“If I had to make a list of top five business books of all time, this would be on it. It’s just so damn engrossing.”—Christopher Mims, Wall Street Journal tech columnistThe definitive inside story of WeWork, its audacious founder, and what its epic unraveling says about a financial system drunk on the elixir of Silicon Valley innovation—from the Wall Street Journal correspondents (recently featured in the WeWork Hulu documentary) whose scoop-filled reporting hastened the company’s downfall. 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 by Eliot Brown is a gripping narrative that delves into the rise and fall of WeWork, a company that was once valued at $47 billion and deemed the most valuable startup in the world. At the helm of this ambitious venture was Adam Neumann, a charismatic and enigmatic entrepreneur whose unconventional leadership style and audacious vision led to both the company's meteoric ascent and its eventual downfall.
Brown's meticulous research and extensive interviews with former WeWork employees, investors, and industry experts provide a comprehensive account of the company's rapid growth, controversial culture, and the hubris that ultimately led to its downfall. The book offers a fascinating study of the perils of unchecked ambition, the seductive nature of hype, and the dangers of blurring the lines between personal and professional lives.
Through its exploration of WeWork's rise and fall, The Cult of We exposes the dark side of Silicon Valley's startup culture, where ambition often overrides sound business judgment and ethical considerations. It raises important questions about the role of investors and the media in fueling the hype surrounding unproven companies, and the consequences of failing to scrutinize their financial practices and corporate governance.
Brown's writing style is engaging and accessible, making The Cult of We an informative and thought-provoking read for anyone interested in business, entrepreneurship, or the intersection of technology and culture. The book serves as a cautionary tale for entrepreneurs, investors, and business leaders, highlighting the importance of responsible leadership, transparency, and a realistic assessment of a company's true value.
Ultimately, The Cult of We is a compelling story of ambition, hubris, and the consequences of unchecked growth. It is a must-read for anyone seeking a deeper understanding of the pitfalls of the startup world and the forces that can lead even the most promising ventures to collapse.
