“WeCrashed,” based on a podcast of the same name, intends to chronicle the astronomical ascension and subsequent explosive bust of WeWork, the coworking space company many had compared to Uber and AirBnb . Their business model was simple: buy long-term leases on commercial offices, then distribute short-term rentals of that space for the short-term needs of freelancers, small businesses, etc. The company was valued at over $ 47 billion before details leaked to the press, alleging blatant mismanagement, executive conflicts of interest and quarterly losses that investors found impossible to swallow.
CEO Adam Neumann has been accused of covering up these red flags, as he himself took personal loans from his company to finance his own businesses, spent lavishly on behalf of the company and even owned interests in four buildings leased by WeWork. Businessweek, reporting the story, called the scandal a “humiliating degradation” and documented the company’s many criticisms from the business community and even from experts at Columbia University.
While it might sound boring, the showrunners of “WeCrashed” should have no trouble bringing a lot of drama to their TV adaptation. Several outlets, including Vanity Fair, reported on Neumann’s unstable way of life, including Adam’s struggles with alcoholism and drug use, his self-names as a Kabbalistic mystic who considered the business as a “capitalist kibbutz” and its growing paranoia at the start of the business. Flex.
The show seems designed for a mix of high-stakes drama, absurd comedy, and a lesson in the limits of tech capitalism. Make sure to look for it sometime in 2022.
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