Wall Street Journal best seller A Financial Times, Fortune, and NPR Best Book of the Year “The riveting, definitive account of WeWork, one of the wildest business stories of our time.” (Matt Levine, Money Stuff columnist, Bloomberg Opinion) The definitive story of the rise and fall of WeWork (also depicted in the upcoming Apple TV+ series WeCrashed, starring Jared Leto and Anne Hathaway), by the real-life journalists whose Wall Street Journal reporting rocked the company and exposed a financial system drunk on the elixir of Silicon Valley innovation. Longlisted for the Financial Times and Mckinsey Business Book of the Year Award WeWork would be worth $10 trillion, more than any other company in the world. It wasn’t just an office space provider. It was a tech company - an AI startup, even. Its WeGrow schools and WeLive residences would revolutionize education and housing. One day, mused founder Adam Neumann, a Middle East peace accord would be signed in a WeWork. The company might help colonize Mars. And Neumann would become the world’s first trillionaire. This was the vision of Neumann and his primary cheerleader, SoftBank’s Masayoshi Son. In hindsight, their ambition for the company, whose primary business was subletting desks in slickly designed offices, seems like madness. Why did so many intelligent people - from venture capitalists to Wall Street elite - fall for the hype? And how did WeWork go so wrong? In little more than a decade, Neumann transformed himself from a struggling baby clothes salesman into the charismatic, hard-partying CEO of a company worth $47 billion - on paper. With his long hair and feel-good mantras, the six-foot-five Israeli transplant looked the part of a messianic truth teller. Investors swooned, and billions poured in. Neumann dined with the CEOs of JPMorgan and Goldman Sachs, entertaining a parade of power brokers desperate to get a slice of what he was selling: the country’s most valuable startup, a once-in-a-lifetime opportunity and a generation-defining moment. Soon, however, WeWork was burning through cash faster than Neumann could bring it in. From his private jet, sometimes clouded with marijuana smoke, he scoured the globe for more capital. Then, as WeWork readied a Hail Mary IPO, it all fell apart. Nearly $40 billion of value vaporized in one of corporate America’s most spectacular meltdowns. Peppered with eye-popping, never-before-reported details, The Cult of We is the gripping story of careless and often absurd people - and the financial system they have made.
The Cult of We: WeWork, Adam Neumann, and the Great Startup Delusion is a captivating and insightful book written by Eliot Brown, a respected business journalist and author.
Published in 2021, this book delves into the rise and fall of WeWork, a prominent co-working space company founded by Adam Neumann, an ambitious and charismatic entrepreneur. Brown meticulously unravels the intricate web of events that led to WeWork's meteoric ascent, its subsequent downfall, and the aftermath of its failed initial public offering (IPO) in 2019.
With extensive research and interviews with former employees, investors, and industry experts, Brown meticulously dissects WeWork's culture, its unconventional leadership style under Neumann, and its questionable financial practices. He exposes the questionable decisions and questionable behavior that ultimately resulted in the company's dramatic implosion.
The Cult of We provides a thought-provoking exploration of the dangers of unchecked ambition, the perils of hubris, and the risks associated with the rapid growth of technology startups. It offers valuable lessons for entrepreneurs, investors, and business leaders seeking to avoid the pitfalls that led to WeWork's downfall.
Brown's compelling narrative and incisive analysis make The Cult of We an essential read for those interested in understanding the cautionary tale of WeWork, the rise and fall of Adam Neumann, and the broader implications for the startup ecosystem and the global economy.
