1 00:00:07,007 --> 00:00:09,843 ["Happy Man" playing] 2 00:01:03,689 --> 00:01:07,025 Hello, and shalom, and thank you for coming. 3 00:01:07,109 --> 00:01:10,779 If you're watching this, well, you probably know who I am. 4 00:01:10,863 --> 00:01:14,658 For those of you just tuning in, my name is Adam Neumann. 5 00:01:14,741 --> 00:01:17,119 And I am many things. 6 00:01:17,202 --> 00:01:20,789 Immigrant, entrepreneur, husband, father, disrupter, maverick, 7 00:01:20,873 --> 00:01:25,043 creator, and founder and CEO of The We Company, 8 00:01:25,127 --> 00:01:29,214 the third most valuable private company in the world. 9 00:01:30,465 --> 00:01:33,719 I could give you my version of how we got here, 10 00:01:33,802 --> 00:01:36,388 but that is the past. 11 00:01:36,471 --> 00:01:39,433 And I am more interested in the future. 12 00:01:39,516 --> 00:01:42,311 So come with me. Come with me. 13 00:01:42,394 --> 00:01:46,315 It is time for the We revolution. 14 00:01:50,194 --> 00:01:51,737 [inhales slowly] 15 00:01:56,700 --> 00:01:57,534 Line. 16 00:01:59,036 --> 00:02:01,705 These are the new talking points. Stick to them. 17 00:02:01,788 --> 00:02:02,831 [Damian] Hang up the phone. 18 00:02:02,915 --> 00:02:04,291 Don't say anything but new talking points. 19 00:02:04,374 --> 00:02:05,459 Hang up the phone, Cindy! 20 00:02:05,542 --> 00:02:07,419 - Hang up the phone! - God dammit! 21 00:02:07,503 --> 00:02:09,795 [Matthew] Just tell them we'll call them back later. Do not comment. 22 00:02:09,880 --> 00:02:11,423 - What? -Wall Street Journal. 23 00:02:11,507 --> 00:02:13,842 It is our S-1. We're very proud of it. I have to go now. Thank you. 24 00:02:16,637 --> 00:02:17,679 This is Damian. 25 00:02:18,680 --> 00:02:20,807 No, I don't have a comment on the S-1. It speaks for itself. 26 00:02:20,891 --> 00:02:22,267 Oh, my God. Hand me napkins. 27 00:02:22,351 --> 00:02:24,561 - Cereal b-- What-- What cereal box? - [Matthew] Hi. 28 00:02:24,645 --> 00:02:26,563 - [executive] No, he's not. We're aware. - Okay. 29 00:02:26,647 --> 00:02:28,315 [Jacob] What about a cereal box? 30 00:02:33,946 --> 00:02:35,113 Why are you here? 31 00:02:37,533 --> 00:02:38,909 To, uh-- To-- 32 00:02:39,576 --> 00:02:41,787 [clears throat] To, uh, talk about the S-1. 33 00:02:44,498 --> 00:02:46,583 It-- It's perfect, is it not? 34 00:02:46,667 --> 00:02:48,293 I mean, we-- we think it's perfect. 35 00:02:48,377 --> 00:02:51,129 - Yeah. [kisses] We, uh-- We love it. - [Matthew] Absolutely, so… 36 00:02:51,839 --> 00:02:53,924 - [stutters] - [sighs] 37 00:02:54,007 --> 00:02:58,178 So, um, what are they saying? 38 00:02:58,262 --> 00:03:00,764 There's the-- the losses. 39 00:03:00,848 --> 00:03:04,977 And, uh, then there's the-- the pictures. 40 00:03:05,060 --> 00:03:06,687 - Pictures? - People are upset about the pictures? 41 00:03:06,770 --> 00:03:07,980 Pictures gave it life. 42 00:03:08,063 --> 00:03:10,899 - [chuckles] - I know. It's silly, but it's, uh-- 43 00:03:10,983 --> 00:03:14,027 Some people think an-- an S-1, uh, 44 00:03:14,111 --> 00:03:16,822 shouldn't traditionally have, uh, photo spreads-- 45 00:03:16,905 --> 00:03:18,532 - That's why it's in there. - Exactly! 46 00:03:18,615 --> 00:03:19,616 That's why we did it. 47 00:03:19,700 --> 00:03:21,702 [chattering] 48 00:03:21,785 --> 00:03:22,703 Take it away. 49 00:03:23,287 --> 00:03:28,250 The real estate industry is currently experiencing, um… 50 00:03:28,959 --> 00:03:32,796 The real estate industry is currently experiencing a… 51 00:03:34,006 --> 00:03:36,425 paradigm shift from a… 52 00:03:37,092 --> 00:03:41,180 Paradigm shift from [stammering] a… 53 00:03:42,931 --> 00:03:44,016 [stammers] 54 00:03:44,558 --> 00:03:46,476 Fuck! 55 00:03:46,560 --> 00:03:50,480 Guys, it's a financial document that [whispering] no one reads. 56 00:03:50,564 --> 00:03:52,399 Well, they do read The Wall Street Journal, 57 00:03:52,482 --> 00:03:53,775 and they're working on a story. 58 00:03:53,859 --> 00:03:56,653 - What do you mean? [stammers] - What story? There's no story. 59 00:03:56,737 --> 00:03:59,031 Yeah, I mean, late-night parties, tequila shots, 60 00:03:59,114 --> 00:04:01,742 and, uh, a brick of weed in a cereal box 61 00:04:01,825 --> 00:04:03,243 - on an international flight. - [Adam] It's a cube. 62 00:04:03,327 --> 00:04:04,786 - It was not-- It was a cube. - Um… 63 00:04:04,870 --> 00:04:08,123 Oh, my fucking God! The Wall Street Journal? 64 00:04:08,207 --> 00:04:11,043 - Okay, okay, okay, okay, okay, okay. - [Miguel] I'm out of here. 65 00:04:11,126 --> 00:04:14,254 - You can't let them run that story. - Right. 66 00:04:14,338 --> 00:04:16,632 [inhales sharply] No, Damian, you can't let them run that story! 67 00:04:16,714 --> 00:04:17,716 Sorry. 68 00:04:17,798 --> 00:04:19,426 You can't run the story. 69 00:04:20,469 --> 00:04:23,096 - Because it's a non-story, Eliot. - [phone rings] 70 00:04:23,180 --> 00:04:26,058 No, investors are not losing confidence in the IPO. 71 00:04:26,808 --> 00:04:30,312 Investors are… [sighs] …losing confidence in the IPO. 72 00:04:30,395 --> 00:04:31,522 [sighs] 73 00:04:32,272 --> 00:04:33,482 We need to postpone it. 74 00:04:33,982 --> 00:04:35,108 No, no, no. 75 00:04:35,192 --> 00:04:38,862 No, no, no, we're not going to postpone. We're not postponing, Jamie. 76 00:04:39,738 --> 00:04:42,366 If we don't postpone, we have to lower the valuation. 77 00:04:43,659 --> 00:04:44,660 By how much? 78 00:04:45,327 --> 00:04:46,411 Closer to 20. 79 00:04:46,495 --> 00:04:50,290 You want to lower the valuation by [whispering] $27 billion? 80 00:04:50,374 --> 00:04:53,919 Jamie, do you know what causes investors to lose confidence? 81 00:04:54,002 --> 00:04:55,462 That. That does. 82 00:04:55,546 --> 00:04:58,507 It's a tough time to be a unicorn. 83 00:04:58,590 --> 00:05:00,551 There's a lot of scrutiny out there. 84 00:05:00,634 --> 00:05:04,096 Uber, Lyft, Peloton, Slack, they're all underperforming post-IPO. 85 00:05:04,179 --> 00:05:05,597 All of them. 86 00:05:06,431 --> 00:05:09,393 The "unicorn stampede." It has become a bloodbath. 87 00:05:09,476 --> 00:05:14,022 And so, to kind of illustrate this point, we recently saw, just last week 88 00:05:14,106 --> 00:05:16,108 an-- an issue with WeWork, 89 00:05:16,191 --> 00:05:19,820 where WeWork was making this transition from the private markets, 90 00:05:19,903 --> 00:05:23,240 trying to get ready for an IPO to the public market, 91 00:05:23,323 --> 00:05:28,453 and they had raised on a previous valuation of $47 billion. 92 00:05:28,537 --> 00:05:33,166 They just decided overnight, "Just kidding, we're worth 20 billion." 93 00:05:33,250 --> 00:05:35,878 And so, if you invested in WeWork, 94 00:05:35,961 --> 00:05:37,880 thinking that it had a valuation of 47 billion… 95 00:05:37,963 --> 00:05:39,256 [chair] Your time has expired. 96 00:05:39,339 --> 00:05:40,299 …you're getting fleeced. 97 00:05:40,382 --> 00:05:41,884 [chuckles] 98 00:05:42,593 --> 00:05:44,344 I donated to her campaign. 99 00:05:44,428 --> 00:05:47,055 Fuck her. She's a fucking socialist. 100 00:05:47,139 --> 00:05:49,892 [Damian] Uh-- She is misrepresenting the private markets. 101 00:05:49,975 --> 00:05:52,060 You're dealing with very sophisticated investors. 102 00:05:52,144 --> 00:05:55,272 Could you stop sending me the daily press briefings? 103 00:05:55,355 --> 00:05:57,399 They're just-- All of the mentions are bad, 104 00:05:57,482 --> 00:06:00,652 and… [inhales deeply] …I'm starting to let negative thoughts in and… 105 00:06:00,736 --> 00:06:02,821 - [mumbles indistinctly] - [Rebekah sighing] 106 00:06:02,905 --> 00:06:03,906 [whispering] Let's go. 107 00:06:04,489 --> 00:06:06,408 [Rebekah] Why do they hate us so much? 108 00:06:08,368 --> 00:06:10,579 All we wanted to do was save the world. 109 00:06:11,330 --> 00:06:13,165 We got this. Damian! 110 00:06:13,248 --> 00:06:15,501 We got it. We got it, Damian! Got it. 111 00:06:15,584 --> 00:06:16,960 - S-- - There's a lot of noise back there. 112 00:06:17,044 --> 00:06:19,087 - I think we need to simmer it down. - [groans, inhales] 113 00:06:19,171 --> 00:06:20,672 Calm it down. Find your spot. 114 00:06:20,756 --> 00:06:23,425 - Fungible. Ible… - Okay. It's so good. It's so good. 115 00:06:23,509 --> 00:06:25,302 - Is it? - That is such a hard line. 116 00:06:25,385 --> 00:06:26,929 Commodities and… [babbles] 117 00:06:27,012 --> 00:06:28,847 - [stutters and inhales] - You're getting a little tight in here. 118 00:06:28,931 --> 00:06:31,016 So why don't we just-- [inhales deeply, lip trills] 119 00:06:31,099 --> 00:06:32,726 [babbling] 120 00:06:32,809 --> 00:06:36,104 Say this with me. A proper pot of coffee in a proper coffee pot. 121 00:06:36,188 --> 00:06:39,691 A proper cot of-- A proper pot of coffee in a p-- [babbles] 122 00:06:39,775 --> 00:06:41,235 - Yes. - A proper pot of coffee 123 00:06:41,318 --> 00:06:42,819 in a proper coffee pot. 124 00:06:42,903 --> 00:06:45,322 A proper coppet potty in a proper coppy pot. 125 00:06:45,405 --> 00:06:46,281 - I got it. - Okay. Great. 126 00:06:46,365 --> 00:06:48,534 - A proper copper potty-- - Esther. 127 00:06:49,034 --> 00:06:51,286 Proper pot of coffee in a proper coffee pot. 128 00:06:51,954 --> 00:06:53,413 Let it loose. And… 129 00:06:53,497 --> 00:06:54,498 Action. 