It was impossible not to mention this story.
A few weeks after Mr. Neumann fired 7% of the staff in 2016, he somberly addressed the issue at an evening all-hands meeting at headquarters, telling attendees the move was tough but necessary to cut costs, and the company would be better because of it.
Then employees carrying trays of plastic shot glasses filled with tequila came into the room, followed by toasts and drinks.
Soon after, Darryl McDaniels of hip-hop group Run-DMC entered the room, embraced Mr. Neumann and played a set for the staff. Workers danced to the 1980s hit “It’s Tricky” as the tequila trays made more rounds; some others, still focused on the firings, say they were stunned and confused.
WeWork’s strategy relies on them becoming big enough to get a monopsony power in the cities of their present. But it requires an enormous amount of capital they don’t seem to be able to access now.