselves to invest in

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<v Speaker 1>his company. We Work has revolutionized the leasing of office space.

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<v Speaker 1>Ten billion dollars invest in this company. It's the second

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<v Speaker 1>largest venture capital investment of all time. He ran the

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<v Speaker 1>most valuable startup in America, and he pitched that he

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<v Speaker 1>was going to revolutionize your work life. It sells fun.

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<v Speaker 1>I mean, it's cells excitement. You don't even have to

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<v Speaker 1>go out to a bar club. We will bring that

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<v Speaker 1>all to your office space where you sit and do work.

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<v Speaker 1>The bar is now at your desk. So when you

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<v Speaker 1>first walked in, you're like, dude, this place is awesome,

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<v Speaker 1>Like what is going on? But as Adam raised more

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<v Speaker 1>and more money, things started to get strange. You know,

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<v Speaker 1>if Adam was coming down the hall, it's like every

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<v Speaker 1>executive's butthole titans, Like everybody just got really like, oh

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<v Speaker 1>my god. He started saying things like he wanted to

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<v Speaker 1>live forever be the president of the world. We work

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<v Speaker 1>with nothing without Adam Newman. Right, No one wasn't investing

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<v Speaker 1>in we Work. They're investing in Adam Newman. But I

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<v Speaker 1>think we fall in love with these personalities. And the

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<v Speaker 1>Emperor wears no clothes, and in the span of just

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<v Speaker 1>a few weeks everything changed. Office space startup we Work

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<v Speaker 1>has officially postponed a plan to go public if we

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<v Speaker 1>Work as having trouble finding investor demand at one third

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<v Speaker 1>of the forty seven billion dollar price tag. That the

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<v Speaker 1>real concern is Adam Newman, the CEO. Everything is on him.

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<v Speaker 1>His performance will determine this What went wrong? Will take

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<v Speaker 1>you inside the company with interviews from people who helped

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<v Speaker 1>build we Work and exclusive tapes of internal meetings where

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<v Speaker 1>Adam talks to his employees in ways he'd never speak

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<v Speaker 1>in public. None of us want to look back and

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<v Speaker 1>say I could have done more, This could have been bigger,

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<v Speaker 1>This couldn't been better. That's not acceptable. You do not

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<v Speaker 1>get a chance like this again, None of us do.

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<v Speaker 1>This is a new podcast from Bloomberg Technology called Foundering.

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<v Speaker 1>This season will tell you the story of We Work,

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<v Speaker 1>a company that captured the startup boom of and also

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<v Speaker 1>may be remembered as a spectacular bust that marked the

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<v Speaker 1>end of an era. We'll take you into headquarters and

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<v Speaker 1>inside the mind of the man at the center of

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<v Speaker 1>it all, Adam Newman. Why he built We Worked, the

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<v Speaker 1>way he did, what happened to the company, and what

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<v Speaker 1>might happen next. Think about the long term consequences of

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<v Speaker 1>what this coronavirus has done. Curious what this means for

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<v Speaker 1>we Work now. We Work is known for crowding people

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<v Speaker 1>together in one shared workspace. Check us out Foundering, a

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<v Speaker 1>new show from Bloomberg Technology. Subscribe on Apple, Spotify, or

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<v Speaker 1>wherever you get your podcasts.