130 00:06:54,581 --> 00:06:56,583 It's bad, Adam. It's bad. 131 00:06:56,667 --> 00:06:59,962 It's a bit of bad press over a silly financial document. 132 00:07:00,045 --> 00:07:01,046 It will blow over. 133 00:07:01,129 --> 00:07:03,257 Listen, you had a hell of an idea for a business, 134 00:07:03,340 --> 00:07:07,553 you built it into something that far exceeded my wildest expectations, 135 00:07:07,636 --> 00:07:11,682 and now you're gonna fuck it all up over s-- all this nonsense? 136 00:07:11,765 --> 00:07:14,434 [stutters] What are you talking about "nonsense," Bruce? 137 00:07:14,518 --> 00:07:16,520 - Nonsense? - The succession plan. 138 00:07:16,603 --> 00:07:18,939 Uh, what about the succession plan? 139 00:07:19,022 --> 00:07:20,732 Rebekah gets to choose your successor? 140 00:07:20,816 --> 00:07:24,152 This is about to be a public company. Not a monarchy. 141 00:07:24,236 --> 00:07:27,781 Ah, but it is. It is like a monarchy, okay. 142 00:07:27,865 --> 00:07:31,368 My family is the moral compass of this company. 143 00:07:31,451 --> 00:07:35,706 See? You have to stop saying things like that. 144 00:07:35,789 --> 00:07:39,751 - [thunder rumbling] - I am now begging you. Please, please. 145 00:07:42,421 --> 00:07:44,548 What if I give you something else? Give me 24 hours. 146 00:07:44,631 --> 00:07:47,676 Benchmark invested 16.5 million in WeWork, 147 00:07:47,759 --> 00:07:50,721 and you've already cashed out over 300 million worth of shares. 148 00:07:50,804 --> 00:07:53,682 You've made 20 times your investment, and, and, 149 00:07:53,765 --> 00:07:55,893 you'll make another billion from the IPO. 150 00:07:55,976 --> 00:08:00,063 So don't talk to me about nonsense, Bruce. My nonsense has made you a fortune. 151 00:08:00,147 --> 00:08:03,358 We just need to get in front of the investors. 152 00:08:03,859 --> 00:08:05,527 The road show, it starts next week. 153 00:08:05,611 --> 00:08:08,780 And for the ones who-- who can't meet me in person, we're making a video. 154 00:08:08,864 --> 00:08:12,284 We're bringing in the crew from Hollywood. We've spared no expense. 155 00:08:12,367 --> 00:08:16,538 And trust me when I say this, trust me, I will bring my A-game. 156 00:08:18,207 --> 00:08:20,959 [inhales deeply] Okay. 157 00:08:21,043 --> 00:08:25,130 [whispers indistinctly] 158 00:08:25,214 --> 00:08:26,798 Okay. Okay. 159 00:08:26,882 --> 00:08:29,092 [exhales sharply] This is it. 160 00:08:29,176 --> 00:08:32,386 I am committed to building not just a good business, 161 00:08:32,471 --> 00:08:34,389 - but a great company. - What? 162 00:08:34,472 --> 00:08:36,350 - [Adam] And I promise, in my decisions… - They're running it. 163 00:08:36,433 --> 00:08:38,602 -…I will remain loyal to whatever is-- - Shit. 164 00:08:39,686 --> 00:08:40,604 [sighing] Again. 165 00:08:40,687 --> 00:08:41,855 You got it. 166 00:08:42,648 --> 00:08:46,443 I am committed to building not just a good business, but a great company. 167 00:08:46,527 --> 00:08:47,528 And I promise 168 00:08:47,611 --> 00:08:50,155 that in my decisions, I will remain loyal 169 00:08:50,239 --> 00:08:53,951 to whatever is best in the long term for the greater We. 170 00:08:55,077 --> 00:08:57,538 Our employees, our members, our partners, 171 00:08:57,621 --> 00:09:02,376 our investors and, most importantly, our planet. 172 00:09:02,876 --> 00:09:08,048 So come with me, and let's build the future together. 173 00:09:08,131 --> 00:09:09,299 Good. 174 00:09:10,676 --> 00:09:13,637 - Good? Good? Great? - Yeah, great actually. 175 00:09:13,720 --> 00:09:14,888 - Great. - [Adam] I heard a "great." 176 00:09:14,972 --> 00:09:16,223 - That was great. - [Adam] Esther? 177 00:09:16,306 --> 00:09:18,725 - It was great. You did it. You did it. - I heard a "great." 178 00:09:18,809 --> 00:09:21,186 - You did it. You manifested it. - Aw. Did you have any doubt? 179 00:09:21,270 --> 00:09:23,355 - No, didn't have any doubt. - No, no, you had no doubt. 180 00:09:23,438 --> 00:09:24,648 - Nothing. - Okay. 181 00:09:24,731 --> 00:09:26,483 - You manifested it. Mmm. - Mmm. 182 00:09:26,567 --> 00:09:28,026 Damian, h-how was it? 183 00:09:29,570 --> 00:09:32,155 - Damian, my PR guru, how was it? Okay? - [chuckles] 184 00:09:32,865 --> 00:09:34,283 I think we're finished. 185 00:09:34,366 --> 00:09:35,701 [shouts, laughs] 186 00:09:35,784 --> 00:09:39,496 - [Adam] Hey, yes! - [Damian] Okay. 187 00:09:39,580 --> 00:09:42,249 - Are you gonna tell them? - Fuck no. 188 00:09:42,332 --> 00:09:43,917 - [Rebekah] Thank you all… - Where are you going? 189 00:09:44,001 --> 00:09:46,044 Back to the style section. 190 00:09:47,337 --> 00:09:48,338 [phone rings] 191 00:09:55,512 --> 00:09:58,682 [Richard] He's a goddamn punch line. "Neumann is known for making claims 192 00:09:58,765 --> 00:10:01,059 such as becoming the world's first trillionaire, 193 00:10:01,143 --> 00:10:04,104 becoming president of the world, and living forever." 194 00:10:04,188 --> 00:10:06,190 - Sounds like a maniac. - [board members chattering] 195 00:10:06,273 --> 00:10:07,274 [Richard] It's humiliating. 196 00:10:07,357 --> 00:10:08,817 [board member 2] He will never survive this. 197 00:10:08,901 --> 00:10:10,736 [Richard] Survive it? No, he's dead already. 198 00:10:10,819 --> 00:10:15,157 No, I-I am talking about us. This is humiliating for us. 199 00:10:15,240 --> 00:10:19,286 Bruce, he's gotta go. Partying has long been a feature of his work life… 200 00:10:19,369 --> 00:10:21,121 - [board members chattering] - [board member 3] …maniac. 201 00:10:21,205 --> 00:10:23,290 [board member 4] The guy's a nut job… 202 00:10:23,373 --> 00:10:25,417 [instrumental version of "Roar" playing] 203 00:10:29,213 --> 00:10:32,925 All those in favor, please signify by saying, "Aye." 204 00:10:33,008 --> 00:10:34,009 [all] Aye. 205 00:10:39,973 --> 00:10:42,518 Call his office and get him down here. 206 00:10:42,601 --> 00:10:44,186 Yes, I understand it's urgent. 207 00:10:53,070 --> 00:10:54,404 Good morning! 208 00:11:21,265 --> 00:11:22,516 Okay. 209 00:11:26,728 --> 00:11:31,024 [no audible dialogue] 210 00:11:36,238 --> 00:11:38,574 'Cause we are going to IPO in two weeks. 211 00:11:39,575 --> 00:11:42,619 Adam, an IPO is out of the question. 212 00:11:43,287 --> 00:11:44,830 [Adam] I don't accept that. 213 00:11:44,913 --> 00:11:46,540 - [Bruce] Adam. - I don't accept it. 214 00:11:46,623 --> 00:11:48,250 - And furthermore… - Adam. Adam. 215 00:11:48,333 --> 00:11:49,835 …I don't believe you have the faith in me-- 216 00:11:49,918 --> 00:11:51,086 Adam. 217 00:11:52,087 --> 00:11:53,922 The board voted this morning. 218 00:11:55,215 --> 00:11:56,508 We want you out. 219 00:11:58,927 --> 00:11:59,970 [Rebekah] Call the lawyers. 220 00:12:00,053 --> 00:12:01,805 Yeah. Which one? 221 00:12:01,889 --> 00:12:02,973 All of them. 222 00:12:07,269 --> 00:12:09,271 [whirring loudly] 223 00:12:10,606 --> 00:12:11,857 [whirring stops] 224 00:12:11,940 --> 00:12:14,651 [lawyers murmuring] 225 00:12:14,735 --> 00:12:15,652 Oh, thank you. 226 00:12:19,990 --> 00:12:21,867 Well… [chuckles] 227 00:12:21,950 --> 00:12:25,537 …I have no idea how you got your investors to agree to this, 228 00:12:25,621 --> 00:12:31,668 but your "supervoting" shares give you 20 votes on each share. 229 00:12:32,252 --> 00:12:36,298 You basically control 65% of the vote on any corporate matter. 230 00:12:36,381 --> 00:12:40,844 So you're right, they can't fire you. 231 00:12:40,928 --> 00:12:42,513 - Good. - Great. 232 00:12:42,596 --> 00:12:43,680 Now we fire them. 233 00:12:45,766 --> 00:12:46,767 Which ones? 234 00:12:46,850 --> 00:12:49,895 Every single person on the board. 235 00:12:49,978 --> 00:12:53,565 [whirring resumes, stops] 236 00:12:53,649 --> 00:12:55,567 Robb, why don't you take this? 237 00:12:56,902 --> 00:12:59,029 [stutters] Um-- 238 00:12:59,780 --> 00:13:00,781 [gulps] 239 00:13:01,365 --> 00:13:04,576 Legally, yes, you could fire them. 240 00:13:04,660 --> 00:13:08,580 But you do, uh, need a board of directors. 241 00:13:09,665 --> 00:13:10,666 Why? 242 00:13:10,749 --> 00:13:12,417 It's, uh, required by state law. 243 00:13:12,501 --> 00:13:13,794 [scoffs] 244 00:13:14,586 --> 00:13:15,963 The question is… 245 00:13:18,131 --> 00:13:19,925 can we change the law? 246 00:13:20,008 --> 00:13:21,051 [Rebekah] Mmm. 247 00:13:23,387 --> 00:13:26,723 [stammers] That might, uh, take a while. 248 00:13:30,352 --> 00:13:31,353 Okay-- 249 00:13:31,979 --> 00:13:35,148 W-We can appoint anyone we want to the board, correct? 250 00:13:35,732 --> 00:13:37,985 - Who we like, who we trust, who we can-- - [Rebekah] Mm-hmm. 251 00:13:38,068 --> 00:13:41,071 -…we feel has the right energy. - [Rebekah] Yes. Yes, yes. 252 00:13:41,154 --> 00:13:43,866 - Um, Jen, Matthew? - Oh. 253 00:13:43,949 --> 00:13:47,286 - Uh, w-- Birdie. Um, Phil. - Mm-hmm. 254 00:13:47,369 --> 00:13:48,495 - [Robb] Uh, unfortunately… - Yes. 255 00:13:48,579 --> 00:13:52,374 …the NYSE and NASDAQ exchanges require them to be independent. 256 00:13:52,457 --> 00:13:54,168 [whirring loudly] 257 00:13:54,251 --> 00:13:58,172 Legally, the board is meant to provide experience and advice. 