WeWork: The Rise, Fall, and Laughable Legacy Explored in ‘The Making and Breaking of a $47 Billion Unicorn’

Since joining WeWork in 2016, the initial allure of a vibrant and chic workspace, coupled with access to a collaborative community, was captivating. It provided the perfect escape from the solitude of working at home after leaving my 9-5 job. The “WE” in WeWork reflected the sense of community that drew me in, connecting with other driven and successful individuals.

As a beer enthusiast, the prospect of an endless supply of rotating draft beers factored significantly into my decision to sign up. This perk not only saved on the hefty happy hour bills prevalent in DC but also fostered a social atmosphere – a key selling point justifying the membership cost.

However, as I observed WeWork’s decline, questions lingered until the SXSW screening of “WeWork: Or the Making and Breaking of a $47 Billion Unicorn.” The documentary shed light on the financial unraveling, attributing it to the excessive hero-worship of co-founder Adam Neumann. The narrative underscored how investor focus on Neumann’s cultish persona detracted from delivering genuine value to customers, revealing a fundamental misalignment of priorities.

Despite WeWork’s initial appeal of providing more than just workspaces, the documentary emphasized its true nature as a real estate investment company. Neumann’s attempt to push a community-centric narrative couldn’t mask this reality. The relentless expansion, with WeWork establishments seemingly on every block, eroded its novelty, causing many to reevaluate the hefty membership fees against the actual value.

My Global Access membership allowed me to explore offices in DC, NYC, Austin, LA, and San Diego. Yet, none were fully occupied, highlighting the incongruity between WeWork’s hype and the reality of often half-empty spaces. The documentary crystallized the mismatch between Neumann’s tech-guru era business model and the more financially conscious entrepreneur of 2021.

In hindsight, WeWork’s era appears as a bubble inflated by misplaced priorities and exorbitant spending. The documentary’s portrayal suggests a challenging recovery for WeWork, with future generations likely finding humor in the once-meteoric rise and subsequent fall of the WeWork phenomenon.

Watch WEWORK: OR THE MAKING AND BREAKING OF A $47 BILLION UNICORN on Hulu.