In today's episode we use WeWork as a case study to break down SPACs, for a deeper dive into the IPO process, the bankruptcy and we explore how the world's most sophisticated venture capital and private equity investors came up with a $47bn valuation for a company when the math didn't justify it at all….
In order to keep it interesting we discuss the beginning of the WeWork story through the lens of "We Crashed", the Apple TV miniseries about WeWork.starring Jared Leto and Anne Hathaway.
The Apple TV Series: WeCrashed
The Failed IPO:
1. Scott Galloway Blogs (No Mercy No Malice)
https://www.profgalloway.com/wewtf/
https://www.profgalloway.com/wewtf-part-deux/
2. Aswath Damodaran DCF (Musings on the Market)
https://aswathdamodaran.blogspot.com/2019/09/runaway-story-or-meltdown-in-motion.html
3. WSJ Article Sept 2019
https://www.wsj.com/articles/this-is-not-the-way-everybody-behaves-how-adam-neumanns-over-the-top-style-built-wework-11568823827
SPAC
1. BowX Acquisition Corp S-1
https://www.sec.gov/Archives/edgar/data/1813756/000121390020020580/f424b40720_bowxacq.htm
2. WeWork SPAC Marketing Documents
https://www.wework.com/ideas/wp-content/uploads/sites/4/2021/03/WeWork-Management-Presentation-March-2021-vF-1.pdf
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