258 00:13:58,255 --> 00:13:59,339 God. 259 00:14:00,465 --> 00:14:03,969 Okay, so what about, um, 260 00:14:05,095 --> 00:14:06,138 Elon? 261 00:14:07,055 --> 00:14:08,056 Well-- 262 00:14:08,140 --> 00:14:09,600 - Elon. - E-- 263 00:14:09,683 --> 00:14:13,604 Elon's a peer, right? So he can't tell you anything you don't already know. 264 00:14:13,687 --> 00:14:15,063 - I think-- [gasps] - True. Mmm. 265 00:14:15,147 --> 00:14:18,483 I think Warren. Or Bill. 266 00:14:18,567 --> 00:14:19,610 Obama. 267 00:14:19,693 --> 00:14:22,946 Oh, Barack's great, but he's not a businessman. 268 00:14:23,030 --> 00:14:26,909 If you try to, uh, fire the board, 269 00:14:26,992 --> 00:14:29,036 [stammers] you're looking at a lengthy legal fight. 270 00:14:29,119 --> 00:14:33,957 And based on what you've told us, that's time you don't have. 271 00:14:34,041 --> 00:14:36,919 Look, you don't have a legal problem. 272 00:14:37,961 --> 00:14:39,338 You have an image problem. 273 00:14:40,088 --> 00:14:45,052 The public markets want a steady hand at the wheel. 274 00:14:46,803 --> 00:14:48,096 Not a rock star. 275 00:14:49,431 --> 00:14:51,558 Okay, you're talking about gravitas. 276 00:14:51,642 --> 00:14:52,768 - Exactly. - Okay. 277 00:14:52,851 --> 00:14:56,230 Show them that you can run a public company. 278 00:14:58,941 --> 00:15:01,818 Gravitas. Gravitas. 279 00:15:01,902 --> 00:15:02,903 Perfect. 280 00:15:02,986 --> 00:15:05,989 [employees chattering] 281 00:15:06,073 --> 00:15:07,699 Where's Adam? 282 00:15:08,325 --> 00:15:09,910 The natives are getting restless. 283 00:15:09,993 --> 00:15:11,828 Dude, what-- Nobody uses that expression anymore. 284 00:15:11,912 --> 00:15:14,456 Well, we need to say something to them. 285 00:15:17,751 --> 00:15:20,504 - Me? - You're the co-founder of the company. 286 00:15:20,587 --> 00:15:21,839 Yeah, dude, you got this. 287 00:15:21,922 --> 00:15:23,924 - You're gonna be great. - They're scared. Speak to that fear. 288 00:15:24,007 --> 00:15:25,759 - Okay. - [Jacob] They know your face. 289 00:15:25,843 --> 00:15:27,594 - Use your height. - Tell them everything's cool. 290 00:15:27,678 --> 00:15:29,513 - Everything's gonna be taken care of. - Everything's okay. 291 00:15:29,596 --> 00:15:32,266 - Easy. - Loose. Loose, loose, loose. 292 00:15:32,349 --> 00:15:33,392 It's okay. 293 00:15:34,852 --> 00:15:36,562 - Um, everyone. - [chattering continues] 294 00:15:37,604 --> 00:15:39,523 Excuse me, everyone. Uh-- 295 00:15:40,482 --> 00:15:41,775 Excuse me, everyone! 296 00:15:45,487 --> 00:15:46,613 Hey, uh-- 297 00:15:48,490 --> 00:15:49,741 Excuse me, everyone. 298 00:15:50,284 --> 00:15:52,119 Uh, please, guys. 299 00:15:53,537 --> 00:15:55,289 - Guys-- Sorry. - [feedback whines] 300 00:15:55,372 --> 00:15:57,332 - Hey-- Hi, everyone. - [chattering stops] 301 00:15:57,416 --> 00:15:58,417 Um-- 302 00:15:59,918 --> 00:16:01,044 Happy Monday. 303 00:16:01,128 --> 00:16:05,966 Uh, good morning. TGIM, right? 304 00:16:06,049 --> 00:16:08,093 - Um… - Is Adam fired? 305 00:16:09,052 --> 00:16:10,095 What? No. 306 00:16:10,971 --> 00:16:13,724 Everything, uh-- Everything's under control. 307 00:16:13,807 --> 00:16:15,225 What about the IPO? 308 00:16:15,309 --> 00:16:16,852 [Javi] What happens with our stock options? 309 00:16:16,935 --> 00:16:18,353 Are we getting fired? 310 00:16:18,437 --> 00:16:21,106 No, no one is getting fired yet. 311 00:16:21,190 --> 00:16:22,482 - Yet? - What does that mean? 312 00:16:22,566 --> 00:16:23,567 [murmuring] 313 00:16:23,650 --> 00:16:26,945 No. Uh, guys, listen. Hey, hey, hey, everyone. [shushes] 314 00:16:27,029 --> 00:16:28,197 [murmuring stops] 315 00:16:28,280 --> 00:16:32,701 Look, I know you're all looking for a little reassurance right now. 316 00:16:33,243 --> 00:16:36,079 And you deserve that. So… 317 00:16:36,997 --> 00:16:39,666 Uh, there's a few things I can say. 318 00:16:39,750 --> 00:16:43,003 It's, uh, every, uh-- 319 00:16:44,630 --> 00:16:46,298 ♪ Every little thing… ♪ 320 00:16:47,591 --> 00:16:51,762 ♪ Every little thing Is gonna be all right ♪ 321 00:16:53,889 --> 00:16:56,099 ♪ I said don't worry ♪ 322 00:16:57,476 --> 00:16:58,894 ♪ About a thing ♪ 323 00:16:58,977 --> 00:17:01,146 [hums] 324 00:17:01,230 --> 00:17:05,150 ♪ 'Cause every little thing Is gonna be all right ♪ 325 00:17:05,233 --> 00:17:06,484 [employees murmuring] 326 00:17:06,568 --> 00:17:08,028 ♪ Said don't worry-- ♪ 327 00:17:08,111 --> 00:17:10,531 Oh, thank God. Adam's here. Um-- [clears throat] 328 00:17:10,614 --> 00:17:12,156 [murmuring continues] 329 00:17:16,328 --> 00:17:17,329 Adam, everyone. 330 00:17:17,412 --> 00:17:20,249 [scattered applause] 331 00:17:22,084 --> 00:17:23,085 Colleagues, 332 00:17:24,670 --> 00:17:28,257 friends and family. 333 00:17:30,133 --> 00:17:32,177 This is a pivotal moment. 334 00:17:33,178 --> 00:17:37,558 And I am so proud, so very grateful to have you all gathered here today. 335 00:17:43,814 --> 00:17:45,899 There's a lot of noise out there. 336 00:17:47,818 --> 00:17:51,363 A lot of gossip, a lot of talk. 337 00:17:52,322 --> 00:17:53,448 About me. 338 00:17:55,742 --> 00:17:56,743 About us. 339 00:17:58,829 --> 00:18:03,292 Because that is what people do when they're afraid. 340 00:18:04,042 --> 00:18:06,712 Do you understand what we have all done? 341 00:18:07,921 --> 00:18:10,757 Do you understand? We-- 342 00:18:10,841 --> 00:18:13,051 We poked the bear. 343 00:18:13,135 --> 00:18:14,845 We poked that bear. 344 00:18:14,928 --> 00:18:18,765 We disrupted a trillion-dollar industry. 345 00:18:18,849 --> 00:18:23,645 And we will emerge stronger and more fearless and more revolutionary 346 00:18:23,729 --> 00:18:25,439 - than ever before! - [feedback whines] 347 00:18:26,315 --> 00:18:27,524 [Rebekah] Yes! 348 00:18:27,608 --> 00:18:30,527 More dedicated, and even more committed. 349 00:18:31,153 --> 00:18:35,532 Committed to our mission to elevate the world's consciousness! 350 00:18:36,200 --> 00:18:37,201 Thank you, Rivka. 351 00:18:37,284 --> 00:18:42,873 And I, I, I, I will never not be the CEO of WeWork! 352 00:18:47,211 --> 00:18:48,629 [Adam sighs] 353 00:18:48,712 --> 00:18:50,130 Yeah… [mumbles] 354 00:18:51,715 --> 00:18:54,259 - When I say "We," you say… - Work. 355 00:18:54,343 --> 00:18:55,511 - [Adam] We! - Work. 356 00:18:55,594 --> 00:18:57,012 [Javi] Step down. 357 00:19:00,557 --> 00:19:01,683 Who said that? 358 00:19:03,352 --> 00:19:04,561 [employee coughs] 359 00:19:05,437 --> 00:19:06,438 Who was it? 360 00:19:09,316 --> 00:19:10,442 How dare you? 361 00:19:10,526 --> 00:19:13,904 [whispers indistinctly] 362 00:19:15,989 --> 00:19:17,533 It's okay. It's okay. 363 00:19:19,952 --> 00:19:22,037 [employees murmuring] 364 00:19:23,705 --> 00:19:24,831 [Emily] You've lost them. 365 00:19:24,915 --> 00:19:28,252 Your interests and the interests of your employees have diverged. 366 00:19:28,335 --> 00:19:31,797 No, I don't believe that. I-I-I just-- They're-- They're just scared. 367 00:19:31,880 --> 00:19:34,508 No. They're angry. 368 00:19:35,425 --> 00:19:40,472 They've spent two years, five years, a decade toiling away for low wages, 369 00:19:40,556 --> 00:19:42,724 for an IPO payday that now may never come. 370 00:19:42,808 --> 00:19:44,685 - No, no, no. It's coming. Coming. - I mean-- [chuckles] 371 00:19:44,768 --> 00:19:46,687 - [Emily] They will feel used… - It's coming. 372 00:19:46,770 --> 00:19:48,730 [Emily] …and they will blame you. 373 00:19:48,814 --> 00:19:51,608 Where do you think The Wall Street Journal got its information? 374 00:19:52,401 --> 00:19:54,486 The unnamed sources? 375 00:19:56,196 --> 00:19:57,281 There they are. 376 00:19:58,740 --> 00:19:59,992 You're at war. 377 00:20:00,993 --> 00:20:04,329 It'll be fought on multiple fronts. In the boardroom, in the press. 378 00:20:04,413 --> 00:20:07,541 Even here in the halls of your own company. 379 00:20:08,125 --> 00:20:10,294 Trust no one. 380 00:20:10,377 --> 00:20:13,881 - Sorry, a-are we in a John Grisham novel? - [exhales shakily] 381 00:20:13,964 --> 00:20:17,384 You're paying me to be dramatic. That's why it's called crisis PR. 382 00:20:18,135 --> 00:20:19,970 You have to understand, Rebekah, 383 00:20:20,053 --> 00:20:22,806 you and Adam, you are not people. 384 00:20:23,765 --> 00:20:26,768 - We're not people? - No. You're products. 385 00:20:26,852 --> 00:20:30,189 The media sold you to the public once as unicorns, 386 00:20:30,731 --> 00:20:32,524 now they'll sell you again as villains. 387 00:20:32,608 --> 00:20:36,111 Okay, so obviously we need to reframe it. 388 00:20:36,195 --> 00:20:38,947 We need to take control of it. So why don't you put us on CNBC? 389 00:20:39,031 --> 00:20:40,490 - Mmm. Good idea. - [Emily] No. 390 00:20:40,574 --> 00:20:42,159 - I think it's the-- - No, no. 391 00:20:42,242 --> 00:20:45,829 They're making this into a circus. Let's not help them. 392 00:20:46,830 --> 00:20:48,457 Stay in the foxhole. 393 00:20:49,541 --> 00:20:51,919 I'll say it again, we are at war. 394 00:20:52,461 --> 00:20:55,255 And these are your foot soldiers. 395 00:20:56,006 --> 00:20:58,509 God help the enemy, 'cause they're a bunch of freaks. 396 00:20:59,009 --> 00:21:01,595 They don't look like much, but when I pump them full of Adderall 397 00:21:01,678 --> 00:21:04,473 and turn these sickos loose, watch out. 398 00:21:06,225 --> 00:21:08,769 You should both have your offices swept for bugs. 399 00:21:09,311 --> 00:21:10,437 Bugs? 400 00:21:11,271 --> 00:21:15,108 [Emily] We must be vigilant. Methodical. Strategic. 