One-on-One with Adam Neumann

Next guess is Adam Newman. The co-founder and former CEO of wework wants on the most valuable and sought-after private companies in 2019. When it was time to sell the business to the public market that evaluation 47 billion dollars. It all came crashing down investors rejected, the company's governance structures floating losses and conflicts of interest. Ultimately Newman was forced to step down from the company. He co-founded. What was a dramatic exit books have been written about it? Documentaries have been made apples. Make you a show about it. And just two weeks ago. We work went

public on the New York Stock Exchange, valuation of about 9 billion dollars. Out of joint is right now, in his first interview since stepping down. More than two years ago. Thank you so much for being here. Adam answer. Thank you for having me. There's a lot to talk about. There's a lot of questions and unanswered questions. There's some folks because you know, are angry even to this day. And I hope that over the next half hour or more. We can talk about all of it, and maybe I can't believe Possible getting to see the lessons that were learned in the process

for the past few years. Lot of people have sought you out. Trying to get those answers. Why speak now? So first of all, and you thank you for having me and your kind enough about 2 years ago to invite me to stay in, in the middle of everything and have to tell you and you know me. I actually enjoy speaking and two years ago when I stepped down. I took him all night just to reflect and was very quickly apparent that anymore. They would say anything I would do is just

going to attract more attention to me and because it's always been about the company first. I made a very conscious decision not to speak and I assume that they'll speak when we work was going to be on Solid Ground. I didn't know it was going to take two years. Of course. No one could have anticipated Corona. It was very difficult for, for a lot of people. So I waited two weeks ago. We were in public. So we're here today. So let's talk about the past two years and to the extent that you have been thinking a lot. I imagine about what went wrong during this whole.

If you could do it all over again, and the fact that the company has had some success now, but clearly at a very different valuation and frankly with a lot less employees, then there were there, then What's a, what's a, what's a thought, has there been a lesson in all this for you. So I've had a lot of time to think and they've been multiple lessons and multiple regrets. Are they saying, can you touch with employees? I think my biggest regret when an employee joins the company they trying to join the mission, the joining to go

in the direction of path by leadership. And a lot of them did it for the right reasons, and they come with a full heart. And I think most of us were actually there with the whole heart. And then suddenly there's a change in direction that I didn't control and they lose their jobs because of something that they didn't do. I did not expect it. I didn't want it. I feel tremendous regret for it. Even though it happened after I step down and it happened because the company's thing

change directions. It was we were on a grow grow Revenue oriented company and the decision was to make it profitable, you needed a lot like a lease for that. I regret for every single person that had to go through that. It was not my intention and not what I signed up for you say to all of the employees and we're talking about thousands of employees who lost their job, who's options effectively became worthless at that. 47 billion dollar valuation, who look at you and say not only did this all happen under your watch, but you walked away with more than a billion dollars.

First of all, and who I understand, I understand that that's the feeling and understand that, that would be the perception as I said that I didn't speak for two years. So I haven't had the chance to say anything, if I can just give a little context. So they actually three groups of employees. Letting employees has started with me the original we work employees, actually when the IPO happened a hundred and fifty of them, celebrate it together with Miguel and I would you deliver a was very nice and they're holding the money, anybody who came before 2015 was in the money in and made

a return them to type. You are right now and we work for old part of the company going public and their success. We will take it to the next level. And thanks for pointing to say that the current management team has done an amazing job walking through the pandemic, that is not an easy thing. One of the biggest challenges in commercial real estate. So those employees are now getting, there is a group of employees between 2016 to 2019 that came at the same time. That must have came in with a high valuation, that, of course, is is under water and form a 47 billion dollars. Listen to you said

the nine billion 11 public down the weather, but I think you're really saying, is this feeling that I walked away with with money that they get in to earn or didn't deserve, we work and sold four billion dollars of secondary and its history. And telephone public out of that, four billion. I Adam sold about 870 million employees were about 550 million, including Miguel and investors were both 2.3. Almost three times. As much as me. All those people sold a proportionate share when it was the time to sell it all happened. In the last time. I told it highest elevation was 17 billion

and I was in 2017 and I was almost four and a half years ago, but there's there's, there's the money that you took out then and then there's the money that you were able to keep in this company today, which is not worth more than a billion dollars, I think. And it's those investors and employees who got in, as you said 2015 at after that. Who have nothing? The first ones again and this kind of reception, but if you go into the details a little bit, when you only company the founder, I own 30% of the company when their secondary events people

