1
00:00:08,090 --> 00:00:10,093
[screaming, straining]
2
00:00:16,725 --> 00:00:19,478
Hola, amigos. Happy Cinco de Mayo.
3
00:00:19,561 --> 00:00:22,689
What do you call a cargo ship full of
mayonnaise that goes down in the ocean?
4
00:00:22,773 --> 00:00:23,774
Sink-o-da-mayo.
5
00:00:23,857 --> 00:00:25,817
- [record scratch]
- Oh, my God. Oh, my God.
6
00:00:25,901 --> 00:00:26,985
Such a bad joke.
7
00:00:27,069 --> 00:00:31,573
Anyways, today we're covering IPOs,
initial public offerings.
8
00:00:31,657 --> 00:00:35,452
An IPO is the process by which
a private company becomes a public one.
9
00:00:35,536 --> 00:00:38,330
For a founder, ultimate success
sounds like a ringing bell,
10
00:00:38,413 --> 00:00:41,875
specifically the opening bell
of the New York Stock Exchange.
11
00:00:41,959 --> 00:00:43,502
[bell ringing]
12
00:00:43,585 --> 00:00:44,586
Uh-oh.
13
00:00:44,670 --> 00:00:47,881
[bossa nova music playing]
14
00:00:47,965 --> 00:00:50,133
- [bossa nova stops]
- Going public has many pros.
15
00:00:50,217 --> 00:00:52,052
But it's also got a big old con.
16
00:00:53,971 --> 00:00:56,849
The risk that the IPO could fail.
17
00:00:57,724 --> 00:01:00,519
IPO is the make-or-break moment.
18
00:01:00,602 --> 00:01:02,437
It separates the winners from the losers.
19
00:01:02,521 --> 00:01:04,313
The Googles from the Groupons.
20
00:01:04,397 --> 00:01:06,692
The Amazons from the Pet.coms.
21
00:01:06,775 --> 00:01:11,154
Going public means that you are
literally going public.
22
00:01:11,238 --> 00:01:13,907
Joe Ordinary gets to see
your dirty laundry,
23
00:01:13,991 --> 00:01:15,325
skid marks and all.
24
00:01:15,409 --> 00:01:16,535
How've you been running your company?
25
00:01:16,618 --> 00:01:19,371
How much have you actually
been making? Or losing?
26
00:01:19,454 --> 00:01:23,000
Which is why some founders try to keep
the enemy outside the gate
27
00:01:23,083 --> 00:01:24,334
for as long as possible.
28
00:01:24,418 --> 00:01:28,547
[imitating Gandalf] You shall not pass!
29
00:01:37,264 --> 00:01:40,100
["Happy Man" playing]
30
00:02:33,111 --> 00:02:34,029
[wheels rolling]
31
00:02:42,996 --> 00:02:43,997
[chuckles]
32
00:02:47,251 --> 00:02:49,795
[stammers] My assistant was
supposed to put it together,
33
00:02:49,878 --> 00:02:52,881
but, uh, he twisted his ankle
this morning, or broke it.
34
00:02:52,965 --> 00:02:54,424
I don't know. I'm not a doctor.
35
00:02:54,508 --> 00:02:56,218
He tripped over the suitcases.
36
00:02:56,301 --> 00:02:58,679
My other assistant took him to the ER.
37
00:02:58,762 --> 00:03:01,849
Uh, which is okay,
because we-- we-- we adjust.
38
00:03:01,932 --> 00:03:04,977
We adapt. We improvise! Right?
39
00:03:05,060 --> 00:03:09,231
I don't know if anyone told you,
but it's-- it's my superpower.
40
00:03:10,232 --> 00:03:11,358
Change.
41
00:03:11,441 --> 00:03:12,818
[chuckles]
42
00:03:12,901 --> 00:03:14,152
Why are you coming to us?
43
00:03:15,571 --> 00:03:18,532
Because you have all the money, huh?
44
00:03:18,615 --> 00:03:20,450
[laughs]
45
00:03:24,621 --> 00:03:28,250
Uh, WeWork is a… It's a-- [sighs]
46
00:03:28,333 --> 00:03:30,002
It's a family business.
47
00:03:30,085 --> 00:03:32,212
And… [stammers] …we're at our strongest
48
00:03:32,296 --> 00:03:36,258
when we find the right partners
to join the family. You understand?
49
00:03:36,341 --> 00:03:38,427
Well, I still don't see
how you're a tech company.
50
00:03:38,510 --> 00:03:41,513
That is--
The point of the model is to demonstrate
51
00:03:41,597 --> 00:03:44,683
how tech drives, uh, workplace insights.
52
00:03:44,766 --> 00:03:47,060
Yeah, which conference rooms
are being booked.
53
00:03:47,144 --> 00:03:50,480
Uh… [stammers] …if space
is being used efficiently.
54
00:03:50,564 --> 00:03:52,482
Efficiency is…
55
00:03:52,566 --> 00:03:53,984
That's Google.
56
00:03:54,067 --> 00:03:55,444
Why are you coming to us?
57
00:03:56,403 --> 00:03:57,696
Why not SoftBank?
58
00:03:57,779 --> 00:04:00,949
SoftBank remains wildly committed.
59
00:04:01,033 --> 00:04:03,577
Uh, Adam, sorry. Why not just IPO?
60
00:04:05,996 --> 00:04:07,122
[wheels rolling]
61
00:04:14,922 --> 00:04:16,798
["Conga Line Dance Song" playing]
62
00:04:20,844 --> 00:04:23,347
- [cell phone chimes, buzzes]
- [teacher laughs]
63
00:04:55,254 --> 00:04:56,630
[song ends]
64
00:04:57,714 --> 00:05:00,759
How sweet was that? [chuckles]
65
00:05:03,470 --> 00:05:04,930
Well, the kids were great,
66
00:05:05,013 --> 00:05:07,099
but everything else was embarrassing.
67
00:05:07,182 --> 00:05:09,560
Teachers' shoes should be
white, black, or beige,
68
00:05:09,643 --> 00:05:12,437
and for God's sakes no laces.
69
00:05:12,521 --> 00:05:14,648
Ms. Myers is a stress-dream
on that tambourine.
70
00:05:14,731 --> 00:05:17,484
How do you not know how to play
a tambourine? It's a tambourine.
71
00:05:17,568 --> 00:05:20,737
And don't even get me started
on the pitch of Mr. Ivey's voice.
72
00:05:20,821 --> 00:05:22,573
[sighs]
73
00:05:23,991 --> 00:05:27,035
Feel free to start writing this down
whenever it suits you, Bea.
74
00:05:27,786 --> 00:05:30,038
That you don't like
the pitch of Mr. Ivey's voice?
75
00:05:30,122 --> 00:05:31,123
Yes.
76
00:05:31,206 --> 00:05:33,709
God, you'd think that in New York
you could find a teacher
77
00:05:33,792 --> 00:05:35,919
that could both, you know, sing and teach.
78
00:05:36,795 --> 00:05:39,047
[sighs] I'm ready to move on
to action items.
79
00:05:39,131 --> 00:05:40,591
- Are you?
- Ready.
80
00:05:40,674 --> 00:05:42,467
I rechecked the website this morning.
81
00:05:42,551 --> 00:05:44,928
Tell Gavin I'm still finding
placeholder text
82
00:05:45,012 --> 00:05:47,139
and Helvetica.
83
00:05:47,764 --> 00:05:48,849
Not acceptable.
84
00:05:48,932 --> 00:05:51,101
I called the front desk line at 11:23.
85
00:05:51,185 --> 00:05:53,437
No one answered.
Five rings, straight to voice mail.
86
00:05:53,520 --> 00:05:55,314
Tell Lisa that's not acceptable.
87
00:05:55,397 --> 00:05:57,983
Set a meeting with Nicole
re: expansion plans
88
00:05:58,066 --> 00:06:00,527
for WeGrow San Fran and Tel Aviv,
89
00:06:00,611 --> 00:06:03,989
the pace of scholarship funding,
which is just… [groans]
90
00:06:04,072 --> 00:06:05,866
…and the lemonade stand.
91
00:06:05,949 --> 00:06:07,284
So the--
92
00:06:08,035 --> 00:06:09,328
The lemonade stand.
93
00:06:10,579 --> 00:06:12,080
We're gonna take kids to our farm
94
00:06:12,164 --> 00:06:14,124
and then have them pick vegetables,
95
00:06:14,208 --> 00:06:15,542
sell them to WeWork employees.
96
00:06:15,626 --> 00:06:18,212
It's gonna be the lemonade stand
for the 21st century.
97
00:06:18,295 --> 00:06:19,838
Conscious entrepreneurship.
98
00:06:19,922 --> 00:06:22,883
Entrepreneurship for five-year-olds?
99
00:06:24,051 --> 00:06:26,303
Oh, I just heard it too.
100
00:06:26,386 --> 00:06:27,387
You're right.
101
00:06:27,471 --> 00:06:30,057
We'll include the younger kids.
But you have to order the car seats.
102
00:06:30,140 --> 00:06:32,851
Oh, where are the admission certificates
for next year's class?
103
00:06:32,935 --> 00:06:34,645
I have them, but there's a typo.
104
00:06:34,728 --> 00:06:36,230
It says, "Class of 2031."
105
00:06:36,313 --> 00:06:37,397
No, that's right.
106
00:06:37,481 --> 00:06:40,025
That's when they're gonna graduate
from WeGrow High School.
107
00:06:41,151 --> 00:06:42,402
Of course.
108
00:06:42,486 --> 00:06:43,695
I'll sign them.
109
00:06:45,280 --> 00:06:49,368
I'm not just going to abandon kids
to normative education experiences, Bea.
110
00:06:49,451 --> 00:06:51,620
I wanna educate them from birth to death.
111
00:06:52,829 --> 00:06:54,790
What about that for a slogan?
112
00:06:54,873 --> 00:06:56,208
"From birth to death."
113
00:06:58,418 --> 00:07:00,379
- [stammers] Yeah.
- Can you mock that up on a banner?
114
00:07:00,462 --> 00:07:02,297
So that way I could see it. Just…
115
00:07:02,381 --> 00:07:03,423
- Great. That's it.
- [Bea] Mm-hmm.