401 00:21:15,943 --> 00:21:18,737 - No emails, no texts… - Ugh. 402 00:21:18,820 --> 00:21:20,697 …no phone calls that might be overheard. 403 00:21:20,781 --> 00:21:23,909 No false moves. Got it? 404 00:21:26,453 --> 00:21:27,496 Adam? 405 00:21:28,705 --> 00:21:31,750 [growls, inhales deeply] 406 00:21:34,044 --> 00:21:36,338 You want war? I'll give you war. 407 00:21:36,421 --> 00:21:39,007 [slams table] Okay. I'll give you war! 408 00:21:39,091 --> 00:21:40,717 [grunts] 409 00:21:43,887 --> 00:21:45,556 We're going to war! 410 00:21:45,639 --> 00:21:47,015 To war, you understand? 411 00:21:47,099 --> 00:21:47,933 - Phil. - Yeah? 412 00:21:48,016 --> 00:21:49,935 - Pack it up. Pack it all up. - Okay. I'll go-- 413 00:21:50,018 --> 00:21:52,229 Don't forget the whiteboard, understand? Don't forget it. 414 00:21:52,312 --> 00:21:54,439 - Okay. - [Rebekah] Adam. Adam! 415 00:21:54,523 --> 00:21:56,149 [Adam] Go, go, go, go, go, go. 416 00:21:56,817 --> 00:21:58,861 - [horn honks] - [Adam] Coming through. Push, Phil, push. 417 00:21:58,944 --> 00:22:00,654 - [Phil] Pushing. - Push. 418 00:22:01,196 --> 00:22:03,824 - Out the way. - [Rebekah] Adam. Adam. 419 00:22:03,907 --> 00:22:06,702 [tuts] This is proprietary, you understand? 420 00:22:06,785 --> 00:22:09,037 - If I see this anywhere, anywhere… - Let's catch the light. 421 00:22:09,121 --> 00:22:11,248 …I'll be forced to take legal action, you understand? Phil. 422 00:22:11,331 --> 00:22:13,876 - Get his picture. Take his information. - Whoa, whoa-- No, fuck off. 423 00:22:13,959 --> 00:22:15,043 Get his picture. 424 00:22:15,127 --> 00:22:17,337 - Rivka, cover the board, cover the board. - I'm just trying to move-- 425 00:22:17,421 --> 00:22:19,298 - Cover the board. - I'm covering the board. 426 00:22:19,381 --> 00:22:22,176 Let's just get it to the house, okay? Okay. Do you have it? 427 00:22:22,259 --> 00:22:23,385 - Yeah. - We got it, we got it. 428 00:22:23,468 --> 00:22:25,721 - Okay, here we-- here we go. - Okay. 429 00:22:25,804 --> 00:22:26,805 Okay. 430 00:22:26,889 --> 00:22:28,807 - [baby crying] - It's okay-- [yelps] 431 00:22:28,891 --> 00:22:31,685 Please, please don't lean the whiteboards against the wall. 432 00:22:31,768 --> 00:22:34,771 I'm gonna need to ask everyone to wear booties. 433 00:22:34,855 --> 00:22:36,481 - Ingrid? Ingrid. [stammers] - [PR people chattering] 434 00:22:36,565 --> 00:22:38,775 I think we might need to send the kids to the Hamptons. 435 00:22:38,859 --> 00:22:42,696 All right, all right. Mommy loves you. Claudia, Claudia, did you get the booties? 436 00:22:42,779 --> 00:22:46,700 [PR person 1] Hello? Yeah, no, I'm sorry, we just can't comment. 437 00:22:46,783 --> 00:22:47,701 [phone ringing] 438 00:22:47,784 --> 00:22:49,786 Let me look into that and circle back to you. 439 00:22:49,870 --> 00:22:52,998 No, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no. 440 00:22:53,081 --> 00:22:57,127 - Not "circle back." You understand? - This couch is hand-loomed linen, 441 00:22:57,211 --> 00:22:59,379 so I'm gonna need to put towels under you. 442 00:22:59,463 --> 00:23:00,631 Oh, my God. 443 00:23:01,340 --> 00:23:03,133 - Angela. Can you get the towels? - [PR person 3] Hello? 444 00:23:03,217 --> 00:23:05,844 [PR person 2] No, we're not commenting on that at this time. 445 00:23:05,928 --> 00:23:07,888 Nope, not commenting. No comment. 446 00:23:07,971 --> 00:23:10,474 I'm not gonna comment at this time. 447 00:23:11,183 --> 00:23:12,976 Comment. Please, please, comment. 448 00:23:13,060 --> 00:23:16,813 Comment. Comment. Just dig in. Comment. 449 00:23:16,897 --> 00:23:19,316 This, thi-- This is war. This? 450 00:23:19,942 --> 00:23:22,903 My seven-year-old could answer the phones and say, "no comment" 451 00:23:22,986 --> 00:23:25,280 with more enthusiasm than this. 452 00:23:25,364 --> 00:23:26,365 Please! 453 00:23:26,448 --> 00:23:29,284 Adam, be respectful. I'm s-- I'm just gonna… 454 00:23:29,368 --> 00:23:30,702 They're the best in the business. 455 00:23:30,786 --> 00:23:34,540 The best-- Well, must not be a very competitive industry, I have to say. 456 00:23:34,623 --> 00:23:36,583 [PR person 1] You could try again in a week. 457 00:23:37,167 --> 00:23:40,462 - Again, no comment. - [stammers, groans] 458 00:23:40,546 --> 00:23:42,047 I really have no-- 459 00:23:42,130 --> 00:23:44,508 - Pardon me. - [phone ringing] 460 00:23:44,591 --> 00:23:46,760 - Pardon me. Pardon. - Let me call you back. 461 00:23:47,636 --> 00:23:49,972 - [stammers] What is your name? - Chris. 462 00:23:50,055 --> 00:23:53,642 Chris, no more "no comment," you understand? 463 00:23:53,725 --> 00:23:54,935 No more "no comment." 464 00:23:55,018 --> 00:23:57,354 I'm not paying you guys a million dollars an hour 465 00:23:57,437 --> 00:23:59,648 or whatever it is, uh, for "no comment." 466 00:24:00,816 --> 00:24:06,780 If someone calls and asks about tequila, I want you to ask them, 467 00:24:06,864 --> 00:24:09,741 "You ever go to an office party or go out for work drinks? 468 00:24:09,825 --> 00:24:11,827 Uh, ever heard of a three-martini lunch?" 469 00:24:11,910 --> 00:24:15,706 Booze has always been a part of business. You understand? 470 00:24:15,789 --> 00:24:18,000 - You agree. You agree. Thank you. - [Rebekah] Adam. 471 00:24:18,083 --> 00:24:19,251 Thank you very much. No, no, no. 472 00:24:19,334 --> 00:24:21,211 - Let's take a break. Honey, let's-- - One moment. 473 00:24:21,295 --> 00:24:25,132 I'm just making a point. Making a point. Please. 474 00:24:25,215 --> 00:24:30,012 And if they-- they happen to mention the-the-the trillionaire crap, okay? 475 00:24:30,095 --> 00:24:32,973 I want you to say to them, "Well, pardon me, 476 00:24:33,056 --> 00:24:35,809 but what is the headline here? 477 00:24:36,643 --> 00:24:39,813 Immigrant entrepreneur dares to dream too big?" 478 00:24:40,814 --> 00:24:45,027 And if-- if they dare to mention my wife, 479 00:24:46,111 --> 00:24:49,573 you say nothing, and you put me on the phone. 480 00:24:49,656 --> 00:24:52,034 - You understand? Put me on the phone. - Adam. It's fine. 481 00:24:52,117 --> 00:24:54,411 And then I'll give a comment. 482 00:24:54,494 --> 00:24:56,538 You're not paying us to fight back. 483 00:24:56,622 --> 00:24:58,332 Then what am I paying you for? 484 00:24:58,415 --> 00:25:00,667 - To deflect. To defuse. - Please, to d-- Oh, and? 485 00:25:00,751 --> 00:25:03,212 - Thank you. - To grind them down with non-answers. 486 00:25:03,295 --> 00:25:04,880 - To be boring. - Just-- It's okay, Adam. 487 00:25:04,963 --> 00:25:08,592 Well, they are definitely the best in the business at that. 488 00:25:08,675 --> 00:25:11,553 - [Rebekah] Thank you very much. - You are paying us to stop the bleeding. 489 00:25:11,637 --> 00:25:13,555 - We know. Thank you. - So let us do our jobs. 490 00:25:13,639 --> 00:25:15,265 You have made your point. We are very grateful. 491 00:25:15,349 --> 00:25:17,226 [groans, sighs] 492 00:25:17,309 --> 00:25:19,728 - I need you to center yourself. - No, no, no. It's-- 493 00:25:19,811 --> 00:25:21,897 - No. I need you to ce-- Adam. - It's not the time. Not-- 494 00:25:21,980 --> 00:25:23,982 You cannot protect this family if you are not centered. 495 00:25:24,066 --> 00:25:25,859 - [sighs] - Close your eyes. 496 00:25:25,943 --> 00:25:29,071 [inhales sharply, grunts] 497 00:25:30,155 --> 00:25:33,116 - Now breathe in. - [inhales deeply, sighs] 498 00:25:33,200 --> 00:25:34,785 - And out. - [exhales] 499 00:25:36,453 --> 00:25:38,997 - Feel it rise. - [exhales] 500 00:25:39,081 --> 00:25:41,375 Come out through the top of your head. 501 00:25:41,458 --> 00:25:44,336 - [groans] - And then imagine a golden light. 502 00:25:44,419 --> 00:25:47,005 [PR people chattering] 503 00:25:50,509 --> 00:25:52,302 Do you feel better? 504 00:25:52,386 --> 00:25:53,470 Mmm. 505 00:25:54,346 --> 00:25:55,973 - Yes? - Mm-hmm. 506 00:25:56,056 --> 00:25:58,392 Okay. Look at me. 507 00:25:59,476 --> 00:26:01,395 Small men proceed from fear. 508 00:26:02,020 --> 00:26:03,772 - We are not small. - Mmm. 509 00:26:04,356 --> 00:26:07,150 I want these people and their negativity out of my home. 510 00:26:07,234 --> 00:26:10,320 They are ruining my floors. All right? 511 00:26:12,573 --> 00:26:15,492 Talk to Bruce. Tell him you can fix this. 512 00:26:15,576 --> 00:26:17,536 He wants to believe in you. He always has. 513 00:26:17,619 --> 00:26:18,912 [inhales sharply] 514 00:26:20,956 --> 00:26:22,165 Yes. 515 00:26:22,958 --> 00:26:24,710 - Okay. - Okay. 516 00:26:24,793 --> 00:26:27,337 - Talking to Bruce. - Yes. Good. 517 00:26:27,421 --> 00:26:29,756 [breathes deeply] 518 00:26:29,840 --> 00:26:31,383 - Calling Bruce. - Okay. 519 00:26:35,470 --> 00:26:36,930 Thank you for picking up. 520 00:26:39,266 --> 00:26:40,517 I'm coming to see you. 521 00:26:41,852 --> 00:26:43,228 Oh. Now. 522 00:26:45,981 --> 00:26:49,193 Perfect. Keep that tone. Keep that intention. 523 00:26:49,276 --> 00:26:50,736 Mmm. 524 00:26:50,819 --> 00:26:52,196 You can manifest this. 525 00:27:09,546 --> 00:27:10,756 Bruce. 526 00:27:10,839 --> 00:27:11,840 Adam. 527 00:27:14,009 --> 00:27:15,177 [Adam] Matthew. 