can sell. So those events occurred and people had the opportunity to stop. Anyone company goes public with a equity, you're left with is your Equity. So, every single thing I have is just a Pity I had to start and then we get the glue that investment as Investments. They came through this perception that the company. One for my 47 billion dollar valuation down to tonight tonight that I profited somehow. While the company was going down. It's completely false. Teeth. The perception is that when the company was effectively taken over by SoftBank, somehow, you were able to extract

the equivalent of a billion dollars for what was the company that then some people thought would have otherwise gone bankrupt. I understand. Thank you for clarifying. Yes, that would sound very that that's not what happened. What really happened is. So it is the numbers around a billion instead of 8:17. Gold plus a SoftBank. Play me about 180 million is a Consulting. Them compete for the money. They paid it to get control over. The company with the transaction is 70. Half of it was sold in the secondary over the course of seven years and the other half of it was

just now and like three months ago, in the standard that we did. So that perception of the billion dollars when it went down, was a false narrative that because I wasn't speaking, we weren't able to correct. What do you tell the employees then who came after 2015? Who don't have their jobs now. And many of whom would say that they took lower salaries during that period and stock, because they believed they were Believers and that you made them believers. I would say first of all that I understand and I'm very disappointed

for them and with them and it was never my intention for the company not to succeed as much as it did. It was best to remember the time that they came in. The investors were behind us. Corporate. America was behind us. The banks were behind us. We had Enterprise, we had that you're that poked it with Google Facebook and Microsoft giving us tremendous, real pictures of the real estate portfolio for us to manage our brand or product was liked by consumers literally globally. So, we all believe when they came in and they got the pay and the Penguins high or low. We would have to go into the

details. I think by 2016. 2017. We, we started being gay, a very good players, but I don't know the exact details, but when you take Equity, Andrew, you, take a risk. Now. I wish it would have worked out differently for everybody. But the market now decided that it's worth 9 billion is getting measured on a daily basis. And I've actually think we work today is a bigger opportunity. I still want to go backwards. Still tell him to understand what you think went wrong. And whether you fought the 47 billion dollar valuation, which was so important to so much of what happened

was ever, right? So those are two questions. I'll start with the 47 Mustang best to do the $47 over and spoke about you. He did, he actually spoke and thank you for that. Very nicely. He did. I thanked him afterwards for it and it was interesting cuz was in the midst of litigation. So that's when the payment didn't come in right, there was a way to talk about that stood in a minute. Okay, buddy. Talk me to listen. Cuz even when that was happening, everything was still

high level and relationships are very good. But, yes, I'm interested in the world, will say one of the most successful investor in the world, very powerful men for a creative man. And when he came in at 47 billion and bankers coming to us joining us, I'm embarrassed to say, but pieces of paper saying that we might be an extremely highly valued company, way more than 47 feeling. When the whole world is telling you that, yes. We believe that sign language. It was really happening. So that's a mission was real. What

happened in 2019. If you remember the market change, there was a moment there were Lyft and Uber we're going to go public for bed, right numbers they did and then the next day, the valuation got cut by more than 50%. The market moves from a revenue to profitability and I regret actually not understanding that fast enough and I don't think we were both able to make the shift fast enough. At least not under my leadership. There's a scene where you and Massa are meeting. It's been written about many times. Now. We're Mazda asked you in a fight who wins

the smart guy or the crazy guy? And apparently you responded, the crazy guy and he said you're correct. And he said the wrong. The crazy guy. And, you know, one wants to get in a fight with a crazy person. And so in retrospect you think the valuation was the problem. That's all I think, looking back and trying to pinpoint is it's a good game and we can play it a little bit, but it's hard to tell so I I don't really know the one thing. There's so many events that happened. But if I had to focus on a problem, I think I had to start a running the company that early

on was excellent. And we were working very hard and we build this Global brand and we created a world where people made their life and I'll just a living, I was working. Phenomenally question. What do you think chicken or the egg? Never know. You are, the reason I agreed with him because our unit economics, which now their current companies is proving it are following units for profitable. So we started going faster and faster. And in my Mike that same style that made us grow so fast, that was such a good fit for a startup

and then was 22 TV. And my lights are about this little later. I was going to do this. Large transaction was going to put 10 billion dollars in the buckets of oysters in 10 billion dollars on day companies, balance sheets. And we were going to stay private longer, December, 2018, December 24th. It calls me and says that I'm doing to do for reasons that had nothing to do with the time. I was upset today. I understand why he had to do what we have to do. And we were sort of forced to go public or I messed up big-time that same style that works. So well, until then was not the right style for