116
00:07:04,299 --> 00:07:05,300
Okay.
117
00:07:12,099 --> 00:07:13,267
[cell phone chimes]
118
00:07:37,082 --> 00:07:38,083
[sighs]
119
00:07:41,128 --> 00:07:42,296
Adam.
120
00:07:42,379 --> 00:07:45,340
You've been in the Valley for a week.
Nobody's coming in.
121
00:07:45,424 --> 00:07:48,343
It's time. You have to IPO.
122
00:07:50,387 --> 00:07:51,638
[sighs]
123
00:08:00,272 --> 00:08:04,234
Motek. I tried to make it back
in time for us to have breakfast together,
124
00:08:04,318 --> 00:08:06,028
but you're up so early.
125
00:08:07,571 --> 00:08:10,157
How about I make a tofu scramble
126
00:08:10,240 --> 00:08:12,242
and some green juice to start your day?
127
00:08:12,326 --> 00:08:15,370
If you'll excuse me. I have to go
run the school that you gave me.
128
00:08:15,454 --> 00:08:18,415
- I didn't mean it to come out that way--
- I know you don't think I do anything.
129
00:08:18,498 --> 00:08:19,625
But I actually do.
130
00:08:21,376 --> 00:08:24,546
-Motek. Please.
- No, no, no. You made it perfectly clear.
131
00:08:24,630 --> 00:08:25,631
[Adam sighs]
132
00:08:27,049 --> 00:08:28,300
-Motek--
- My therapist said,
133
00:08:28,383 --> 00:08:30,511
"You can only hate someone
you truly love."
134
00:08:31,386 --> 00:08:32,971
Guess I truly love you.
135
00:08:37,726 --> 00:08:40,938
[Jamie] And how are you gonna get this
back on track?
136
00:08:42,481 --> 00:08:43,482
Adam?
137
00:08:43,982 --> 00:08:46,401
[sighs] Who said we're off track?
138
00:08:46,485 --> 00:08:48,904
We-We're on
exactly the right track, Jamie.
139
00:08:48,987 --> 00:08:51,323
The track the universe wants us to be on.
140
00:08:51,406 --> 00:08:54,326
- So, no luck in the Valley?
- Eh, they lack vision.
141
00:08:55,118 --> 00:08:58,455
Oh, by the way, I'm going to need
to increase our personal line of credit.
142
00:08:58,539 --> 00:09:01,083
Not by much. Just a bit
to give us a little breathing room.
143
00:09:01,834 --> 00:09:03,377
What are you up to, total?
144
00:09:03,460 --> 00:09:05,295
380 million.
145
00:09:05,379 --> 00:09:08,423
Nothing for you to do.
I'll speak to the lending team myself.
146
00:09:11,718 --> 00:09:13,720
And what's WeWork's burn rate these days?
147
00:09:14,304 --> 00:09:16,098
Fifty-eight million a week.
148
00:09:16,682 --> 00:09:17,724
That's a lot of money.
149
00:09:17,808 --> 00:09:19,852
Not compared to what we'll make.
150
00:09:21,144 --> 00:09:23,105
[Jamie] Well… [inhales sharply]
151
00:09:24,022 --> 00:09:26,233
We've issued you, personally, what?
152
00:09:26,316 --> 00:09:28,986
Ninety-seven million
in low-interest mortgages?
153
00:09:29,987 --> 00:09:31,363
Bought a stake in the company.
154
00:09:31,446 --> 00:09:34,408
A stake that is now worth
over 600 million.
155
00:09:35,868 --> 00:09:36,952
Why not go public?
156
00:09:38,370 --> 00:09:39,454
Why not IPO?
157
00:09:43,458 --> 00:09:45,711
I don't want to answer to anyone.
[inhales deeply]
158
00:09:45,794 --> 00:09:49,089
Well, you know, billions of dollars tend
to make that go down easier.
159
00:10:00,184 --> 00:10:02,394
All these different shapes.
160
00:10:05,480 --> 00:10:07,065
This leaf here, what is this one?
161
00:10:07,149 --> 00:10:10,777
Bloom Energy. Traded up more than 66%
on the first day of trading.
162
00:10:10,861 --> 00:10:13,488
Wow. Wow, 66% on the first day?
163
00:10:15,616 --> 00:10:16,617
And this?
164
00:10:16,700 --> 00:10:20,245
Dropbox. Up more than 35%, first day.
165
00:10:20,329 --> 00:10:21,955
Impressive.
166
00:10:23,916 --> 00:10:25,375
And what would mine be?
167
00:10:30,589 --> 00:10:31,632
[chuckles]
168
00:10:32,633 --> 00:10:33,634
A unicorn.
169
00:10:36,220 --> 00:10:37,387
A unicorn.
170
00:10:48,607 --> 00:10:51,777
[Rebekah] Okay. The next item up is…
[gasps]
171
00:10:51,860 --> 00:10:54,321
Ah. [claps] Enrollment.
172
00:10:54,404 --> 00:10:58,033
The numbers are dispiriting.
173
00:10:59,243 --> 00:11:01,995
They're just not where I need them to be.
174
00:11:02,579 --> 00:11:05,457
So, how do we boost enrollment?
175
00:11:10,921 --> 00:11:13,423
Uh, we could revamp our social strategy.
176
00:11:13,507 --> 00:11:15,634
What social strategy? There--
177
00:11:15,717 --> 00:11:17,553
There's nothing to revamp, Damian.
178
00:11:17,636 --> 00:11:20,013
We have 600 followers, okay? No.
179
00:11:20,097 --> 00:11:23,183
We need to think bigger.
We need to reach a wider audience.
180
00:11:23,267 --> 00:11:25,477
You were invited on that podcast.
181
00:11:25,561 --> 00:11:27,646
[Rebekah] Hmm. Interesting.
182
00:11:27,729 --> 00:11:31,275
Yeah, if you think that going
from Vanity Fair to a podcast
183
00:11:31,358 --> 00:11:32,484
is the right trajectory
184
00:11:32,568 --> 00:11:35,988
for the chief branding officer
of a multi-billion-dollar company, great.
185
00:11:36,071 --> 00:11:39,241
I was actually thinking CNBC.
186
00:11:39,950 --> 00:11:44,037
Right? You know, Adam is on
every other week.
187
00:11:44,121 --> 00:11:45,205
They love WeWork.
188
00:11:45,289 --> 00:11:47,916
This is WeWork's newest,
boldest initiative,
189
00:11:48,000 --> 00:11:49,835
reimagining the education system.
190
00:11:49,918 --> 00:11:52,504
And they're getting
an exclusive with the CEO.
191
00:11:52,588 --> 00:11:56,133
Um. Adam's--
Adam's schedule is kind of packed.
192
00:11:57,259 --> 00:11:59,761
No. No, Damian. No. Me.
193
00:11:59,845 --> 00:12:01,471
I am the CEO of WeGrow.
194
00:12:02,431 --> 00:12:06,351
Okay. So, let them know
that I'm gonna tease our expansion plans,
195
00:12:06,935 --> 00:12:10,022
I'm gonna talk about our global network
of schools, the innovation in our--
196
00:12:10,105 --> 00:12:12,107
[host] Welcome to
the School of Greatness podcast.
197
00:12:12,191 --> 00:12:14,151
I've got Rebekah Neumann in the house,
198
00:12:14,234 --> 00:12:17,196
wife of WeWork founder Adam Neumann.
199
00:12:18,030 --> 00:12:19,031
Actually, I'm…
200
00:12:20,365 --> 00:12:21,825
thrilled to be here. Thank you.
201
00:12:21,909 --> 00:12:23,368
The mission of WeGrow
202
00:12:23,452 --> 00:12:27,122
and, to be honest, the collective "we"
that we're all living under,
203
00:12:27,206 --> 00:12:29,583
is to elevate the world's consciousness.
204
00:12:29,666 --> 00:12:31,293
And it's a school, right?
205
00:12:31,877 --> 00:12:34,880
[stammers]
Well, it's really more of a practice
206
00:12:34,963 --> 00:12:36,632
and a new approach to life.
207
00:12:36,715 --> 00:12:38,717
How were you inspired to do this?
208
00:12:38,800 --> 00:12:40,219
[sighs] Gosh, well, that's--
209
00:12:40,302 --> 00:12:43,347
It was really just a lot of things
coming together.
210
00:12:43,430 --> 00:12:45,474
He ended up running off
with my best friend.
211
00:12:45,557 --> 00:12:46,683
No.
212
00:12:46,767 --> 00:12:49,895
Something I wish people knew about me? Um…
213
00:12:50,979 --> 00:12:53,106
Uh, I'm really…
214
00:12:54,316 --> 00:12:55,734
flexible?
215
00:12:56,485 --> 00:12:58,028
- Emotionally?
- Physically.
216
00:12:59,404 --> 00:13:02,491
A yogi in India once told me
217
00:13:02,574 --> 00:13:05,786
if you keep your spine nimble
then you won't age.
218
00:13:06,745 --> 00:13:08,455
- Is that why you look 21?
- [snickers]
219
00:13:08,539 --> 00:13:09,831
Do I hate?
220
00:13:10,415 --> 00:13:11,416
No.
221
00:13:12,918 --> 00:13:17,798
No, I feel s-sad about things I've-- I--
222
00:13:19,383 --> 00:13:20,634
Like a-about what?
223
00:13:21,260 --> 00:13:22,511
Any cruelty.
224
00:13:24,388 --> 00:13:26,640
Cruelty to animals. [inhales shakily]
225
00:13:28,183 --> 00:13:29,351
Kids suffering.
226
00:13:32,354 --> 00:13:34,314
What we're doing to the planet.
227
00:13:34,398 --> 00:13:37,651
But I-- I don't hate.
228
00:13:37,734 --> 00:13:42,781
If we can teach people to--
And I'm including myself in this.
229
00:13:42,865 --> 00:13:45,284
I remind myself every day… [sniffles]
230
00:13:45,367 --> 00:13:49,621
…that by being conscious and sharing,
231
00:13:50,122 --> 00:13:52,624
they will be more fulfilled.
232
00:13:52,708 --> 00:13:54,418
Find your super passion
233
00:13:55,043 --> 00:13:57,754
and share.