528 00:27:16,386 --> 00:27:17,471 And Jacob. 529 00:27:18,013 --> 00:27:22,559 They reached out to me. They had a few things they wanted to get off their chest. 530 00:27:22,643 --> 00:27:26,396 I see, I see, I see, I see. What is the expression? 531 00:27:26,897 --> 00:27:30,442 Like rats abandoning a sinking ship. 532 00:27:31,151 --> 00:27:33,820 Unfortunately, our ship isn't sinking. 533 00:27:33,904 --> 00:27:36,240 But it's good to know who the rats are. 534 00:27:36,323 --> 00:27:38,575 Well, we-- we just want what's best for the company. 535 00:27:38,659 --> 00:27:42,204 What is best for the company is me as CEO. 536 00:27:42,287 --> 00:27:45,749 - Adam, I don't-- I-- - Always has been, always will be. 537 00:27:45,832 --> 00:27:49,753 Please, you're [stammers] going to listen to these two geniuses? 538 00:27:49,837 --> 00:27:51,922 [stammers] One walks around like a mermaid 539 00:27:52,005 --> 00:27:54,466 and the other has-- has "cock" written on his forehead. 540 00:27:54,550 --> 00:28:00,639 Please, let the children go home, and the adults can have a conversation. 541 00:28:00,722 --> 00:28:02,182 - No, no, no, let them go. - No, Adam, 542 00:28:02,266 --> 00:28:04,643 I really don't see any reason for them to leave. 543 00:28:04,726 --> 00:28:08,272 Fine. Learn something. Grab a pen. Take some notes. 544 00:28:08,897 --> 00:28:10,983 Take some notes. I'm going to teach you something. 545 00:28:11,483 --> 00:28:12,526 Okay. 546 00:28:13,610 --> 00:28:14,736 So listen to me. 547 00:28:14,820 --> 00:28:18,490 This is what I'm willing to do to counter the ridiculous narrative out there. 548 00:28:18,574 --> 00:28:23,203 First, I'm reducing my voting control from 20 votes per share to 10. 549 00:28:23,787 --> 00:28:27,291 Second, I'm appointing a lead independent director to the board. 550 00:28:27,374 --> 00:28:28,667 Ah, I thought you'd like that. 551 00:28:29,334 --> 00:28:33,213 Third, Rebekah will no longer choose my successor. 552 00:28:33,297 --> 00:28:38,260 And finally, finally, even though the board never objected 553 00:28:38,343 --> 00:28:42,222 and-- and-- and everything was entirely aboveboard, as you know, 554 00:28:42,306 --> 00:28:44,474 I'll be returning the 5.9 million 555 00:28:44,558 --> 00:28:47,227 that the company paid me for the We trademark. 556 00:28:48,770 --> 00:28:50,814 So you can see I'm giving here, Bruce. 557 00:28:50,898 --> 00:28:54,818 I'm giving. I'm giving, and I'm ready to receive. 558 00:28:57,529 --> 00:28:59,156 You bet on me once. 559 00:28:59,990 --> 00:29:01,867 Believe in me again. 560 00:29:01,950 --> 00:29:04,286 You understand? Believe in me. 561 00:29:08,498 --> 00:29:09,917 You're toxic. 562 00:29:10,000 --> 00:29:11,960 [scoffs] W-- 563 00:29:12,044 --> 00:29:14,546 You killed the company. 564 00:29:19,426 --> 00:29:20,677 You don't resign, 565 00:29:21,803 --> 00:29:23,639 I'll break your fucking arm. 566 00:29:25,015 --> 00:29:27,142 [chuckles] 567 00:29:27,226 --> 00:29:29,394 Bruce. [chuckles, stutters] 568 00:29:35,526 --> 00:29:37,402 [Jamie] I know, I know. But thanks. 569 00:29:38,153 --> 00:29:39,696 Sorry I'm late, gentlemen. 570 00:29:40,614 --> 00:29:43,242 I can see you've gotten started. 571 00:29:43,325 --> 00:29:46,787 No, no-- Ja-- Jamie, I did everything you asked me to. 572 00:29:46,870 --> 00:29:49,289 - I did it all. - You did nothing I asked you. 573 00:29:49,373 --> 00:29:51,124 I did everything you asked me to. 574 00:29:51,208 --> 00:29:54,878 Adam, we cannot take the company public with you as CEO. 575 00:29:54,962 --> 00:29:57,047 - No one will buy the stock. Adam. - No, no, no, no. 576 00:29:57,130 --> 00:30:01,260 [chuckles, stammers] Bruce, I-- 577 00:30:01,343 --> 00:30:04,346 No, no, no, no, no, no. I will never not be the CEO of WeWork. 578 00:30:04,429 --> 00:30:05,597 [Jamie] Okay. 579 00:30:07,933 --> 00:30:09,184 Let's look ahead, shall we? 580 00:30:09,268 --> 00:30:11,311 Please. To the future. 581 00:30:11,395 --> 00:30:16,066 WeWork will run out of cash sooner than you can imagine and go bankrupt. 582 00:30:16,984 --> 00:30:19,111 - Your shares will go zero. - [Adam stammers] 583 00:30:19,194 --> 00:30:23,657 The $380 million of personal loans that you've taken out against those shares 584 00:30:23,740 --> 00:30:26,118 will be called in, and you will be ruined, Adam. 585 00:30:27,077 --> 00:30:30,497 - But, yeah, y-you'll still be CEO. - [scoffs] 586 00:30:36,503 --> 00:30:39,298 We are not your enemies, Adam. You are. 587 00:30:41,675 --> 00:30:43,135 You are your own worst enemy. 588 00:30:49,099 --> 00:30:51,351 [people chattering] 589 00:30:51,435 --> 00:30:53,187 [clattering] 590 00:30:53,270 --> 00:30:54,563 [Adam] Shit. 591 00:30:58,942 --> 00:30:59,943 Well? 592 00:31:00,027 --> 00:31:02,779 Shit! [sighs] 593 00:31:03,614 --> 00:31:05,490 It was an ambush. 594 00:31:05,574 --> 00:31:07,117 [Emily] "Unnamed source says 595 00:31:07,201 --> 00:31:10,871 Bruce Dunlevie threatened to break Adam Neumann's arm 596 00:31:11,371 --> 00:31:13,790 if he doesn't step down as CEO." 597 00:31:14,374 --> 00:31:16,251 Just posted on BuzzFeed. 598 00:31:16,835 --> 00:31:19,004 I told you to stay in the foxhole. 599 00:31:19,087 --> 00:31:20,506 Judas! 600 00:31:21,381 --> 00:31:23,509 Judas and Judas. 601 00:31:26,136 --> 00:31:28,055 Masa, I know it's late there. 602 00:31:28,138 --> 00:31:30,098 Thank you for picking up. I'll keep it brief. 603 00:31:30,682 --> 00:31:32,684 - Adam. -You have billions at stake, 604 00:31:32,768 --> 00:31:35,229 and I am the only one who can safeguard that investment. 605 00:31:35,312 --> 00:31:39,983 You need me as CEO, and the company must IPO or it'll run out of cash. 606 00:31:40,067 --> 00:31:42,319 There will be no IPO. 607 00:31:42,402 --> 00:31:44,446 If you go forward with it, 608 00:31:45,864 --> 00:31:49,618 you will embarrass yourself, the company and me. 609 00:31:50,744 --> 00:31:51,745 Stand down. 610 00:31:51,828 --> 00:31:55,415 Masa, listen to me. With all due respect, I'm not going to stand down. 611 00:31:55,999 --> 00:31:57,876 I will not let you proceed. 612 00:31:57,960 --> 00:31:59,753 [stammers] What do you mean, "not let" me? 613 00:31:59,837 --> 00:32:02,089 I will not let you. 614 00:32:02,172 --> 00:32:06,635 I will use all my power, all my resources, to block the IPO, 615 00:32:06,718 --> 00:32:09,263 and you will be left with nothing. 616 00:32:14,184 --> 00:32:15,185 [growls] 617 00:32:32,494 --> 00:32:34,997 But there's nothing to worry about. Adam's all-- 618 00:32:35,998 --> 00:32:39,001 [sighs] You know I don't like it when you talk about him like that. 619 00:32:40,460 --> 00:32:42,671 No, I don't. No, it's not ok-- 620 00:32:42,754 --> 00:32:44,923 There is a spy outside the building! 621 00:32:45,007 --> 00:32:47,634 A spy. A spy! 622 00:32:47,718 --> 00:32:49,136 Daddy, let me call you back. 623 00:32:49,219 --> 00:32:51,513 Masa, Bruce, they've hired spies. 624 00:32:51,597 --> 00:32:52,806 Okay, honey. [stammers] 625 00:32:53,599 --> 00:32:55,392 There's just not spies outside the building. 626 00:32:55,475 --> 00:32:57,603 - No. There is a spy-- - There could be. 627 00:32:57,686 --> 00:33:00,272 - Ju-- - Yes, yes, yes. 628 00:33:00,355 --> 00:33:03,609 He looked, um, ex-Mossad, right? 629 00:33:03,692 --> 00:33:04,693 [Rebekah] Why? 630 00:33:04,776 --> 00:33:06,945 - [Adam] We're in trouble. - Why do you think he's a spy? 631 00:33:07,029 --> 00:33:09,865 Because he's standing outside the building, very intently 632 00:33:09,948 --> 00:33:11,700 listening in my conversation, eavesdropping. 633 00:33:11,783 --> 00:33:14,077 - Did he have a salt and pepper beard? - Yes, he had that salt. 634 00:33:14,161 --> 00:33:16,872 And sort of, like, sad hound dog eyes? 635 00:33:16,955 --> 00:33:18,749 - Yes. - Okay, my love. 636 00:33:18,832 --> 00:33:21,168 That is Mr. Fishman, in 4A. 637 00:33:21,251 --> 00:33:25,005 He smokes his horrible cigars outside every single day. 638 00:33:25,088 --> 00:33:27,216 He's lived in the building for 23 years. 639 00:33:27,299 --> 00:33:30,427 He's not a spy. It's all right. It's all right. 640 00:33:30,511 --> 00:33:31,678 [phone chimes] 641 00:33:31,762 --> 00:33:33,805 [Chris] Was this the call you were on? 642 00:33:36,808 --> 00:33:41,438 "Embattled CEO wanders NYC streets barefoot, looking frantic." 643 00:33:43,315 --> 00:33:44,942 It's definitely going viral. 644 00:33:45,025 --> 00:33:46,026 Viral? 645 00:33:46,109 --> 00:33:47,945 HomeGardenGnome commented, 646 00:33:48,028 --> 00:33:51,156 "No one who walks around barefoot in New York 647 00:33:51,240 --> 00:33:54,201 should be in charge of a multibillion-dollar company." 648 00:33:54,284 --> 00:33:56,870 BirdieBoy says, "Enjoy the ringworm." 649 00:33:56,954 --> 00:34:00,415 [stammers] Enough, please. Please. E-E-Enough. 650 00:34:00,499 --> 00:34:04,127 Someone just made his bare feet an emoji. It's being used like a thumbs down. 651 00:34:04,211 --> 00:34:06,797 [PR person 2] Machosammy, "Does he think he's Jesus?" 652 00:34:06,880 --> 00:34:08,257 [Chris] Uh, Babygene7151, 653 00:34:08,340 --> 00:34:10,592 "He's walking around in filth and excrement. 654 00:34:10,676 --> 00:34:12,261 What a complete fucking nut--" 655 00:34:12,344 --> 00:34:13,971 Enough! 656 00:34:14,054 --> 00:34:17,933 He grew up on a fucking kibbutz. He likes to walk around barefoot. 