1 00:00:00,080 --> 00:00:06,800 Speaker 1: Everyone was too bright eyed and too eager, and they 2 00:00:06,800 --> 00:00:10,239 Speaker 1: we chanted, we work, we chanted, we work, we work, 3 00:00:10,280 --> 00:00:14,760 Speaker 1: and then we hit a gong. Not that long ago, 4 00:00:15,240 --> 00:00:18,680 Speaker 1: Adam Newman was one of the most successful startup founders 5 00:00:18,960 --> 00:00:23,239 Speaker 1: in the world. He was a visionary leader who said 6 00:00:23,320 --> 00:00:26,560 Speaker 1: he was going to overturn a trillion dollar industry and 7 00:00:26,680 --> 00:00:28,960 Speaker 1: we Work. We really strive to help you as much 8 00:00:29,000 --> 00:00:32,040 Speaker 1: as we can. Focus on doing what you love, create 9 00:00:32,120 --> 00:00:34,200 Speaker 1: your life's work, and let us figure of the rest. 10 00:00:35,120 --> 00:00:39,120 Speaker 1: Venture capitalists were falling all over themselves to invest in 11 00:00:39,280 --> 00:00:43,080 Speaker 1: his company. We Work has revolutionized the leasing of office space. 12 00:00:43,200 --> 00:00:46,240 Speaker 1: Ten billion dollars invest in this company. It's the second 13 00:00:46,320 --> 00:00:51,040 Speaker 1: largest venture capital investment of all time. He ran the 14 00:00:51,040 --> 00:00:54,639 Speaker 1: most valuable startup in America, and he pitched that he 15 00:00:54,680 --> 00:00:58,920 Speaker 1: was going to revolutionize your work life. It sells fun. 16 00:00:59,480 --> 00:01:02,840 Speaker 1: I mean, it's cells excitement. You don't even have to 17 00:01:02,920 --> 00:01:05,120 Speaker 1: go out to a bar club. We will bring that 18 00:01:05,319 --> 00:01:08,200 Speaker 1: all to your office space where you sit and do work. 19 00:01:08,600 --> 00:01:11,679 Speaker 1: The bar is now at your desk. So when you 20 00:01:11,720 --> 00:01:13,839 Speaker 1: first walked in, you're like, dude, this place is awesome, 21 00:01:14,080 --> 00:01:17,240 Speaker 1: Like what is going on? But as Adam raised more 22 00:01:17,319 --> 00:01:21,680 Speaker 1: and more money, things started to get strange. You know, 23 00:01:21,760 --> 00:01:24,600 Speaker 1: if Adam was coming down the hall, it's like every 24 00:01:24,680 --> 00:01:29,160 Speaker 1: executive's butthole titans, Like everybody just got really like, oh 25 00:01:29,200 --> 00:01:32,480 Speaker 1: my god. He started saying things like he wanted to 26 00:01:32,520 --> 00:01:36,240 Speaker 1: live forever be the president of the world. We work 27 00:01:36,280 --> 00:01:38,759 Speaker 1: with nothing without Adam Newman. Right, No one wasn't investing 28 00:01:38,760 --> 00:01:41,319 Speaker 1: in we Work. They're investing in Adam Newman. But I 29 00:01:41,360 --> 00:01:44,679 Speaker 1: think we fall in love with these personalities. And the 30 00:01:44,720 --> 00:01:47,800 Speaker 1: Emperor wears no clothes, and in the span of just 31 00:01:47,880 --> 00:01:52,600 Speaker 1: a few weeks everything changed. Office space startup we Work 32 00:01:52,680 --> 00:01:55,040 Speaker 1: has officially postponed a plan to go public if we 33 00:01:55,120 --> 00:01:58,840 Speaker 1: Work as having trouble finding investor demand at one third 34 00:01:58,880 --> 00:02:01,600 Speaker 1: of the forty seven billion dollar price tag. That the 35 00:02:01,720 --> 00:02:04,560 Speaker 1: real concern is Adam Newman, the CEO. Everything is on him. 36 00:02:04,680 --> 00:02:09,880 Speaker 1: His performance will determine this What went wrong? Will take 37 00:02:09,919 --> 00:02:13,360 Speaker 1: you inside the company with interviews from people who helped 38 00:02:13,400 --> 00:02:17,440 Speaker 1: build we Work and exclusive tapes of internal meetings where 39 00:02:17,440 --> 00:02:20,400 Speaker 1: Adam talks to his employees in ways he'd never speak 40 00:02:20,440 --> 00:02:23,840 Speaker 1: in public. None of us want to look back and 41 00:02:23,880 --> 00:02:26,440 Speaker 1: say I could have done more, This could have been bigger, 42 00:02:26,440 --> 00:02:28,960 Speaker 1: This couldn't been better. That's not acceptable. You do not 43 00:02:29,120 --> 00:02:31,240 Speaker 1: get a chance like this again, None of us do. 44 00:02:32,320 --> 00:02:36,560 Speaker 1: This is a new podcast from Bloomberg Technology called Foundering. 45 00:02:37,440 --> 00:02:39,919 Speaker 1: This season will tell you the story of We Work, 46 00:02:40,440 --> 00:02:44,640 Speaker 1: a company that captured the startup boom of and also 47 00:02:44,720 --> 00:02:48,320 Speaker 1: may be remembered as a spectacular bust that marked the 48 00:02:48,440 --> 00:02:52,000 Speaker 1: end of an era. We'll take you into headquarters and 49 00:02:52,160 --> 00:02:54,480 Speaker 1: inside the mind of the man at the center of 50 00:02:54,480 --> 00:02:57,760 Speaker 1: it all, Adam Newman. Why he built We Worked, the 51 00:02:57,760 --> 00:03:00,680 Speaker 1: way he did, what happened to the company, and what 52 00:03:00,800 --> 00:03:04,560 Speaker 1: might happen next. Think about the long term consequences of 53 00:03:04,560 --> 00:03:07,480 Speaker 1: what this coronavirus has done. Curious what this means for 54 00:03:07,600 --> 00:03:10,360 Speaker 1: we Work now. We Work is known for crowding people 55 00:03:10,400 --> 00:03:14,920 Speaker 1: together in one shared workspace. Check us out Foundering, a 56 00:03:14,960 --> 00:03:19,239 Speaker 1: new show from Bloomberg Technology. Subscribe on Apple, Spotify, or 57 00:03:19,240 --> 00:03:20,639 Speaker 1: wherever you get your podcasts.