234
00:13:58,547 --> 00:14:02,384
And then they will get
everything they want,
235
00:14:02,885 --> 00:14:06,722
but they have to treat others
the way they want to be treated.
236
00:14:07,222 --> 00:14:13,187
They have to understand that we are one.
237
00:14:16,440 --> 00:14:18,567
[sighs]
238
00:14:22,613 --> 00:14:24,531
Miggy-Migs.
239
00:14:24,615 --> 00:14:26,950
My brother from five different mothers.
240
00:14:27,618 --> 00:14:29,077
Can I come in?
241
00:14:30,579 --> 00:14:31,580
Yeah.
242
00:14:31,663 --> 00:14:32,664
[Adam sighs]
243
00:14:37,294 --> 00:14:38,587
You've got a Lichtenstein.
244
00:14:38,670 --> 00:14:43,217
Wow, it's-- it's a lot smaller
than I thought it would be.
245
00:14:43,300 --> 00:14:44,885
Uh, what did you pay for it?
246
00:14:47,179 --> 00:14:49,348
Twenty dollars from posters.com.
247
00:14:51,433 --> 00:14:53,852
We need to get you
some real art, my friend.
248
00:14:53,936 --> 00:14:55,062
Some real art.
249
00:15:02,444 --> 00:15:03,695
Miguel.
250
00:15:04,655 --> 00:15:05,864
Look out there.
251
00:15:06,949 --> 00:15:07,950
Look.
252
00:15:09,034 --> 00:15:10,494
We built this.
253
00:15:10,577 --> 00:15:13,497
This big, beautiful thing.
254
00:15:13,580 --> 00:15:16,917
We built it,
and they all came and joined us.
255
00:15:18,877 --> 00:15:22,965
[sighs] I know that you think
I don't listen to you, but I do.
256
00:15:23,757 --> 00:15:24,758
I hear you.
257
00:15:26,260 --> 00:15:27,344
What does that mean?
258
00:15:28,887 --> 00:15:29,888
You'll see.
259
00:15:34,268 --> 00:15:37,271
["Opportunities (Let's Make
Lots of Money)" playing]
260
00:16:05,299 --> 00:16:08,385
-Well, it's official.
-It's official!
261
00:16:08,468 --> 00:16:10,888
-You filed!
-Yes, we filed. We're going public.
262
00:16:10,971 --> 00:16:14,850
-WeWork is going public.
-The We Company is going public.
263
00:16:14,933 --> 00:16:17,311
[WeWork employees cheering]
264
00:16:26,320 --> 00:16:28,780
[Adam] Time to go buy yourself
some real art, Miguel.
265
00:16:28,864 --> 00:16:29,865
[chuckles]
266
00:16:30,657 --> 00:16:32,242
What made you decide you were ready?
267
00:16:32,326 --> 00:16:34,036
We've always been ready.
268
00:16:34,119 --> 00:16:35,996
It was just simply a matter of timing.
269
00:16:38,790 --> 00:16:41,168
[Jamie] Okay, 72 hours to figure out
how much they're worth.
270
00:16:41,251 --> 00:16:43,378
100 million in fees for us. Go.
271
00:16:48,091 --> 00:16:49,843
[interviewer]
Let's talk about the financials for a sec.
272
00:16:49,927 --> 00:16:53,514
Now, you didn't reveal any financial
information in the confidential filing.
273
00:16:53,597 --> 00:16:55,390
In the presentation you shared with us
274
00:16:55,474 --> 00:17:00,437
we see that revenue climbed
to $1.8 billion in 2017.
275
00:17:00,521 --> 00:17:03,607
But that was on a net loss of 1.9.
276
00:17:04,148 --> 00:17:10,155
But we reached an annualized revenue
of 2.43 billion in the fourth quarter.
277
00:17:10,239 --> 00:17:12,406
[no audible dialogue]
278
00:17:12,491 --> 00:17:13,534
Go.
279
00:17:17,871 --> 00:17:19,873
[song continues]
280
00:17:22,376 --> 00:17:25,170
[Adam]
And we saw a massive jump in membership
281
00:17:25,253 --> 00:17:29,466
from 186,000 to 401,000.
282
00:17:30,050 --> 00:17:33,804
[interviewer] Uber, Lyft, Pinterest,
Slack, and now WeWork.
283
00:17:33,887 --> 00:17:35,430
[Adam] The We Company. Yeah.
284
00:17:35,514 --> 00:17:37,516
- [interviewer] The We Company.
- [Adam] Thank you very much.
285
00:17:37,599 --> 00:17:40,853
[interviewer] Sorry about that.
All preparing to go public this year.
286
00:17:40,936 --> 00:17:43,605
And they're calling it
"the unicorn stampede."
287
00:17:43,689 --> 00:17:46,024
We are rooting for everyone's success.
288
00:17:46,108 --> 00:17:47,317
There's no reason not to.
289
00:17:47,401 --> 00:17:51,697
We feel very confident
about investor demand for our IPO.
290
00:17:52,614 --> 00:17:53,615
Okay.
291
00:17:55,492 --> 00:17:56,743
Let's do it.
292
00:18:01,748 --> 00:18:04,459
[Adam] It's the right time
for the mission of the company.
293
00:18:08,255 --> 00:18:11,049
- [interviewer] Which is?
-To elevate the world's consciousness.
294
00:18:11,675 --> 00:18:14,803
And going public will help us
to achieve that mission.
295
00:18:14,887 --> 00:18:16,263
[song ends]
296
00:18:16,346 --> 00:18:18,265
Oh, my God. It's so exciting.
297
00:18:18,348 --> 00:18:19,808
[chuckles]
298
00:18:20,309 --> 00:18:21,476
[Rebekah] Mmm.
299
00:18:21,560 --> 00:18:22,603
Can I get a tea?
300
00:18:23,228 --> 00:18:24,354
- Yeah.
- Thanks.
301
00:18:36,533 --> 00:18:37,784
Mother Teresa.
302
00:18:38,702 --> 00:18:39,703
Bob Marley.
303
00:18:40,454 --> 00:18:41,496
Adam Neumann.
304
00:18:42,080 --> 00:18:46,084
Your goal to elevate the world's
consciousness reminds us of these icons.
305
00:18:46,168 --> 00:18:49,171
"Love the life you live.
Live the life you love."
306
00:18:49,671 --> 00:18:52,424
Bob Marley. Rest in power.
307
00:18:53,342 --> 00:18:57,846
The only difference between you
and Amazon and Google and Alibaba
308
00:18:57,930 --> 00:18:59,848
is that you are scaling faster.
309
00:19:00,766 --> 00:19:03,852
We are best in class,
and the best deserves the best.
310
00:19:03,936 --> 00:19:06,813
[Jamie] I feel like I know
what you value, Adam.
311
00:19:06,897 --> 00:19:08,273
Personal relationships.
312
00:19:08,357 --> 00:19:12,486
And I think you already know
we are the bank to lead the underwriting.
313
00:19:12,569 --> 00:19:16,114
Jamie, I value you more than you know.
314
00:19:16,198 --> 00:19:20,410
The question is, how much do you value me?
315
00:19:26,124 --> 00:19:28,043
[flaps lips]
316
00:19:28,126 --> 00:19:30,087
Forty-six billion.
317
00:19:31,046 --> 00:19:35,175
Our last financing round valued us
at 47 billion.
318
00:19:35,259 --> 00:19:36,760
No, you're too low, my friend.
319
00:19:37,344 --> 00:19:39,179
Too low. It's a shame.
320
00:19:40,639 --> 00:19:41,890
Eighteen to 52.
321
00:19:41,974 --> 00:19:43,016
"Eighteen to 52"?
322
00:19:43,100 --> 00:19:45,269
Well, it depends on
how well we're able to--
323
00:19:46,144 --> 00:19:47,312
Sixty billion?
324
00:19:49,273 --> 00:19:51,859
The question is, why so low?
325
00:19:53,694 --> 00:19:54,695
[chuckles]
326
00:19:55,445 --> 00:19:57,197
We actually think it's on the high side.
327
00:19:59,449 --> 00:20:00,450
Sixty-three.
328
00:20:09,626 --> 00:20:11,211
Add 18 cents…
329
00:20:12,504 --> 00:20:13,755
and you have a deal.
330
00:20:15,799 --> 00:20:18,760
I think it's a fair number
for our investors
331
00:20:18,844 --> 00:20:20,762
and for our future investors
332
00:20:20,846 --> 00:20:22,764
and, most importantly,
333
00:20:24,349 --> 00:20:25,434
for our employees.
334
00:20:26,852 --> 00:20:29,646
Now, let's make a shit ton of money.
335
00:20:29,730 --> 00:20:31,857
- [Jamie laughs]
- [Adam] Okay? Shit ton.
336
00:20:32,524 --> 00:20:34,151
- All right.
- [Adam] Whoo!
337
00:20:34,234 --> 00:20:37,779
So, we'll work with your team
to get started on the S-1 prospectus.
338
00:20:37,863 --> 00:20:40,991
It's WeWork's introduction--
official introduction to the public,
339
00:20:41,074 --> 00:20:43,202
so it's one of the most
important parts of the process.
340
00:20:43,285 --> 00:20:45,120
- We'll get ahead of it.
- Yes, yes, please.
341
00:20:45,204 --> 00:20:48,874
Write it,
and then I'll give it energy and power.
342
00:20:48,957 --> 00:20:51,835
Adam, it's an important
legal and financial document.
343
00:20:51,919 --> 00:20:54,129
- We'll let the experts deal with it.
- I understand. I un--
344
00:20:54,213 --> 00:20:55,339
[Jamie] Miguel is right, Adam.
345
00:20:55,422 --> 00:20:59,009
It's, uh, highly-technical.
Reporting requirements, legal liabilities.
346
00:20:59,092 --> 00:21:01,595
- You don't wanna be a part of that.
- [Adam] Listen to me. Listen to me.
347
00:21:01,678 --> 00:21:05,224
That is the old way.
I'm not interested in the old way.
348
00:21:05,307 --> 00:21:07,267
I'm interested in the world to come.
349
00:21:07,351 --> 00:21:09,436
You understand? We're making a new world.
350
00:21:09,520 --> 00:21:11,021
A new world, Miguel.