657 00:34:18,016 --> 00:34:19,685 Is that a fucking crime? 658 00:34:23,355 --> 00:34:27,275 [inhales deeply, sighs] 659 00:34:38,370 --> 00:34:39,371 Let it go. 660 00:34:42,331 --> 00:34:43,417 The IPO? 661 00:34:44,001 --> 00:34:45,377 All of it. 662 00:34:47,713 --> 00:34:48,714 No. 663 00:34:51,884 --> 00:34:53,635 [breathes deeply] 664 00:34:53,719 --> 00:34:55,469 You said it was all for me? 665 00:34:56,929 --> 00:34:58,056 And it is. 666 00:35:00,309 --> 00:35:01,643 I don't need it. 667 00:35:05,147 --> 00:35:07,941 Let it go for me. For us. 668 00:35:19,328 --> 00:35:22,456 - You know what happens if I step down. - I know. 669 00:35:25,000 --> 00:35:26,502 But this… 670 00:35:28,795 --> 00:35:31,632 - This is all that matters. - [breathes deeply] 671 00:35:31,715 --> 00:35:34,927 You, me, the kids. 672 00:35:35,010 --> 00:35:37,012 - We can live on the farm. - [sighs] 673 00:35:37,095 --> 00:35:39,181 [laughs] 674 00:35:39,264 --> 00:35:42,226 We can be wild. We can… [sniffs] 675 00:35:42,309 --> 00:35:45,062 …howl at the moon like the old days. 676 00:35:45,145 --> 00:35:47,064 [howls] 677 00:35:49,942 --> 00:35:51,735 [breathes deeply] 678 00:35:51,818 --> 00:35:54,112 [whimpers] Will you howl with me? 679 00:35:54,196 --> 00:35:56,156 [howls softly] 680 00:35:57,032 --> 00:35:58,283 [howls softly] 681 00:35:59,409 --> 00:36:00,410 [murmurs] 682 00:36:03,413 --> 00:36:04,665 [Adam breathes deeply] 683 00:36:04,748 --> 00:36:06,333 Money doesn't matter. 684 00:36:08,210 --> 00:36:11,672 The only people who say that are the ones who always had it. 685 00:36:11,755 --> 00:36:15,259 And maybe having too much is just as bad as not having any at all. 686 00:36:15,342 --> 00:36:17,219 Trust me, motek. 687 00:36:18,011 --> 00:36:19,012 It's not. 688 00:37:05,976 --> 00:37:07,352 Miggy-Migs. 689 00:37:07,436 --> 00:37:09,771 Hey. What are you doing here? 690 00:37:09,855 --> 00:37:12,941 [inhales deeply, sighs] 691 00:37:14,443 --> 00:37:15,611 São Paulo? 692 00:37:17,571 --> 00:37:20,574 Nope. Uh, this is Reykjavík. 693 00:37:21,158 --> 00:37:22,659 - In Iceland. - Reykjavik. 694 00:37:22,743 --> 00:37:25,871 Yeah, we found an old fish filet warehouse. 695 00:37:25,954 --> 00:37:26,955 [Adam] Ah. 696 00:37:27,039 --> 00:37:28,123 Smelt. 697 00:37:28,749 --> 00:37:30,667 - Smelt? - Smelt. 698 00:37:31,877 --> 00:37:33,378 They're these little fish. 699 00:37:33,462 --> 00:37:34,755 Apparently, they reek. 700 00:37:36,131 --> 00:37:39,301 We spent 45,000 fumigating. 701 00:37:40,594 --> 00:37:41,595 Mmm. 702 00:37:42,262 --> 00:37:43,847 Whoever smelt it dealt it. 703 00:37:45,974 --> 00:37:46,975 [chuckles] 704 00:37:47,601 --> 00:37:49,269 Whoever dealt it, felt it. 705 00:37:50,103 --> 00:37:51,104 [chuckles] 706 00:37:53,065 --> 00:37:55,901 Listen. Y-You frustrate me. 707 00:37:57,986 --> 00:37:59,863 Like no one I've ever met. 708 00:38:01,448 --> 00:38:03,534 - Yeah. - You always have. 709 00:38:06,537 --> 00:38:07,788 But I love you. 710 00:38:13,544 --> 00:38:15,212 You don't deserve this. 711 00:38:18,131 --> 00:38:19,633 I love you too, Miguel. 712 00:38:23,220 --> 00:38:24,596 What are you going to do? 713 00:38:31,103 --> 00:38:32,521 The right thing. 714 00:38:33,564 --> 00:38:34,648 For once. 715 00:38:39,194 --> 00:38:40,571 Is there a motion? 716 00:38:40,654 --> 00:38:41,989 [board member 1] So moved. 717 00:38:42,656 --> 00:38:43,866 Is there a second? 718 00:38:43,949 --> 00:38:44,950 Seconded. 719 00:38:45,033 --> 00:38:46,827 Properly moved and seconded. 720 00:38:46,910 --> 00:38:51,039 All those in favor of removing Adam Neumann as CEO, 721 00:38:51,123 --> 00:38:53,709 please signify by saying, "Aye." 722 00:38:54,334 --> 00:38:55,335 Aye. 723 00:38:56,253 --> 00:38:57,254 Aye. 724 00:38:58,297 --> 00:38:59,464 [board member 1] Aye. 725 00:38:59,548 --> 00:39:00,924 Aye. 726 00:39:01,008 --> 00:39:02,134 [board member 2] Aye. 727 00:39:02,217 --> 00:39:03,218 Aye. 728 00:39:05,345 --> 00:39:06,388 Aye. 729 00:39:13,187 --> 00:39:14,188 Aye. 730 00:39:15,397 --> 00:39:17,399 [people chattering] 731 00:39:32,080 --> 00:39:34,124 [sniffs] 732 00:39:36,210 --> 00:39:38,003 [sniffs, exhales sharply] 733 00:39:39,796 --> 00:39:42,716 [Rebekah] Thank you all for making yourselves available, uh, 734 00:39:42,799 --> 00:39:44,760 at such late notice. 735 00:39:44,843 --> 00:39:47,930 I'm sure you have questions, and I-I do want to answer them, 736 00:39:48,013 --> 00:39:51,016 but if it's all right, I would like to say something first. 737 00:39:51,725 --> 00:39:54,478 When I marched into our architect's office 738 00:39:54,561 --> 00:39:57,481 with the six foundational principles of WeGrow, 739 00:39:58,065 --> 00:40:01,777 I told him, "Bjarke, we've got a deadline." 740 00:40:01,860 --> 00:40:04,154 'Cause… [breathes shakily] 741 00:40:04,238 --> 00:40:07,032 …I knew, as a mom, 742 00:40:07,699 --> 00:40:12,955 that it was my responsibility to use everything I have learned in this world 743 00:40:13,038 --> 00:40:15,499 to reimagine early childhood education. 744 00:40:15,582 --> 00:40:17,251 Not just for my kids. 745 00:40:18,836 --> 00:40:20,921 [inhales sharply] But for all children. 746 00:40:21,964 --> 00:40:23,090 [inhales sharply] 747 00:40:24,174 --> 00:40:26,927 What I didn't know was that… 748 00:40:27,010 --> 00:40:28,011 [stammers] 749 00:40:30,681 --> 00:40:34,810 …this school would become my sixth child. 750 00:40:34,893 --> 00:40:36,103 - My… - [parent] Mmm. 751 00:40:38,689 --> 00:40:41,733 …proudest achievement after my own family. 752 00:40:42,234 --> 00:40:43,861 [inhales sharply] 753 00:40:46,655 --> 00:40:50,075 Which is why it breaks my heart to tell you 754 00:40:50,158 --> 00:40:53,203 that WeGrow will be closing at the end of this school year. 755 00:40:53,287 --> 00:40:55,080 [clamoring] 756 00:40:55,163 --> 00:40:57,291 Schools locked next year's admissions months ago. 757 00:40:57,374 --> 00:41:00,294 - My child is on scholarship. - Rebekah, what's happening? 758 00:41:00,377 --> 00:41:04,423 I hear-- I hear you, I hear you and I promise you, 759 00:41:04,506 --> 00:41:07,759 each and every one of your children 760 00:41:07,843 --> 00:41:10,137 has learned the meaning of resilience 761 00:41:10,220 --> 00:41:11,847 - and adaptability. - [clamoring] 762 00:41:11,930 --> 00:41:14,141 [parent] What the fuck are you talking about? 763 00:41:14,224 --> 00:41:17,811 Resilience and adaptability won't pay for my kid's tuition. 764 00:41:17,895 --> 00:41:20,480 - Okay. Okay, uh… - [clamoring] 765 00:41:20,564 --> 00:41:23,192 Um. So, okay, we'll-- Loo-- I-- Um… 766 00:41:23,275 --> 00:41:24,818 [breathes heavily] 767 00:41:24,902 --> 00:41:27,404 - Start your own school. - You can't be serious. 768 00:41:27,487 --> 00:41:28,488 Fuck you, Rebekah. 769 00:41:28,572 --> 00:41:30,741 - [clamoring continues] - [parent 2] Yeah. 770 00:41:30,824 --> 00:41:31,867 [parent 3] No way. 771 00:41:34,077 --> 00:41:36,288 [clamoring continues] 772 00:41:39,333 --> 00:41:42,211 [Mikey] "While our business has never been stronger, 773 00:41:42,294 --> 00:41:44,838 in recent weeks the scrutiny directed toward me 774 00:41:44,922 --> 00:41:48,008 - has become a significant distraction." - [breathes deeply] Mm-hmm. 775 00:41:48,091 --> 00:41:52,179 "I have decided that it is in the best interest of the company to step down 776 00:41:52,262 --> 00:41:53,388 as chief executive." 777 00:41:53,472 --> 00:41:55,224 - Jesus. - Fucking dick. 778 00:41:56,183 --> 00:41:57,184 Hey, Chloe. 779 00:42:00,562 --> 00:42:03,440 She sold that bag to a woman on the Upper East Side. 780 00:42:04,149 --> 00:42:05,484 She lost $5,000. 781 00:42:05,567 --> 00:42:06,485 What? 782 00:42:06,568 --> 00:42:08,111 I told her to get it. 783 00:42:09,071 --> 00:42:11,865 Hey, where's Bea? I haven't seen her in a while. 784 00:42:11,949 --> 00:42:15,452 Oh, Bea got accepted to HBS. She peaced out. 785 00:42:15,536 --> 00:42:17,246 Bea got into Harvard Business School? 786 00:42:17,329 --> 00:42:18,247 - Yeah. - Yeah. 787 00:42:18,330 --> 00:42:20,249 She wrote her admissions essay about WeWork 788 00:42:20,332 --> 00:42:21,708 and how not to grow a start-up. 789 00:42:21,792 --> 00:42:23,043 - [microphone taps] - [chuckles] 790 00:42:23,126 --> 00:42:25,462 [Miguel on microphone] Guys. Everyone. 791 00:42:25,546 --> 00:42:27,756 I think he's about to start. 792 00:42:27,840 --> 00:42:29,633 [Miguel] Everyone, can you come, please? 793 00:42:30,592 --> 00:42:34,263 Guys from the computers, can you bring it around? 794 00:42:41,395 --> 00:42:42,646 [sighs] 795 00:42:44,356 --> 00:42:47,234 - [employee 1] Are you gonna sing? - [scattered laughing] 796 00:42:47,317 --> 00:42:49,611 - No, I'm not gonna sing. - [crowd chuckles] 797 00:42:49,695 --> 00:42:52,364 I know that this has been a… 798 00:42:52,447 --> 00:42:56,910 [sighs] …confusing and stressful time. 799 00:42:56,994 --> 00:42:59,955 And I know there's been a lot of rumors and speculation. 800 00:43:00,914 --> 00:43:03,083 About what's happening. 801 00:43:03,166 --> 00:43:04,751 [employees whispering] 802 00:43:06,295 --> 00:43:11,675 So, I thought you should hear about the future of our company. 