WeWork is the company that provides shared workspaces for cool and hip new businesses. It has just filed for an exchange listing (IPO).
According to documents lodged with the US Securities Exchange Commission (kinda sorta the US version of ASIC), WeWork:
Put simply, WeWork’s costs are much, much higher than its reported revenues.
This beggars the question? Could it be that WeWork tenants/customers pay their rent in cash, $100,000 at a time in an envelope? Maybe that is the how the company has been able to support itself? Perhaps the rent money is an aggregation of contributions from miscellaneous restaurant workers at $5,000 or $10,000 a lick.
NSW ALP officials are “allegedly” consulting to WeWork.