351
00:21:11,104 --> 00:21:15,108
Have your people put something together,
and we'll take it from there.
352
00:21:15,817 --> 00:21:16,818
Okay?
353
00:21:18,737 --> 00:21:19,738
[Jamie] Thank you.
354
00:21:23,492 --> 00:21:24,576
Shit.
355
00:21:25,160 --> 00:21:26,370
What's wrong?
356
00:21:26,453 --> 00:21:28,121
I think we could have gotten 64.
357
00:21:29,039 --> 00:21:30,165
[door closes]
358
00:21:30,249 --> 00:21:31,458
- [laughs]
- [Jacob] Come on.
359
00:21:31,542 --> 00:21:33,168
- Yes! It's a good deal.
- Yes! Yes!
360
00:21:33,252 --> 00:21:34,920
- Yes!
- Yes!
361
00:21:35,003 --> 00:21:36,004
Yes!
362
00:21:36,088 --> 00:21:37,673
[all shouting]
363
00:21:37,756 --> 00:21:39,883
- Yes! Yes!
- [laughing]
364
00:21:39,967 --> 00:21:42,344
[all screaming, exclaiming, laughing]
365
00:22:02,030 --> 00:22:03,031
[Adam] Rivka.
366
00:22:03,991 --> 00:22:06,285
Rivka, come sit with me, please.
367
00:22:08,996 --> 00:22:11,832
I'm not asking as your husband,
I'm asking as your CEO.
368
00:22:11,915 --> 00:22:13,834
This is business. Please, come sit.
369
00:22:14,710 --> 00:22:15,711
Please.
370
00:22:17,337 --> 00:22:18,714
[Rebekah inhales deeply]
371
00:22:19,840 --> 00:22:21,466
Just a quick sit.
372
00:22:25,053 --> 00:22:26,054
[Rebekah sighs]
373
00:22:26,555 --> 00:22:27,556
I appreciate it.
374
00:22:29,433 --> 00:22:30,434
Carrot juice.
375
00:22:32,978 --> 00:22:34,188
[inhales deeply]
376
00:22:38,775 --> 00:22:42,487
Um, do you know what an S-1 is?
377
00:22:43,780 --> 00:22:46,909
I worked on Wall Street, Adam.
I know what an S-1 is.
378
00:22:46,992 --> 00:22:48,827
It's a company's introduction
to the world.
379
00:22:48,911 --> 00:22:51,330
Its mission statement. Its raison d'être.
380
00:22:52,206 --> 00:22:53,290
Precisely.
381
00:22:53,832 --> 00:22:57,002
The lawyers and the bankers will debate
the fine print,
382
00:22:57,085 --> 00:22:58,587
but we need to make it our own.
383
00:22:58,670 --> 00:23:02,007
It's got to be a living, breathing thing,
384
00:23:02,090 --> 00:23:05,677
and it must tell the story of We.
385
00:23:07,721 --> 00:23:11,141
And We has always been…
386
00:23:13,227 --> 00:23:14,269
you and me.
387
00:23:16,188 --> 00:23:17,648
Write it with me.
388
00:23:23,487 --> 00:23:24,488
[chuckles]
389
00:23:27,991 --> 00:23:28,992
No.
390
00:23:30,494 --> 00:23:33,664
You built the company.
You can write it yourself.
391
00:23:41,004 --> 00:23:43,215
I saw the podcast that you did.
392
00:23:43,298 --> 00:23:45,300
I thought you were phenomenal.
393
00:23:45,384 --> 00:23:47,511
[Rebekah]
It was a podcast. It doesn't matter.
394
00:23:47,594 --> 00:23:50,305
Of course it matters. It was important.
395
00:23:52,266 --> 00:23:53,308
Damian tells me
396
00:23:53,392 --> 00:23:56,812
that you don't think your message
is reaching a-- a wide enough audience.
397
00:23:56,895 --> 00:23:58,146
I agree.
398
00:23:58,730 --> 00:24:00,440
You want to get your message out there?
399
00:24:00,524 --> 00:24:02,568
You want to--
You want to, uh, grow your school?
400
00:24:02,651 --> 00:24:03,694
You want to be heard?
401
00:24:03,777 --> 00:24:05,696
Then write the S-1 with me.
402
00:24:06,530 --> 00:24:08,240
Not as my wife…
403
00:24:10,033 --> 00:24:11,159
but as my cofounder.
404
00:24:13,662 --> 00:24:15,455
It'll be hard for them not to listen
405
00:24:15,539 --> 00:24:18,584
to the cofounder
of a multi-billion-dollar company.
406
00:24:23,380 --> 00:24:25,215
- I heard 100. [chuckles]
- [Birdie chuckles]
407
00:24:25,299 --> 00:24:27,050
[scoffs] Goldman pitched a trillion.
408
00:24:27,134 --> 00:24:29,344
Listen to me. Buy your options now.
409
00:24:29,428 --> 00:24:32,014
- Forget options. I'm buying an apartment.
- I'm paying off student loans.
410
00:24:32,097 --> 00:24:34,308
I'm cashing out
and getting the hell out of here.
411
00:24:34,391 --> 00:24:35,267
No, I am serious.
412
00:24:35,350 --> 00:24:38,312
Listen, it'll reduce the capital gains tax
when you sell your shares.
413
00:24:38,395 --> 00:24:40,731
But I don't have any money.
How do I buy my options?
414
00:24:41,481 --> 00:24:43,233
I got a loan from my grandparents.
415
00:24:43,734 --> 00:24:44,985
- Of course you did.
- Yeah.
416
00:24:45,068 --> 00:24:48,488
Attention!
Attention, my beautiful WeWorkers.
417
00:24:48,572 --> 00:24:49,865
My tribe. My family.
418
00:24:50,449 --> 00:24:53,285
You have the rest of the day off.
And tomorrow.
419
00:24:53,368 --> 00:24:54,578
Oh.
420
00:24:54,661 --> 00:24:57,539
So water your plants.
Call your mother. Go for a walk.
421
00:24:57,623 --> 00:24:58,624
Fall in love.
422
00:24:58,707 --> 00:25:00,792
But whatever you do, get out of here.
423
00:25:00,876 --> 00:25:02,419
Go, go, go, go, go. Okay?
424
00:25:03,003 --> 00:25:04,546
- Thank you. Go.
- [Phil] Is he serious?
425
00:25:04,630 --> 00:25:05,923
He's not fucking around.
426
00:25:06,006 --> 00:25:08,008
[employees chattering]
427
00:25:09,676 --> 00:25:11,094
I feel like this is a test.
428
00:25:14,890 --> 00:25:15,891
All right.
429
00:25:20,437 --> 00:25:21,522
[Rebekah sighs]
430
00:25:36,662 --> 00:25:37,829
Where is everyone?
431
00:25:39,748 --> 00:25:42,751
We gave them the day off. Actually, two.
432
00:25:42,835 --> 00:25:44,920
Besides, we have everyone
we need right here.
433
00:25:45,003 --> 00:25:46,797
No-- No distractions, no noise.
434
00:25:46,880 --> 00:25:48,131
Just us.
435
00:25:57,558 --> 00:26:01,395
I had Bea print out the S-1s
from the top IPOs of the last ten years.
436
00:26:01,478 --> 00:26:02,938
I'm gonna get reading.
437
00:26:04,189 --> 00:26:06,942
Uh, uh, I don't think they
have anything to teach us.
438
00:26:07,025 --> 00:26:08,485
I'll be in my office.
439
00:26:09,528 --> 00:26:11,905
How about some yoga first?
440
00:26:12,781 --> 00:26:15,701
Maybe, uh, limber up a bit?
441
00:26:25,335 --> 00:26:26,837
- [Adam clears throat]
- [gasps]
442
00:26:27,337 --> 00:26:28,547
Latte?
443
00:26:29,131 --> 00:26:29,965
[Rebekah sighs]
444
00:26:31,633 --> 00:26:33,093
That's a cappuccino.
445
00:26:33,844 --> 00:26:35,429
Hmm, pretty sure it's a latte.
446
00:26:36,054 --> 00:26:38,098
It's a cappuccino.
447
00:26:40,517 --> 00:26:43,187
Hmm. My assistants call them lattes.
448
00:26:43,270 --> 00:26:46,481
Because you call them lattes, and no one
wants to tell you that you're wrong.
449
00:27:01,163 --> 00:27:02,164
[sighs]
450
00:27:07,586 --> 00:27:11,298
[breathes heavily]
451
00:27:12,007 --> 00:27:13,675
Tell me what to do,
452
00:27:13,759 --> 00:27:16,345
because a thousand apologies
haven't worked.
453
00:27:18,222 --> 00:27:19,765
How do we get past it?
454
00:27:24,353 --> 00:27:26,396
We don't. It forever exists.
455
00:27:29,066 --> 00:27:30,192
So, this is it?
456
00:27:31,443 --> 00:27:34,112
- This?
- You really think you built this alone?
457
00:27:34,196 --> 00:27:35,322
Really?
458
00:27:35,906 --> 00:27:38,283
You gave me a theater, you gave me a job,
459
00:27:38,367 --> 00:27:40,827
you gave me a school--
[stammers, inhales deeply]
460
00:27:41,954 --> 00:27:43,789
What about what you took?
461
00:27:46,124 --> 00:27:47,918
You took my father's money.
462
00:27:48,001 --> 00:27:51,380
You took everything I believe in
463
00:27:51,463 --> 00:27:54,675
and-and-and made it into a shiny wrapper
to package your bullshit.
464
00:27:54,758 --> 00:27:57,469
You even took my words.
465
00:27:57,553 --> 00:27:59,304
"Elevating the world's consciousness."
466
00:27:59,388 --> 00:28:01,223
Who came up with that? You?
467
00:28:02,599 --> 00:28:05,936
You couldn't have built shit without me.
468
00:28:06,979 --> 00:28:08,105
[Adam inhales sharply]
469
00:28:13,735 --> 00:28:14,820
You're right.
470
00:28:14,903 --> 00:28:16,488
They are your words.
471
00:28:17,447 --> 00:28:18,991
But do you mean them?
472
00:28:21,869 --> 00:28:23,954
How can you elevate
the world's consciousness
473
00:28:24,037 --> 00:28:25,956
if you're not willing to forgive?