803 00:43:11,758 --> 00:43:13,594 Of your company… 804 00:43:16,555 --> 00:43:18,682 directly from its new CEO. 805 00:43:19,266 --> 00:43:20,934 - So… - Okay. 806 00:43:24,688 --> 00:43:26,315 - Cameron Lautner. - [employees] What? 807 00:43:26,398 --> 00:43:27,900 So, Cam. 808 00:43:27,983 --> 00:43:30,110 - [employees murmuring] - [employee 2] Is this a joke? 809 00:43:30,194 --> 00:43:32,446 - [employee 3] Come on. - [employee 4] Whoa. 810 00:43:32,529 --> 00:43:34,406 [employees whispering, murmuring] 811 00:43:44,750 --> 00:43:46,335 Adam Neumann. 812 00:43:46,418 --> 00:43:48,003 - [chuckles] - [scattered employees] Boo. 813 00:43:50,506 --> 00:43:53,509 Adam Neumann. [sighs] 814 00:43:54,134 --> 00:43:56,637 He's been called lots of things, hasn't he? 815 00:43:57,554 --> 00:43:59,097 What is he, a visionary? 816 00:44:00,057 --> 00:44:03,810 Unicorn? Maverick? A magician? 817 00:44:04,811 --> 00:44:10,108 And [stammers] like a magician, he's tried to perform a sleight of hand 818 00:44:10,192 --> 00:44:12,027 over the entire financial world. 819 00:44:12,110 --> 00:44:17,574 Crafted an illusion that you all were part of something bigger. 820 00:44:18,158 --> 00:44:21,203 What were you gonna do? Raise the world's consciousness? 821 00:44:21,286 --> 00:44:25,040 Solve world hunger? Care for all the world's orphans? 822 00:44:25,123 --> 00:44:28,418 Excuse me, how the fuck is a shared work space company 823 00:44:28,502 --> 00:44:30,087 supposed to do any of that? 824 00:44:30,671 --> 00:44:33,632 He-- He deluded you. He did! 825 00:44:33,715 --> 00:44:36,927 And what's worse is you deluded yourselves. 826 00:44:37,845 --> 00:44:39,721 Because you forgot what every child knows. 827 00:44:39,805 --> 00:44:41,682 Unicorns don't exist. 828 00:44:42,391 --> 00:44:46,144 They don't. Sorry to be the bearer, but that's the truth. 829 00:44:46,228 --> 00:44:48,146 No matter how much we might want them to. 830 00:44:48,230 --> 00:44:51,525 So I think it's about time that we got really honest 831 00:44:51,608 --> 00:44:53,986 about what we actually do here. 832 00:44:54,069 --> 00:44:56,780 We're not here to raise the world's consciousness. 833 00:44:56,864 --> 00:44:59,658 That's not how capitalism works. 834 00:44:59,741 --> 00:45:03,537 We're here to earn value for our investors, 835 00:45:03,620 --> 00:45:07,583 and we're going to do that by providing high-quality shared work spaces 836 00:45:07,666 --> 00:45:09,501 at a competitive price. 837 00:45:09,585 --> 00:45:14,548 And what are you going to get in return? A fair wage and real profit sharing. 838 00:45:14,631 --> 00:45:18,010 Adam says, "Do what you love"? Is that right? 839 00:45:18,093 --> 00:45:22,264 "Do what you love, the money, oh, it will follow." 840 00:45:22,347 --> 00:45:23,891 - What? - [laughing] 841 00:45:23,974 --> 00:45:26,852 No, sir. Excuse me, it's hard work. 842 00:45:26,935 --> 00:45:30,230 That's the truth of it, isn't it? It's hard fucking work. 843 00:45:30,314 --> 00:45:32,441 Work sucks and that's what you've got to do. 844 00:45:32,524 --> 00:45:35,736 That, along with a little bit of luck, and then you'll make the moola. 845 00:45:35,819 --> 00:45:39,781 So, I want to know who's with me. 846 00:45:39,865 --> 00:45:41,116 Hmm? 847 00:45:41,200 --> 00:45:45,287 Who's ready to put down these childish fantasies 848 00:45:45,370 --> 00:45:48,874 of saving the world and unicorns, 849 00:45:48,957 --> 00:45:54,546 and who wants to be part of a real, sustainable company, 850 00:45:54,630 --> 00:45:57,799 with a future that you can really believe in? 851 00:45:58,383 --> 00:46:00,969 - Who's ready? Let me hear you. - [employee 5] Yeah. 852 00:46:01,970 --> 00:46:03,931 Look, there's an adult in charge now. 853 00:46:04,848 --> 00:46:06,183 And I assure you, 854 00:46:07,392 --> 00:46:10,270 WeWork's best days are ahead. 855 00:46:11,188 --> 00:46:13,315 Thank you for your time. Go back to work. 856 00:46:13,398 --> 00:46:15,609 [cheering, applauding] 857 00:46:19,238 --> 00:46:20,739 We're fucked. 858 00:46:23,450 --> 00:46:24,660 We're fucked! 859 00:46:25,911 --> 00:46:28,580 I divested from the wave pool company, sold "Air Cannabis," 860 00:46:28,664 --> 00:46:30,290 whatever he was calling that fucking jet. 861 00:46:30,374 --> 00:46:32,751 Got rid of that goddamn school, and we're still bleeding money 862 00:46:32,835 --> 00:46:34,419 out of our fucking tits. 863 00:46:34,503 --> 00:46:35,838 We need to do something. 864 00:46:37,881 --> 00:46:38,882 Layoffs. 865 00:46:38,966 --> 00:46:42,302 Layoffs means severance. Severance means money. 866 00:46:42,386 --> 00:46:44,721 We don't have-- We can't afford to fucking fire people, 867 00:46:44,805 --> 00:46:46,390 that's how fucked we are-- Yes? 868 00:46:46,473 --> 00:46:49,101 You have the board meeting in a half-hour. You should get going. 869 00:46:51,687 --> 00:46:53,272 Whoo. [laughs] 870 00:46:53,355 --> 00:46:55,107 [inhales sharply] Okay. 871 00:46:55,190 --> 00:46:56,525 Okay. Come on. 872 00:46:56,608 --> 00:46:58,652 We gotta do something, gotta say something, boy. 873 00:46:58,735 --> 00:47:00,237 Gotta say something. 874 00:47:02,489 --> 00:47:04,533 Uh-- I-I don't know what-- 875 00:47:06,910 --> 00:47:08,203 What would Adam do? 876 00:47:10,080 --> 00:47:12,666 We need cash. Simple as that. 877 00:47:12,749 --> 00:47:15,752 We need cash or WeWork's gonna run out of money. 878 00:47:15,836 --> 00:47:17,963 - When? - Under two months. 879 00:47:18,046 --> 00:47:19,256 [board member 1] What? Are you serious? 880 00:47:19,339 --> 00:47:22,467 How are we finding out about this now? H-How is that possible? 881 00:47:22,551 --> 00:47:24,469 Go on, Miguel. Why don't you tell them how you and Adam 882 00:47:24,553 --> 00:47:26,722 cocked this whole thing up? [grunts] 883 00:47:28,015 --> 00:47:31,226 Uh, we accelerated expansion ahead of the IPO. 884 00:47:31,310 --> 00:47:32,436 Okay. 885 00:47:32,519 --> 00:47:35,022 Construction is expensive, especially when you're trying to rush it. 886 00:47:35,105 --> 00:47:37,524 - [board member 1] Yeah. Of course. - [board member 2] No shit. 887 00:47:37,608 --> 00:47:41,195 You were the guys who wanted to impress the markets, so-- 888 00:47:41,278 --> 00:47:44,114 - [board members clamoring] - All right, that-- that-- that stops now. 889 00:47:44,198 --> 00:47:46,074 No more new locations. 890 00:47:46,158 --> 00:47:47,367 We already signed the leases. 891 00:47:47,451 --> 00:47:48,535 [board member 3] Oh, Jesus. 892 00:47:48,619 --> 00:47:49,453 How many? 893 00:47:50,370 --> 00:47:51,413 We're doubling in size. 894 00:47:51,496 --> 00:47:54,708 - [board member 1] That's fucking stupid. - Time out. Time out! You said double? 895 00:47:54,791 --> 00:47:57,377 All right, all right. [groans] So, hmm. 896 00:47:57,461 --> 00:47:59,379 We're in a bit of a pickle, aren't we? 897 00:47:59,463 --> 00:48:01,590 We need billions of dollars, right? 898 00:48:01,673 --> 00:48:05,135 And we need it in the next eight weeks, so who do we know? 899 00:48:05,219 --> 00:48:09,181 Well, we have at least one investor with pockets deep enough to do that. 900 00:48:09,264 --> 00:48:10,265 SoftBank. 901 00:48:10,349 --> 00:48:15,187 They won't come in now. Not while Adam has the controlling vote. 902 00:48:15,270 --> 00:48:16,605 He's stepped down as CEO, 903 00:48:16,688 --> 00:48:18,649 but the prick still has the majority of shares. 904 00:48:18,732 --> 00:48:22,236 [Bruce] Which means, CEO or not, we can't override his vote. 905 00:48:22,319 --> 00:48:23,612 Shit. 906 00:48:26,448 --> 00:48:28,325 That fucking wanker. 907 00:48:30,994 --> 00:48:32,788 Money doesn't matter. 908 00:48:32,871 --> 00:48:36,208 The only people who say that are the ones who always had it. 909 00:48:36,291 --> 00:48:40,003 And maybe having too much is just as bad as not having any at all. 910 00:48:40,087 --> 00:48:41,797 Trust me, motek. 911 00:48:42,631 --> 00:48:43,882 It's not. 912 00:48:53,267 --> 00:48:55,811 And the only one who knows that more than me 913 00:48:56,770 --> 00:48:57,855 is Masa. 914 00:48:57,938 --> 00:48:59,606 [Cameron] You see what he's doing here, right? 915 00:48:59,690 --> 00:49:04,319 Adam knows Masa is trying to raise $100 billion for Vision Fund 2. 916 00:49:04,945 --> 00:49:07,447 Well, that's going to be impossible if the fucking crown jewel 917 00:49:07,531 --> 00:49:10,284 of Vision Fund 1 has gone bankrupt, right? 918 00:49:11,201 --> 00:49:14,454 Yeah, but if WeWork goes bankrupt, 919 00:49:14,538 --> 00:49:17,291 all of Adam's lenders are coming for him. 920 00:49:18,125 --> 00:49:19,418 He'll lose everything. 921 00:49:20,544 --> 00:49:23,213 Well, I guess it comes down to one question then, doesn't it? 922 00:49:23,297 --> 00:49:25,257 Sorry, what question? 923 00:49:27,050 --> 00:49:28,594 [Cameron] Who's gonna blink first? 924 00:49:43,734 --> 00:49:44,860 [phone vibrating] 925 00:49:48,447 --> 00:49:49,448 [gasps] 926 00:49:52,701 --> 00:49:57,206 [sighs, breathes deeply] 927 00:49:59,166 --> 00:50:00,375 Masa. 928 00:50:01,001 --> 00:50:02,836 You're the crazier one. 929 00:50:06,131 --> 00:50:09,343 500 million for you to sell your shares. 930 00:50:12,429 --> 00:50:13,430 Adam? 931 00:50:14,515 --> 00:50:15,807 Are you still there? 932 00:50:17,559 --> 00:50:19,019 [inhales sharply] 933 00:50:19,102 --> 00:50:20,437 Yes. 934 00:50:20,521 --> 00:50:22,481 Did you hear my offer? 