| 00:00 - 00:03 | The rebranding is complete |
| 00:04 - 00:05 | instead of We Work they are now |
| 00:05 - 00:07 | known as the We Company. |
| 00:08 - 00:12 | They have approximately 500,000 |
| 00:12 - 00:15 | customers at their locations |
| 00:17 - 00:19 | Good. The IPO should be ready soon |
| 00:19 - 00:21 | with a $40 billion valuation we can recoup our losses |
| 00:24 - 00:26 | Masayoshi Son |
| 00:27 - 00:28 | their S-1 filing... |
| 00:31 - 00:33 | their S-1 filing was terrible |
| 00:34 - 00:36 | they can't possibly go public now |
| 00:53 - 00:58 | Everyone who recommended investment in a "tech company" get out. That means Slack, We Work, Uber... |
| 01:13 - 01:15 | "They aren't ready to go public"! |
| 01:15 - 01:17 | We've invested over $12 billion into this pile of shit |
| 01:18 - 01:23 | It's been nearly 10 years and they still don't make a profit! |
| 01:25 - 01:28 | How is it possible? |
| 01:29 - 01:31 | Are they ever going to stop hemmoraging money? |
| 01:31 - 01:34 | Who thought they should make snack and drink stations self-serve? |
| 01:34 - 01:37 | Most of the real-estate they use they don't even own |
| 01:37 - 01:40 | they're subleasing office space at a loss! |
| 01:40 - 01:42 | But the subleases themselves are profitable |
| 01:42 - 01:46 | they lost approximately 1.6 billion dollars last year for God's sake! |
| 01:46 - 01:48 | they are still growing, the capital expenditures will decrease over time |
| 01:48 - 01:52 | do you know how much Adam Neumann charged his own company for the trademark "We"? |
| 01:53 - 01:54 | 6 million dollars! |
| 01:56 - 01:57 | How can the CEO trademark a name and then sell it |
| 01:57 - 02:00 | to his own fucking company? |
| 02:00 - 02:03 | We helped underwrite personal loans for him that he used |
| 02:04 - 02:08 | to buy real estate that he leases back to his own company. |
| 02:08 - 02:13 | What kind of idiotic self-dealing scheme is this? |
| 02:14 - 02:16 | It wouldn't even matter, if only he could |
| 02:17 - 02:21 | actually manage his damn company so that it wasn't losing billions of dollars |
| 02:27 - 02:29 | I've been running Soft Bank since 1981 |
| 02:30 - 02:34 | in the dot com bust I lost $70 billion of my own money |
| 02:34 - 02:36 | but I kept the company afloat. |
| 02:41 - 02:42 | After spending and loaning nearly $20 billion for We |
| 02:43 - 02:47 | I'm not sure if we'll get any of that money back. |
| 02:48 - 02:53 | Why did we let Adam Neumann run things? |
| 02:54 - 02:56 | You know he made employees do tequila shots after layoffs? |
| 02:56 - 02:59 | He accidentally trafficked marijuana into Israel |
| 03:00 - 03:02 | How could he run a multibillion dollar, international company? |
| 03:04 - 03:07 | It's okay, SoftBank has enough board seats to kick Adam out |
| 03:14 - 03:16 | This whole thing was a huge mistake. |
| 03:19 - 03:23 | Let's just take control of the We Company and try to get back a fraction of our initial investment |
| 03:25 - 03:26 | We'll layoff half the employees |
| 03:31 - 03:33 | Stop the free drinks and snacks |
| 03:40 - 03:46 | Stop pretending to be a tech company and just rent office space to people like it's 2005 and make a small profit |
| 03:46 - 03:49 | At least there were some good ideas |
| 03:53 - 03:56 | Everyone really loves the private phone booths |