474
00:28:32,379 --> 00:28:33,589
[clears throat]
475
00:28:35,299 --> 00:28:36,800
There's your cappuccino.
476
00:28:53,483 --> 00:28:55,068
[breath hitches]
477
00:28:55,152 --> 00:28:56,653
[breathes shakily]
478
00:29:01,074 --> 00:29:01,909
- Hi.
- Hello. Welcome.
479
00:29:01,992 --> 00:29:02,826
Thank you.
480
00:29:02,910 --> 00:29:04,912
- It's lovely to have you here.
- Oh. Thanks.
481
00:29:04,995 --> 00:29:05,996
Oh. Thanks.
482
00:29:08,832 --> 00:29:11,418
[gallerist] So here we have the piece
you were inquiring about.
483
00:29:14,004 --> 00:29:15,255
Oh. [chuckles]
484
00:29:20,177 --> 00:29:22,262
He's challenging us to ask ourselves,
485
00:29:22,888 --> 00:29:24,890
"What is worth our time and attention?"
486
00:29:28,101 --> 00:29:29,102
Yeah, it's cool.
487
00:29:30,521 --> 00:29:31,522
[chuckles]
488
00:29:32,773 --> 00:29:35,150
- I feel like he's staring right at me.
- [chuckles]
489
00:29:36,860 --> 00:29:38,111
So, how much is it?
490
00:29:39,571 --> 00:29:41,740
Adam and Rebekah have been
our clients for years,
491
00:29:41,823 --> 00:29:44,034
so we'd like to extend
their discount to you.
492
00:29:44,826 --> 00:29:46,203
Cool, thank you.
493
00:29:46,286 --> 00:29:48,121
Yeah, so 48 million.
494
00:29:51,792 --> 00:29:53,335
That's with the discount?
495
00:29:53,418 --> 00:29:55,462
I heard you'll be able to afford it soon.
496
00:29:55,963 --> 00:29:58,841
Adam mentioned the IPO. Congratulations.
497
00:30:05,222 --> 00:30:06,390
What about that one?
498
00:30:09,059 --> 00:30:10,602
You're interested in that one?
499
00:30:19,611 --> 00:30:20,863
[sighs]
500
00:30:37,462 --> 00:30:38,463
[smacks lips]
501
00:30:41,341 --> 00:30:43,260
[sighs] You were right.
502
00:30:48,265 --> 00:30:49,433
They're useless.
503
00:30:50,225 --> 00:30:51,226
Lifeless.
504
00:30:52,311 --> 00:30:53,312
Dead things.
505
00:30:53,395 --> 00:30:56,064
They reminded me why I hated
working on Wall Street.
506
00:31:00,569 --> 00:31:01,737
What's that?
507
00:31:02,905 --> 00:31:05,949
These? Uh, more dead things
from the lawyers.
508
00:31:06,909 --> 00:31:07,951
Take a look.
509
00:31:09,578 --> 00:31:11,330
- Risk factors?
- Mmm.
510
00:31:12,289 --> 00:31:15,876
"One, our rapid growth
may not be sustainable.
511
00:31:15,959 --> 00:31:18,587
Two, we have a history of losses,
512
00:31:18,670 --> 00:31:21,548
and if we continue to grow
at an accelerated rate,
513
00:31:21,632 --> 00:31:25,636
we may be unable to achieve profitability
for the foreseeable future."
514
00:31:25,719 --> 00:31:27,262
And, uh, number three:
515
00:31:27,346 --> 00:31:32,935
small men proceed from fear!
516
00:31:39,441 --> 00:31:43,862
And we are not small!
517
00:31:45,113 --> 00:31:47,157
No, and we proceed from hope,
518
00:31:47,658 --> 00:31:50,536
from-from creativity, imagination and--
519
00:31:51,578 --> 00:31:54,248
and from love.
520
00:31:56,416 --> 00:32:00,212
Okay. [inhales sharply]
So how do we capture that?
521
00:32:02,881 --> 00:32:04,216
[Adam] Hmm.
522
00:32:04,299 --> 00:32:07,261
Creation began with the word, right?
523
00:32:08,262 --> 00:32:09,888
So, what are our words?
524
00:32:12,391 --> 00:32:13,392
Come.
525
00:32:14,560 --> 00:32:16,061
Come, come, come, come, come.
526
00:32:17,271 --> 00:32:18,897
[Rebekah chuckles]
527
00:32:25,445 --> 00:32:30,158
- [chuckles]
- [inhales deeply] The word.
528
00:32:30,993 --> 00:32:34,037
[both breathing deeply]
529
00:32:38,917 --> 00:32:40,252
Community.
530
00:32:40,335 --> 00:32:41,378
[gong reverberating]
531
00:32:41,461 --> 00:32:44,506
[laughs]
532
00:32:45,507 --> 00:32:46,508
Um…
533
00:32:48,135 --> 00:32:49,887
Consciousness.
534
00:32:49,970 --> 00:32:52,347
[gong reverberating]
535
00:32:52,431 --> 00:32:53,724
Growth.
536
00:32:53,807 --> 00:32:55,601
[gong reverberating]
537
00:32:55,684 --> 00:32:57,477
Spiritual growth!
538
00:32:59,771 --> 00:33:01,940
Intention!
539
00:33:02,649 --> 00:33:04,234
- Positivity.
- Meaning.
540
00:33:04,318 --> 00:33:05,444
Hope!
541
00:33:07,029 --> 00:33:08,655
- We.
- We!
542
00:33:09,656 --> 00:33:10,866
[breathing heavily]
543
00:33:16,747 --> 00:33:18,832
I am nothing without you.
544
00:33:23,212 --> 00:33:24,421
[Rebekah sighs]
545
00:33:24,505 --> 00:33:25,589
[mallet clatters]
546
00:33:28,967 --> 00:33:29,968
[moans]
547
00:33:30,677 --> 00:33:31,678
Adam, it's Bruce.
548
00:33:31,762 --> 00:33:35,891
What is this nonsense I'm hearing
about you and Rebekah rewriting the S-1?
549
00:33:36,475 --> 00:33:39,061
It's a very technical document and--
550
00:33:39,144 --> 00:33:41,647
You know what? Um, I'm-- I'm coming over.
551
00:33:42,731 --> 00:33:43,774
[inhales deeply]
552
00:33:44,441 --> 00:33:45,651
[elevator bell dings]
553
00:33:54,284 --> 00:33:55,369
Hello!
554
00:33:57,663 --> 00:33:58,997
[Adam chuckles]
555
00:33:59,873 --> 00:34:01,583
How many pages do we have?
556
00:34:02,251 --> 00:34:04,127
We have…
557
00:34:04,211 --> 00:34:06,588
- nine words. [laughs]
- Nine words?
558
00:34:06,672 --> 00:34:07,840
Nine words!
559
00:34:08,924 --> 00:34:11,342
- It can't be true.
- [shushes]
560
00:34:13,428 --> 00:34:16,389
- Okay. Okay, okay, okay, okay, okay, okay.
- Mm-hmm.
561
00:34:16,473 --> 00:34:18,600
[stammers] We have our words.
562
00:34:18,684 --> 00:34:21,562
- Mm-hmm. [sighs]
- And now we need-- we need numbers.
563
00:34:22,312 --> 00:34:25,065
Fortunately, the only numbers
that Wall Street cares about
564
00:34:25,148 --> 00:34:26,275
are actually letters.
565
00:34:26,358 --> 00:34:29,319
E-B-I-T-D-A, EBITDA.
566
00:34:29,402 --> 00:34:30,612
EBITDA.
567
00:34:30,696 --> 00:34:35,242
Earnings before interest, taxes,
depreciation, and amortization.
568
00:34:35,324 --> 00:34:38,161
EBITDA is a standardized way
of assessing a company's performance
569
00:34:38,245 --> 00:34:40,246
and comparing it to other companies.
570
00:34:40,330 --> 00:34:43,876
Its power lies in the fact
that everyone uses it.
571
00:34:45,168 --> 00:34:48,797
And because everyone uses it,
it allows you to compare apples to apples.
572
00:34:51,632 --> 00:34:54,636
- Fuck EBITDA!
- Why?
573
00:34:54,719 --> 00:34:56,263
[stammers] We lose too much money.
574
00:34:56,346 --> 00:34:58,807
We could be profitable
tomorrow if we wanted,
575
00:34:58,891 --> 00:35:01,143
but we spend on growth.
576
00:35:01,852 --> 00:35:03,604
- So?
- [sighs]
577
00:35:03,687 --> 00:35:05,814
They're just letters.
Let's use different ones.
578
00:35:05,898 --> 00:35:06,899
Let's reframe it.
579
00:35:07,566 --> 00:35:09,776
We can't let ourselves be defined
by the old ways.
580
00:35:09,860 --> 00:35:12,654
If their letters don't fit,
we come up with new ones.
581
00:35:14,156 --> 00:35:17,201
[stammers] What did you just say?
582
00:35:17,284 --> 00:35:18,410
We use new ones.
583
00:35:18,994 --> 00:35:21,955
- Where is the S-1?
- Uh. Oh, here.
584
00:35:26,001 --> 00:35:28,587
We'll work off the S-1
the lawyers gave us,
585
00:35:28,670 --> 00:35:33,133
and then we just need to subtract
tenant fees and rent expenses,
586
00:35:33,217 --> 00:35:35,594
staffing expenses and design expenses,
587
00:35:35,677 --> 00:35:38,263
marketing and administrative expenses.
588
00:35:38,347 --> 00:35:39,765
Then we show a profit.
589
00:35:39,848 --> 00:35:42,684
We'll call it, uh,
community-adjusted EBITDA.
590
00:35:42,768 --> 00:35:46,355
And show them, show them
the true value of our community!
591
00:35:46,438 --> 00:35:49,066
Okay. Okay.
Okay, could you say that again? [chuckles]
592
00:35:53,487 --> 00:35:54,571
Okay, yep.
593
00:35:56,323 --> 00:35:57,491
Uh, a little to the right.
594
00:35:57,574 --> 00:36:00,160
Right, right, right. Cool. Great, guys.
595
00:36:00,244 --> 00:36:02,079
Awesome. All right, uh, let's do a photo.