935 00:50:22,564 --> 00:50:23,649 Yes. 936 00:50:25,901 --> 00:50:27,027 Well? 937 00:50:30,280 --> 00:50:31,281 No. 938 00:50:34,451 --> 00:50:36,078 [Adam sighs] 939 00:50:40,749 --> 00:50:42,543 [exhales deeply] 940 00:50:42,626 --> 00:50:43,961 What did he say? 941 00:50:45,546 --> 00:50:49,049 [Adam] He made an offer. He'll make another one. 942 00:50:52,177 --> 00:50:53,971 Are you sure? 943 00:50:54,054 --> 00:50:57,474 A high-stakes standoff is playing out behind closed doors 944 00:50:57,558 --> 00:50:59,726 over the fate of WeWork. 945 00:51:07,860 --> 00:51:09,194 [phone chimes] 946 00:51:15,701 --> 00:51:16,702 [phone chimes] 947 00:51:32,217 --> 00:51:33,635 [groans] 948 00:51:41,643 --> 00:51:42,644 Yes? 949 00:51:42,728 --> 00:51:44,813 [anchor] Adam Neumann essentially getting to ride off 950 00:51:44,897 --> 00:51:48,442 into the sunset, like you said there, with a golden parachute. 951 00:51:48,525 --> 00:51:52,362 Uh, this deal includes $975 million 952 00:51:52,446 --> 00:51:56,325 for a cap-out to buy shares that Neumann owns, 953 00:51:56,408 --> 00:51:58,493 $500 million for a loan 954 00:51:58,577 --> 00:52:03,081 and $185 million for a "consulting fee." 955 00:52:03,165 --> 00:52:05,209 He's now going to step down from the board, 956 00:52:05,292 --> 00:52:10,839 and this will see SoftBank take 80% of this troubled company. 957 00:52:10,923 --> 00:52:13,550 We're already seeing some employees really worried 958 00:52:13,634 --> 00:52:16,595 about what this massive payout for Adam Neumann means. 959 00:52:16,678 --> 00:52:18,889 ["Once in a Lifetime" playing] 960 00:53:32,713 --> 00:53:34,590 [song continues, louder] 961 00:53:35,424 --> 00:53:37,050 Mmm. [sniffs] 962 00:53:40,387 --> 00:53:41,388 [chuckles] 963 00:53:41,471 --> 00:53:44,349 [laughing] 964 00:53:45,601 --> 00:53:46,727 Oh. 965 00:53:49,521 --> 00:53:52,608 [howling] 966 00:53:54,484 --> 00:53:55,986 [howling continues] 967 00:53:56,069 --> 00:53:59,698 [howling] 968 00:54:14,004 --> 00:54:16,048 [song fades] 969 00:54:22,095 --> 00:54:23,472 [sighs] 970 00:54:25,849 --> 00:54:27,142 [sighs] 971 00:54:29,937 --> 00:54:31,563 [both] Mmm. 972 00:54:33,607 --> 00:54:35,025 - [Rebekah] See? - Mm-hmm. 973 00:54:35,108 --> 00:54:37,819 This is all we need. S-- 974 00:54:37,903 --> 00:54:41,990 Water, sun, air, us. 975 00:54:42,908 --> 00:54:45,077 - Mmm. - I feel reborn. 976 00:54:46,453 --> 00:54:47,454 Hmm. 977 00:54:51,083 --> 00:54:52,084 What? 978 00:54:53,460 --> 00:54:54,837 Just got the email. 979 00:54:55,921 --> 00:54:57,130 It's official. 980 00:54:58,590 --> 00:54:59,591 Ho-- 981 00:54:59,675 --> 00:55:03,053 It's the rights for the curriculum for WeGrow. 982 00:55:03,136 --> 00:55:04,513 I bought them for you. 983 00:55:05,305 --> 00:55:07,266 Mmm. [chuckles] 984 00:55:07,349 --> 00:55:09,518 Of course, we can't use the name WeGrow, 985 00:55:10,686 --> 00:55:12,521 but I know you'll think of something. 986 00:55:12,604 --> 00:55:14,356 Mmm. 987 00:55:16,275 --> 00:55:17,359 [moans softly] 988 00:55:19,069 --> 00:55:20,946 - [speaks indistinctly] - Thank you so much. 989 00:55:21,029 --> 00:55:22,906 - No, thank you. Thank you. - [sniffs] 990 00:55:22,990 --> 00:55:24,241 [children chattering] 991 00:55:26,994 --> 00:55:29,955 Oh, wait, honey. Adam, your goggles. 992 00:55:30,038 --> 00:55:32,124 Don't worry about me. I know the Dead Sea. 993 00:55:32,207 --> 00:55:33,792 I'm an old Navy man. 994 00:55:33,876 --> 00:55:37,004 Okay, just please. The salt, your eyes, just-- 995 00:55:37,546 --> 00:55:40,674 [Adam] How are you doing? Do you want to watch your daddy swim? 996 00:55:40,757 --> 00:55:43,760 You want to watch me? I'm going look for a whale. Okay. 997 00:55:43,844 --> 00:55:47,181 I'm going to bring one back for you. You watch! 998 00:55:47,264 --> 00:55:48,640 [laughs] 999 00:55:54,855 --> 00:55:56,356 [phone vibrating] 1000 00:55:59,651 --> 00:56:00,736 Adam! 1001 00:56:00,819 --> 00:56:03,822 - [vibrating continues] - Uh… 1002 00:56:07,201 --> 00:56:08,202 Hello? 1003 00:56:08,702 --> 00:56:10,370 [Masa] Oh, Rebekah. How are you? 1004 00:56:10,454 --> 00:56:12,331 How is Tel Aviv? 1005 00:56:12,414 --> 00:56:13,498 Good. 1006 00:56:14,124 --> 00:56:16,668 Good. I'm looking for Adam. 1007 00:56:16,752 --> 00:56:19,296 [stammers] Yeah. Um, he just went for a swim, 1008 00:56:19,379 --> 00:56:22,883 but do you want to leave a message? 1009 00:56:23,509 --> 00:56:26,678 No, no. No message. Just a question. 1010 00:56:26,762 --> 00:56:28,555 For you. 1011 00:56:28,639 --> 00:56:29,890 Okay. [chuckles] 1012 00:56:31,391 --> 00:56:34,561 Who wins in a fight? The smart one or the crazy one? 1013 00:56:35,145 --> 00:56:36,647 Um, what? 1014 00:56:36,730 --> 00:56:38,899 Who wins in a fight? 1015 00:56:38,982 --> 00:56:41,443 The smart one or the crazy one? 1016 00:56:46,949 --> 00:56:48,158 The smart one. 1017 00:56:48,784 --> 00:56:50,869 You're smarter than your husband. 1018 00:56:50,953 --> 00:56:52,454 He said the crazy one. 1019 00:56:52,955 --> 00:56:55,541 [inhales deeply] But it's a trick question. 1020 00:56:55,624 --> 00:56:58,001 It's not the smart one or the crazy one. 1021 00:57:01,088 --> 00:57:02,130 Then who? 1022 00:57:03,715 --> 00:57:06,426 The one with all the money. 1023 00:57:10,764 --> 00:57:13,892 [stammers] I-I-I-I don't understand, w-what are you… 1024 00:57:13,976 --> 00:57:16,770 [sighs] 1025 00:57:16,854 --> 00:57:19,064 You will never get that buyout package. 1026 00:57:19,147 --> 00:57:20,899 Not a single penny. 1027 00:57:20,983 --> 00:57:22,526 I will make sure of it. 1028 00:57:26,029 --> 00:57:28,365 You and Adam have a deal. 1029 00:57:29,283 --> 00:57:32,870 The next time we speak will be through lawyers. 1030 00:57:34,413 --> 00:57:35,747 - Ma-- - [line beeps] 1031 00:57:35,831 --> 00:57:38,292 A-- [breathes shakily] 1032 00:57:39,001 --> 00:57:40,002 Adam. 1033 00:57:40,085 --> 00:57:43,839 Adam. Adam. Adam. 1034 00:57:43,922 --> 00:57:45,465 Adam, the money. [shrieks] 1035 00:57:46,758 --> 00:57:48,051 The money! 1036 00:57:48,135 --> 00:57:49,553 [screams] 1037 00:57:49,636 --> 00:57:51,722 - My eyes. My eyes! - [screaming continues] 1038 00:57:51,805 --> 00:57:53,891 - Adam, the money! - I can't see! 1039 00:57:53,974 --> 00:57:55,851 - Adam! [screams] - My eyes, I can't see. 1040 00:57:55,934 --> 00:57:58,395 - I can't see. - [screams] Adam! The money! 1041 00:57:58,478 --> 00:58:02,774 - [Adam] Help us! Please! - [Rebekah screaming] 1042 00:58:02,858 --> 00:58:05,485 [instrumental version of "Roar" playing] 1043 00:59:05,712 --> 00:59:07,881 When I met Rebekah about nine years ago, 1044 00:59:07,965 --> 00:59:12,094 and then she was my girlfriend, um, I weighed about 20 pounds less than today. 1045 00:59:12,177 --> 00:59:14,596 I was smoking two packs of cigarettes a day, 1046 00:59:14,680 --> 00:59:16,765 I had a lot of very unhealthy habits. 1047 00:59:16,849 --> 00:59:19,977 And even though I was a big talker, I had nothing to show for it. 1048 00:59:20,060 --> 00:59:22,020 The first thing she told me is, 'You're full of shit.'' 1049 00:59:22,104 --> 00:59:23,397 That was the first thing. 1050 00:59:23,480 --> 00:59:27,109 "You talk like you are all that, you literally can't even buy me dinner." 1051 00:59:27,192 --> 00:59:29,236 She said, "Even though this-- I do believe in equality 1052 00:59:29,319 --> 00:59:30,654 between men and women." She said, 1053 00:59:30,737 --> 00:59:32,990 "It's okay if you paid for dinner one time, it's not a bad thing." 1054 00:59:33,073 --> 00:59:35,617 Because I would offer to pay, being polite, and he would accept. 1055 00:59:35,701 --> 00:59:38,745 Which just was completely strange for an American girl. 1056 00:59:38,829 --> 00:59:40,873 And, and, she said-- she said to me, 1057 00:59:40,956 --> 00:59:44,668 "If you don't immediately stop chasing the wrong thing, 1058 00:59:44,751 --> 00:59:46,420 actually find your passion, 1059 00:59:46,503 --> 00:59:48,964 find what it is that makes a difference for you. 1060 00:59:49,047 --> 00:59:52,676 Find, and then take that, mix it with what you do, what you love at the most." 1061 00:59:52,759 --> 00:59:54,595 Which in my case is bringing people together. 1062 00:59:54,678 --> 00:59:56,805 And I do happen to love buildings, I don't know why. 1063 00:59:56,889 --> 00:59:59,474 "If you don't find a way to bring these two things together 1064 00:59:59,558 --> 01:00:01,476 and really do something meaningful for the world, 1065 01:00:01,560 --> 01:00:04,062 not only will nothing you do never really work, 1066 01:00:04,146 --> 01:00:06,940 even if something did work, you'll never feel fulfilled." 1067 01:00:07,024 --> 01:00:09,693 She said, "My suggestion for you is, drop everything you're doing, 1068 01:00:09,776 --> 01:00:11,028 go find something real. 1069 01:00:11,111 --> 01:00:14,114 Stop worrying about the bottom line, because it's not about that. 1070 01:00:14,198 --> 01:00:17,534 Redefine success and fulfillment as something greater than yourself, 1071 01:00:17,618 --> 01:00:20,287 and the rest will follow." I have to say, I did all of that. 1072 01:00:20,370 --> 01:00:22,122 - Rebekah, I want to say thank you. - Adam, my love. 1073 01:00:22,206 --> 01:00:24,124 - I'd be nothing without you. - [interviewer] Well put.