WeWork

“And we learned that people were more resilient than we thought, which actually led us down the path of now we're able to test and iterate on physical spaces inside of WeWork with real members sometimes because we know they're willing to sort of participate in …”

“Adam Miguel's vision was always to build a company that was going to be this global professional network of entrepreneurs and small business owners”

“In that moment, a story that I can't think about is, is the way that our members handled when we moved to our second We work labs location, which was on Varick street. And we walked into the building on opening day and construction wasn't done. We had 220 peop…”

“So if you just look at, you know, two of the three largest unicorns today are real estate and hospitality tech. We work in Airbnb after Uber. And then beyond them, there's another two hundred and fifty billion of real estate and hospitality tech companies out …”

“And I think WeWork was the first one that really sort of set the stage. Before that, there was really only like LoopNet and Zillow and Renfin. And, you know, those were really taking a very, you know, web two point O approach to prop tech of, Just being sort o…”

“The more a company scales, all that stuff gets away from you anyway, even if on paper you own more of the company. I mean, you see the stuff that we work, you see like Travis having to leave Uber. Even though they technically legally had control, like what rea…”

“And in one of my board interviews, I met Sandeep. I was interviewing for a board member. And I tell you, 30 minutes into the interview, I said, let me stop. I said, you should not be a board member. You should be the CEO of WeWork.”

“Three years ago, I bought the company Meetup for ten million, because WeWork was getting rid of it, and had panicked, and COVID had just started.”

“We also went from a 130 people the day I bought it to 90 people a week later, which is the right amount. Today it has probably 80, or when we sold it had 82 people, and it went from a twenty million dollar loss on thirty-two million in revenue, the, when we wo…”

“I passed on that company, that was ironically another benchmark company. I passed on that company because it didn't, I remember the dot com crash and all the office buildings being cleared up. And I was like, I don't get this business model. You don't own, own…”

“But it makes sense there should be double digits in this era, right? There should be 10, 20 founders who walk away with nine figures whether they're WeWorks or Hoppins, there's gotta be 20 or more of them.”

“Even in V work benchmark made money. Genchmark made money at WeWork because they invested early enough.”

“Uber made benchmark roughly 640 X versus around 25 X with WeWork.”