596
00:36:02,162 --> 00:36:04,039
You guys can be in it. Yeah.
597
00:36:06,458 --> 00:36:09,127
Hey, my brother from another mother.
598
00:36:09,211 --> 00:36:10,337
Uh…
599
00:36:11,380 --> 00:36:13,715
I didn't buy the Lichtenstein,
600
00:36:13,799 --> 00:36:16,677
but I got something even better.
601
00:36:17,177 --> 00:36:18,178
[stammers]
602
00:36:19,930 --> 00:36:21,139
Um…
603
00:36:21,223 --> 00:36:22,391
Oh, and, uh,
604
00:36:23,392 --> 00:36:25,185
if you need any help with the S-1,
605
00:36:26,228 --> 00:36:27,521
I'm-- I'm here.
606
00:36:27,604 --> 00:36:29,898
Yo! This is it.
607
00:36:30,732 --> 00:36:33,610
This is our home for the evening.
608
00:36:34,152 --> 00:36:37,197
- Check it out. Come on.
- Should I take off my shoes?
609
00:36:37,281 --> 00:36:39,324
- No, don't take your fucking shoes off.
- [sighs]
610
00:36:39,408 --> 00:36:41,243
[employee] I thought we were just
getting Adam's mail.
611
00:36:41,326 --> 00:36:44,454
Come here. I want you to touch this.
Actually, I want you to hold it.
612
00:36:44,538 --> 00:36:45,622
- Put that down.
- Hold it.
613
00:36:45,706 --> 00:36:47,165
- Put it down.
- Or I drop it.
614
00:36:47,875 --> 00:36:48,876
How's it feel?
615
00:36:50,419 --> 00:36:52,254
- It feels fine.
- It feels great.
616
00:36:52,337 --> 00:36:53,589
Come on, let's drink it.
617
00:36:54,089 --> 00:36:56,049
I don't know. I'm worried.
What if they come back?
618
00:36:56,133 --> 00:36:58,760
- Yeah, I'm not sure about this.
- Stop worrying.
619
00:36:58,844 --> 00:36:59,845
Adam doesn't even care.
620
00:36:59,928 --> 00:37:04,099
Plus, put the kids and the nannies
on a blade to the Hamptons.
621
00:37:04,183 --> 00:37:05,184
So we're fine.
622
00:37:05,267 --> 00:37:06,310
Like a helicopter?
623
00:37:06,393 --> 00:37:08,145
- [Phil] Yeah, what else is there?
- Wow.
624
00:37:08,228 --> 00:37:09,563
Let's see what we got.
625
00:37:09,646 --> 00:37:12,065
[groans] Vegan snacks. Ugh.
626
00:37:12,149 --> 00:37:15,777
Oh. My dad used to mark the bottles
so he'd know if me or my sister drank any.
627
00:37:15,861 --> 00:37:16,862
We're not teenagers anymore.
628
00:37:16,945 --> 00:37:19,072
You're a grown-ass dude
who's about to be a millionaire.
629
00:37:19,156 --> 00:37:20,824
- So act like it.
- Yeah, Mikey.
630
00:37:20,908 --> 00:37:24,703
Plus, I once found an $84,000 check
in Adam's pants at the dry cleaner's.
631
00:37:24,786 --> 00:37:27,122
So something tells me
he's not measuring alcohol.
632
00:37:27,206 --> 00:37:28,457
Mm-mmm.
633
00:37:28,540 --> 00:37:29,833
- [pouring]
- Okay, grab one.
634
00:37:30,334 --> 00:37:31,960
[inhales deeply] What are we cheersing to?
635
00:37:32,878 --> 00:37:34,838
- [Mikey] Hmm.
- This IPO.
636
00:37:34,922 --> 00:37:36,840
- This fucking IPO.
- Yeah.
637
00:37:36,924 --> 00:37:38,050
- Cheers.
- Cheers.
638
00:37:38,133 --> 00:37:39,843
- Cheers.
- Cheers. Yeah.
639
00:37:42,596 --> 00:37:43,680
Mmm.
640
00:37:43,764 --> 00:37:45,265
- [smacks lips] Wow.
- Wow.
641
00:37:45,349 --> 00:37:46,767
Okay, so.
642
00:37:46,850 --> 00:37:50,938
Chloe, what are you spending
your first million on?
643
00:37:51,021 --> 00:37:52,856
And do not give me anything
644
00:37:52,940 --> 00:37:55,484
about student loans
or any of that nonsense.
645
00:37:55,567 --> 00:37:57,236
You know I don't need anything.
646
00:37:57,319 --> 00:37:58,737
Yeah, nobody needs anything.
647
00:37:58,820 --> 00:38:00,239
[imitating Adam] But, Chloe…
648
00:38:00,948 --> 00:38:02,241
- Chloe…
- [chuckles]
649
00:38:02,324 --> 00:38:04,910
- Please, no.
- What do you want, Chloe?
650
00:38:04,993 --> 00:38:06,078
What do you want?
651
00:38:06,161 --> 00:38:08,330
- You're terrorizing me--
- [Phil] Stare into my soul.
652
00:38:08,413 --> 00:38:10,749
If you want nice things,
you need to have intention.
653
00:38:10,832 --> 00:38:12,793
- Mm-hmm.
- Huh? Huh? Intention.
654
00:38:12,876 --> 00:38:15,629
[both imitating Adam]
And success and happiness, it will follow.
655
00:38:15,712 --> 00:38:18,841
Chloe, don't you want to expand
the world's consciousness, Chloe?
656
00:38:18,924 --> 00:38:21,426
- Elevate, Chloe! Think about the "we."
- [Chloe] No! [laughs]
657
00:38:21,510 --> 00:38:23,011
- Chlo-We.
- Chlo-We!
658
00:38:23,095 --> 00:38:25,013
[both] It's Chlo-We.
659
00:38:27,182 --> 00:38:28,517
[softly] Oh, wow.
660
00:38:29,226 --> 00:38:32,437
[normal voice] Hey, hey.
Don't you dare avoid the question.
661
00:38:33,522 --> 00:38:35,023
What're you gonna buy? I want to know.
662
00:38:39,278 --> 00:38:41,738
["It All Feels Right" playing]
663
00:38:41,822 --> 00:38:43,365
Do you ever think
you're turning into Adam?
664
00:38:43,448 --> 00:38:44,783
- [Phil] Don't say that.
- You are.
665
00:38:44,867 --> 00:38:46,618
Are you actually saying
I'm turning into Adam?
666
00:38:46,702 --> 00:38:47,744
[Mikey] I don't think so.
667
00:38:49,413 --> 00:38:51,081
[no audible dialogue]
668
00:38:56,545 --> 00:38:57,546
- [Chloe] You use salt?
- [Phil] Yeah.
669
00:38:57,629 --> 00:38:58,463
[Chloe] Drink.
670
00:38:58,547 --> 00:39:00,674
- [Mikey] Yeah, yeah, yeah.
- [Phil] Wait. One, two, three, go.
671
00:39:07,181 --> 00:39:09,474
- [Phil] Do you want to make out?
- No.
672
00:39:09,558 --> 00:39:12,186
- Don't you just a little bit?
- No.
673
00:39:12,269 --> 00:39:14,271
[Mikey laughs] We just struck gold.
674
00:39:14,354 --> 00:39:16,023
[laughing]
675
00:39:17,858 --> 00:39:21,361
[chanting] Do it! Do it! Do it!
676
00:39:21,445 --> 00:39:25,073
[both chanting] Do it! Do it! Do it!
677
00:39:25,157 --> 00:39:27,451
Come on, you can pay it off
in installments.
678
00:39:27,534 --> 00:39:29,995
It's more than I made
last year after taxes.
679
00:39:30,078 --> 00:39:31,997
Yeah, but we didn't IPO last year, dude.
680
00:39:32,080 --> 00:39:34,875
Hey, man, check it out.
This place is huge.
681
00:39:34,958 --> 00:39:37,377
They added a whole floor
since the last time I was here.
682
00:39:37,461 --> 00:39:40,797
Oh, yeah. And the San Francisco house
has a room that's shaped like a guitar.
683
00:39:40,881 --> 00:39:42,633
- I bet they have orgies in it.
- Ew.
684
00:39:42,716 --> 00:39:44,635
No, no. They do not have sex.
685
00:39:44,718 --> 00:39:47,721
They just levitate,
and their souls fucking meld.
686
00:39:47,804 --> 00:39:49,181
- [laughs]
- [Mikey laughs]
687
00:39:50,057 --> 00:39:51,099
Did you buy it?
688
00:39:51,767 --> 00:39:53,519
No, I'm just staring at it.
689
00:39:53,602 --> 00:39:55,521
[cell phone ringing]
690
00:39:58,482 --> 00:39:59,816
It's Adam.
691
00:39:59,900 --> 00:40:01,527
- Why is he FaceTiming me?
- [Phil] What?
692
00:40:01,610 --> 00:40:03,028
- [Mikey] Why is he FaceTiming me?
- No, no, Mikey.
693
00:40:03,111 --> 00:40:04,112
[Phil] Don't pick it up.
694
00:40:04,196 --> 00:40:06,156
- He doesn't know that we're here.
- Asshole.
695
00:40:06,240 --> 00:40:07,241
I have to answer.
696
00:40:07,324 --> 00:40:08,700
- Smash your phone!
- You do not have to answer it.
697
00:40:08,784 --> 00:40:11,161
- I have to answer it.
- Do not answer it under any circumstance.
698
00:40:11,745 --> 00:40:12,871
Shit, turn off the music.
699
00:40:12,955 --> 00:40:13,997
- [music stops]
- Hey, Adam. What's up?
700
00:40:14,081 --> 00:40:15,832
[Adam] Uh, the printer isn't working.
701
00:40:15,916 --> 00:40:19,294
Okay. Uh, you can try to reset it.
Remember how I showed you last time?
702
00:40:19,378 --> 00:40:20,212
[Adam] See you soon.
703
00:40:20,921 --> 00:40:23,090
The fuck does that mean? "See you soon"?
704
00:40:24,508 --> 00:40:26,885
- Clean up and get out!
- [Phil] Come on, are you joking?
705
00:40:27,386 --> 00:40:29,096
Oh, buy the bag.
706
00:40:29,179 --> 00:40:30,514
- [Chloe] Yeah, yeah, yeah, yeah.
- See ya!
707
00:40:30,597 --> 00:40:32,975
- [Chloe] I love y'all. See y'all tomorrow.
- [Phil] No! What the--
708
00:40:33,058 --> 00:40:35,686
- No, no. Come on. Oh, goddamn it.
- Love you, bro.
709
00:40:35,769 --> 00:40:36,603
Oh!
710
00:40:38,272 --> 00:40:41,441
[printer whirring]
711
00:40:41,525 --> 00:40:43,235
[Adam] Hey!
712
00:40:43,318 --> 00:40:45,404
[chuckles] Someone probably stepped
on the surge protector.
713
00:40:45,487 --> 00:40:47,281
Mikey, you're a genius.
714
00:40:48,448 --> 00:40:50,367
- You're a good boy.
- Oh. [inhales sharply]
715
00:40:50,450 --> 00:40:53,245
You've been with us from,
uh, the beginning, huh?
716
00:40:53,328 --> 00:40:55,330
- Yeah.
- The very beginning.
717
00:40:55,414 --> 00:40:57,165
What, uh, ten years now?
718
00:40:57,249 --> 00:40:59,042
- Yeah. [chuckles]
- [Adam] Yeah, yeah.
719
00:41:06,925 --> 00:41:07,926
Mikey.
720
00:41:08,510 --> 00:41:10,804
Mikey, Mikey, Mikey.
721
00:41:12,055 --> 00:41:13,599
Have you been drinking?
722
00:41:15,184 --> 00:41:17,686
I-- I had a drink with some friends.
723
00:41:17,769 --> 00:41:18,770
Ah.
724
00:41:19,771 --> 00:41:22,149
A drink with friends?
725
00:41:22,232 --> 00:41:23,233
Mm-hmm.
726
00:41:23,317 --> 00:41:24,318
Mmm.
727
00:41:24,985 --> 00:41:26,361
I know that smell.
728
00:41:27,404 --> 00:41:28,405
Tequila.
729
00:41:29,781 --> 00:41:30,782
Tequila.
730
00:41:32,117 --> 00:41:34,077
- Am I right, or am I right?
- Yeah, you're right.
731
00:41:35,954 --> 00:41:36,997
You like tequila?
732
00:41:37,789 --> 00:41:38,790
- Yes?
- Yeah.
733
00:41:38,874 --> 00:41:41,543
Yes. Well, I don't blame you.
734
00:41:43,462 --> 00:41:45,255
You got to try the good stuff.
735
00:41:46,215 --> 00:41:48,175
Come with me. Come, come, come, come.
736
00:41:48,675 --> 00:41:49,968
Come with me, Mikey.
737
00:41:51,678 --> 00:41:53,805
I'd join you, but, um,
738
00:41:55,140 --> 00:41:56,767
- I'm on a cleanse.
- Mm-hmm.
739
00:41:56,850 --> 00:41:58,143
A-- A cleanse. That's cool.
740
00:41:58,977 --> 00:42:00,103
Uh, well…
741
00:42:00,187 --> 00:42:02,648
Uh, you're 21, right?
742
00:42:02,731 --> 00:42:06,026
- [chuckles] I'm almost 26.
- Right? Okay, you look like a baby.
743
00:42:06,109 --> 00:42:07,236
[Mikey chuckles]
744
00:42:08,028 --> 00:42:10,197
[tutting]
745
00:42:11,823 --> 00:42:14,326
- Savor it. Savor it.
- Oh. [chuckles]
746
00:42:14,409 --> 00:42:15,619
- Here.
- I'm sorry.
747
00:42:15,702 --> 00:42:17,538
- Have another.
- Force of habit.
748
00:42:20,165 --> 00:42:21,208
Now.
749
00:42:21,291 --> 00:42:23,752
Sip it, slowly.
750
00:42:23,836 --> 00:42:25,003
Savor it.
751
00:42:26,588 --> 00:42:27,756
Tell me what you taste.
752
00:42:29,633 --> 00:42:30,759
- Huh?
- Uh…
753
00:42:32,135 --> 00:42:33,512
There's notes of…
754
00:42:35,514 --> 00:42:36,723
charcoal?
755
00:42:36,807 --> 00:42:38,517
[stammers] Mikey.
756
00:42:39,393 --> 00:42:40,769
[whispering] It tastes like money.
757
00:42:42,437 --> 00:42:43,522
[chuckles]
758
00:42:46,024 --> 00:42:47,276
How many shares do you have?
759
00:42:48,068 --> 00:42:49,903
Close to 80,000.
760
00:42:49,987 --> 00:42:51,154
80,000?
761
00:42:51,238 --> 00:42:54,283
Well, Mikey, when we IPO,
762
00:42:55,367 --> 00:42:58,203
you'll be worth 30 mil, minimum.
763
00:42:58,704 --> 00:42:59,705
[chuckles]
764
00:43:00,289 --> 00:43:02,916
Time to start getting used to
the nice things in life, Mikey.
765
00:43:03,000 --> 00:43:04,126
Here, it's yours.
766
00:43:04,209 --> 00:43:06,795
Take it. Enjoy. It's yours.
767
00:43:07,379 --> 00:43:08,380
- It's a memory.
- [Rebekah sighs]
768
00:43:12,050 --> 00:43:13,218
- Mmm.
- Rivka!
769
00:43:13,302 --> 00:43:14,595
-Namaste.
- Mmm.
770
00:43:14,678 --> 00:43:17,598
Mikey has been with us
since the very beginning, as you know.
771
00:43:17,681 --> 00:43:19,057
[stammers] Ten years now?
772
00:43:19,141 --> 00:43:20,142
- Mmm. Yeah.
- Ten years!
773
00:43:20,225 --> 00:43:22,019
- Really? Oh, that's wonderful. Mm-hmm.
- Ten years.
774
00:43:22,102 --> 00:43:23,937
[Adam] Yes, yeah, yeah.
775
00:43:24,021 --> 00:43:26,064
Well, we should probably get back to it.
776
00:43:26,148 --> 00:43:27,733
- Of course.
- [Mikey] Remember that first night?
777
00:43:27,816 --> 00:43:29,234
Opening the first location?
778
00:43:29,318 --> 00:43:32,112
I do. How could I forget?
How could I forget?
779
00:43:32,196 --> 00:43:36,241
Running around, screwing desks together,
trying to connect the Internet.
780
00:43:36,325 --> 00:43:38,994
- [Mikey] Mmm.
- I remember it was crazy but fun.
781
00:43:39,077 --> 00:43:40,454
Fun, Mikey. Fun.
782
00:43:40,537 --> 00:43:42,706
- I miss it. [chuckles]
- Yeah, I do too.
783
00:43:42,789 --> 00:43:47,085
It didn't feel like work, you know?
Like business. [chuckles]
784
00:43:47,836 --> 00:43:54,259
It felt like this crazy, like,
Red Bull and adrenaline--
785
00:43:54,343 --> 00:43:57,596
[chuckles] and laughing your butt off
and getting shit done.
786
00:43:58,680 --> 00:44:03,685
It felt like… [sighs]
…being a part of something.
787
00:44:04,269 --> 00:44:05,270
I agree.
788
00:44:06,772 --> 00:44:07,940
He's right.
789
00:44:09,525 --> 00:44:13,654
Uh, WeWork's not a business.
It's a feeling.
790
00:44:14,446 --> 00:44:16,698
We need to give people that feeling.
791
00:44:16,782 --> 00:44:20,327
[stammers] We're not gonna be able to
do it with charts and graphs and acronyms.
792
00:44:20,410 --> 00:44:22,287
Even the right words
can only get us so far.
793
00:44:22,371 --> 00:44:23,705
We need… [inhales deeply]
794
00:44:24,498 --> 00:44:25,874
We need images.
795
00:44:25,958 --> 00:44:28,001
- Images. Images.
- Images.
796
00:44:28,085 --> 00:44:29,503
Is that normal for an S-1?
797
00:44:29,586 --> 00:44:31,588
We need to immerse people.
798
00:44:31,672 --> 00:44:35,968
We need to give people that feeling
that we all had that first night.
799
00:44:36,051 --> 00:44:37,803
Wait, were you there that night?
800
00:44:38,303 --> 00:44:40,013
I don't remember you being there.
801
00:44:40,597 --> 00:44:43,559
- It was me, Jacob--
- [Rebekah] Of course I was there.
802
00:44:43,642 --> 00:44:46,436
- I've always been here. That's-- [laughs]
- Always.
803
00:44:46,520 --> 00:44:47,521
Thanks for coming.
804
00:44:49,064 --> 00:44:51,400
[Adam] Thank you, Mikey. Thank you.
805
00:44:54,152 --> 00:44:55,362
Okay, Mikey.
806
00:44:56,029 --> 00:44:57,948
Okay, you're not driving, right?
807
00:44:58,615 --> 00:45:00,075
- [Mikey] No, no.
- Good.
808
00:45:02,870 --> 00:45:05,956
- [chuckles] We were children. [chuckles]
- Oh, so great.
809
00:45:06,039 --> 00:45:08,584
- Our very first summer camp.
- Mmm.
810
00:45:09,918 --> 00:45:12,546
- [Adam] Ooh.
- [Rebekah] Look at those adoring faces.
811
00:45:15,215 --> 00:45:16,758
[Rebekah] They love you.
812
00:45:16,842 --> 00:45:19,636
- No, they love us, us, us.
- I do too.
813
00:45:19,720 --> 00:45:21,471
- The both of us.
- No, no, no.
814
00:45:22,389 --> 00:45:23,390
It's you.
815
00:45:24,600 --> 00:45:26,393
- No. [clicks tongue]
- They love you.
816
00:45:28,312 --> 00:45:29,521
They resent me.
817
00:45:32,482 --> 00:45:33,942
- They mock me.
- No.
818
00:45:34,026 --> 00:45:37,029
- They talk shit about me behind my back.
- No. No.
819
00:45:37,112 --> 00:45:39,990
They think the school's a vanity project.
820
00:45:40,073 --> 00:45:42,409
They think I can't hear it, but I can.
821
00:45:42,492 --> 00:45:45,162
Even when I don't, I feel it.
[inhales sharply]
822
00:45:45,245 --> 00:45:48,540
Who is "they"? Huh? Who is "they"?
823
00:45:48,624 --> 00:45:50,876
Give me names, and they're gone.
824
00:45:50,959 --> 00:45:51,960
Gone.
825
00:45:53,253 --> 00:45:55,214
You can't fire the whole company.
[sniffles]
826
00:45:55,297 --> 00:45:57,174
Oh. Yes, I can. Watch me.
827
00:45:57,257 --> 00:46:00,385
- I'll drag them out by their--
- It doesn't matter, doesn't matter.
828
00:46:03,430 --> 00:46:06,058
I've evolved beyond all of that now.
829
00:46:07,100 --> 00:46:08,727
I finally know…
830
00:46:11,271 --> 00:46:12,481
what I am.
831
00:46:14,608 --> 00:46:17,861
I'm not a maverick,
or a magician, or a muse.
832
00:46:17,945 --> 00:46:20,781
I'm not even Chief Branding Officer.
833
00:46:20,864 --> 00:46:22,115
Not really.
834
00:46:22,199 --> 00:46:23,617
[breathes shakily]
835
00:46:24,535 --> 00:46:31,166
I used to think that it was my job
to safeguard the soul of the company,
836
00:46:31,250 --> 00:46:33,627
but even that's not really true.
837
00:46:33,710 --> 00:46:35,337
[breathes shakily]
838
00:46:40,300 --> 00:46:43,554
[whispering] I am the soul of the company.
839
00:46:46,431 --> 00:46:47,641
[Adam inhales sharply]
840
00:46:49,893 --> 00:46:51,144
[Adam chuckles]
841
00:46:51,228 --> 00:46:52,938
Yes, you are.
842
00:46:53,021 --> 00:46:54,022
You are.
843
00:46:54,648 --> 00:46:57,568
And you are in every atom
of wood and brick and steel
844
00:46:57,651 --> 00:46:59,570
in every WeWork in the world.
845
00:46:59,653 --> 00:47:01,196
[Rebekah sniffles]
846
00:47:01,280 --> 00:47:02,364
We both are.
847
00:47:02,447 --> 00:47:03,448
[Adam] Yes.
848
00:47:05,367 --> 00:47:09,162
And what we have made
is even bigger than the both of us.
849
00:47:10,873 --> 00:47:12,165
[sighing] Mmm.
850
00:47:18,297 --> 00:47:19,298
Yes.
851
00:47:20,799 --> 00:47:21,842
Yes?
852
00:47:23,760 --> 00:47:25,220
I have to write.
853
00:47:25,804 --> 00:47:29,516
[Rebekah] WeWork is a community company
854
00:47:29,600 --> 00:47:32,352
committed to maximum global impact.
855
00:47:33,437 --> 00:47:37,065
We dedicate this to the energy of we.
856
00:47:37,149 --> 00:47:38,901
Greater than any one of us,
857
00:47:38,984 --> 00:47:41,653
but inside each of us.
858
00:47:42,779 --> 00:47:47,618
We believe our company has the power
to elevate how people work…
859
00:47:49,536 --> 00:47:50,621
live…
860
00:47:52,873 --> 00:47:54,249
and grow.
861
00:47:58,670 --> 00:48:04,968
"The We Company is committed
to being meat-, plastic- and carbon-free."
862
00:48:05,052 --> 00:48:06,053
[Adam] Mmm.
863
00:48:06,136 --> 00:48:12,226
"Our mission is nothing less than
to elevate the world's consciousness."
864
00:48:12,309 --> 00:48:17,981
We invite you to join us
in creating a better world,
865
00:48:18,065 --> 00:48:21,860
because "we" are just getting started.
866
00:48:28,450 --> 00:48:29,785
[Cam sucks teeth] Uh…
867
00:48:31,954 --> 00:48:33,956
- W-What the fuck was that?
- [Rebekah sighs]
868
00:48:35,707 --> 00:48:37,584
I knew he wouldn't get it.
869
00:48:39,419 --> 00:48:42,172
That was our S-1.
870
00:48:43,131 --> 00:48:44,967
But don't worry, Cammy Number Two.
871
00:48:45,050 --> 00:48:47,219
Everything the lawyers wanted is in there.
872
00:48:47,302 --> 00:48:49,513
- We just got rid of old conventions.
- Right.
873
00:48:49,596 --> 00:48:53,559
[Cam] T-These pictures, uh…
[laughs] My God.
874
00:48:53,642 --> 00:48:55,435
That introduction, it--
875
00:48:55,519 --> 00:48:58,480
[stammers] You've turned the S-1
into a children's book.
876
00:48:58,564 --> 00:48:59,940
- Cam.
- Okay? Bruce.
877
00:49:00,023 --> 00:49:02,442
Have you-- Have you ever seen an S-1?
878
00:49:02,526 --> 00:49:05,195
Actually, Cam, I worked on Wall Street.
879
00:49:05,279 --> 00:49:07,698
So, yes, I do know what an S-1 is.
880
00:49:07,781 --> 00:49:08,782
Got it.
881
00:49:09,366 --> 00:49:11,076
[Adam] I have a question for you.
882
00:49:11,159 --> 00:49:13,036
Do you know what a mandarin is?
883
00:49:14,121 --> 00:49:15,873
No? Well, let me tell you.
884
00:49:16,498 --> 00:49:20,294
When I was in China,
opening our Shanghai location,
885
00:49:20,377 --> 00:49:23,672
uh, dealing with inspectors
and bureaucrats
886
00:49:23,755 --> 00:49:25,591
and more inspectors and more bureaucrats,
887
00:49:25,674 --> 00:49:28,427
my Chinese friends taught me
the word "mandarin."
888
00:49:30,179 --> 00:49:34,850
A mandarin was a government official
889
00:49:35,726 --> 00:49:39,479
in the imperial system
in 15th-century China.
890
00:49:40,063 --> 00:49:41,481
They thought they were hot shit
891
00:49:41,565 --> 00:49:45,444
because they were chosen
by a rigorous examination process.
892
00:49:45,527 --> 00:49:48,780
The Emperor wanted them to think that,
because in thinking that,
893
00:49:48,864 --> 00:49:51,783
they carried themselves
with great dignity and authority,
894
00:49:51,867 --> 00:49:54,661
and everybody listened
to what they had to say.
895
00:49:54,745 --> 00:50:00,834
But what they had to say was simply
what the Emperor wanted them to say.
896
00:50:01,585 --> 00:50:06,590
They had no real agency or, uh, vision
897
00:50:07,341 --> 00:50:10,260
or-- or power.
898
00:50:11,929 --> 00:50:17,559
So, for all their arrogance and swagger,
they were simply bureaucrats.
899
00:50:18,143 --> 00:50:19,561
Civil servants.
900
00:50:20,312 --> 00:50:21,522
Mouthpieces.
901
00:50:22,064 --> 00:50:24,066
[inhales deeply] You're a mandarin.
902
00:50:26,902 --> 00:50:27,903
And I…
903
00:50:29,404 --> 00:50:30,822
I'm an emperor.
904
00:50:35,577 --> 00:50:36,828
File it, Bruce.
905
00:50:37,412 --> 00:50:41,500
You--
Y-You're not going to back this, are you?
906
00:50:42,668 --> 00:50:45,754
Maybe he's right.
Maybe it's time for a new approach.
907
00:50:46,338 --> 00:50:48,090
Y-You're going to allow this?
908
00:50:48,173 --> 00:50:50,968
We're going to get fucking pilloried.
909
00:50:51,927 --> 00:50:55,097
They're going to fucking destroy us.
910
00:50:57,099 --> 00:50:58,934
Oh, and another thing.
911
00:50:59,017 --> 00:51:00,143
The mandarins
912
00:51:01,019 --> 00:51:02,646
were mostly eunuchs.
913
00:51:13,156 --> 00:51:15,075
- [Adam] My queen.
- Yes, my king.
914
00:51:17,202 --> 00:51:18,662
- Thank you.
- Of course.
915
00:51:20,247 --> 00:51:21,915
She worked on Wall Street.
916
00:51:22,875 --> 00:51:24,042
For three weeks.
917
00:51:35,387 --> 00:51:36,680
[printer whirring]
918
00:51:43,937 --> 00:51:46,481
- [Mikey] Whoo! Here we are, guys.
- [friend] Here we are!
919
00:51:46,565 --> 00:51:48,692
- [Mikey] Hamptons, here we come.
- [friend laughs]
920
00:51:48,775 --> 00:51:50,444
- Dude, this is amazing.
- [Mikey laughs]
921
00:51:50,527 --> 00:51:52,946
- Only way to get to the Hamptons.
- [friend] Hamptons!
922
00:51:55,157 --> 00:51:56,825
["New York" playing]
923
00:51:56,909 --> 00:51:57,951
[typing]
924
00:52:19,890 --> 00:52:21,934
[song continues]
925
00:52:35,906 --> 00:52:38,659
For real, man.
How much are you gonna make off this deal?
926
00:52:38,742 --> 00:52:41,537
Uh, worst case, maybe 20, 30 million.
927
00:52:41,620 --> 00:52:43,747
- Twenty, thirty million? What the fuck?
- Yeah.
928
00:52:43,830 --> 00:52:45,874
But if it goes
the way the town expects it to,
929
00:52:45,958 --> 00:52:47,042
it could be 50.
930
00:52:47,125 --> 00:52:50,629
- Ah, shit. Fifty million! Whoo!
- [laughing] Yeah, I know!
931
00:52:50,712 --> 00:52:53,298
[song continues]
932
00:52:56,885 --> 00:52:58,762
[laughs]
933
00:53:06,979 --> 00:53:08,480
Dude, you've got to read this.
934
00:53:08,564 --> 00:53:11,066
Galloway just destroyed
WeWork on his blog.
935
00:53:11,692 --> 00:53:13,068
Have you read their S-1 yet?
936
00:53:21,660 --> 00:53:23,412
[song continues]
937
00:53:41,305 --> 00:53:42,306
[sighs]
938
00:53:57,154 --> 00:53:58,405
[inhales deeply]
939
00:54:05,871 --> 00:54:07,289
[clicks]
940
00:54:07,372 --> 00:54:09,875
[song continues]