monsters. That the revenue changing the world changing from revenue to profitability and you find yourself in The Perfect Storm. And I think that's one of the things that have What do you make of the arguments, do around your style and the culture that that created? And when I mean culture, there were allegations of drinking and drug and people staying up all night and doing all sorts of things in in money, just being spent in ways that probably in retrospect. They shouldn't have been That's what I think. Those are made great

stories for movies. And for television shows. I think the market used to Ward's rugs weed. I think it was referring to the world, and I would say we had the Funko. But first, let's start with the fact we build a global brand and over 110 CDs, in over 40 countries. We were talking 60 languages. So every time you updated the website, it wasn't picked a different languages and we became a household name. So that culture had a lot of things that works really well. And did we have fun? We, we had a lot of fun and I think that's great, that we have a lot of fun. Again. It's that personal

styling. You can also say about the company that comes, the moment. Will you grow out of that to the next stage? And I think that could have happened so much you thinking and I do have seen. What does the vet did the valuation? You think affect your manager and management style. Do you think it made you become more arrogant and how you did it? That's a great question. As we were doing this and the world was telling us you're correct. It's working evaluation was just another way where people sort of told us that we

were right. Oh, everything is working. We're headed in the right direction to Valley minerals or investors were the biggest investors in this country under warranty or everyday. Investors are Blue Chip and then the best of the bed. So yes, devaluation made us feel like we were right, which made me feel that whatever style. I was meeting up with the correct style of the time. I do think it is affected it. I also think the Chase and at some point I do think and I think that's what maybe it is getting into my head. And I think, the moment you lose focus on really the

core of your business and why this business was what it meant to be. And when I saw him for his two weeks ago, I was reminded and we were such a family and we had a real nice time. And, and we meant it when you think it went. Wrong in that regard. When it went to your head. And in the reason I asked if people would you read the stories about the airplane and the maybachs in the houses, in the, in all of that? And I feel like we've now had a bunch of conversations over the years and I've never came from. So again, I think I think we're touching two

things. I think it's for a long time, most 7 years out of the nine that I was there. It was working really well and you touch the plane for them. A lot of talk has been done about the plane again. 110 Speedy's, I would fly every week or every two weeks to go see. 325 state is a week because part of what we did is we would show up and I would meet them please. And I would need to come in the managers and I would meet the members of Enterprise sales in there was a deal in China and

And because it could do all these things, we became very attractive to those invoice clients. So needing a plane was very needed these. We need that plane that we've used Vista Jets, which is a timeshare for play. I'm sure there were other Solutions but people focus on this. And this is what I regret people, focus on that so much. They're missing the actual story because the fact that we have the plane, definitely did not detract from their stories about your assistants who apparently were told that they had to go into the plane. Set

it up. You know, that set up the Apple TVs for your kids. Stay there, you know, for 48 hours to working on it before you were going somewhere. It would be stories about this. Unique people people would be made to wait for me to work in sort of ways. And I think they did it because they believe in Santa. So you're touching a few things. I'll try to choose one of them. Let's start with the wait. I definitely had the challenge with it being on time and I didn't even ask you. When you've had a few conversations. I think I might have sent this one to you. In The True

Confessions, we had There was a moment where we got so busy that suddenly we've lost track of time. I've learned a lot since then respecting someone being 5 minutes, early is 10 minutes late. I was here an hour early, but we're sitting downstairs and that's just basic respect. And I think it's important, no matter what you are and who you are, that always needs to be the case. So, starting with that, that was not appropriate, but it wasn't done with the bad intention. We were really busy and we were running so much. But again, a mistake that it will not repeat

again. And some of the people I have around me today would never let me make that mistake with the kids, you know, the moment, anybody tries to bring my kids into the story because it's okay and we can have this very open discussion. But that's my kids. It's it's sort of where I draw the line and whatever it is that happened or didn't happen on the plane went Wednesday. Flies on these kinds of planes and they have kids. Yes, people set up Apple TVs for them. I don't know the exact. I don't know the exact story

feel so badly for former employees, who are out of their money and out of the job. Would you consider sharing a small portion of the wealthy? You've gained? From all, this seems a lot about that. So we've talked about that the tremendous amount in part of our lesson is not to talk about things but actually just do them. And then we did a lot of talking in the past 10 years and we built the Great company. There was enough talking so Miguel and I actually over the past few months have done multiple things, but not stuff that that would feel obligated to

share. I have thought about that. We do a tremendous amount of gave back and There's a lot more in stored in that topic, but it's all done quietly. Okay, we'll keep talking about that. And people started reading through it and saying, oh my, I didn't know about this. I didn't know about this. I didn't know about this. One of those things was this concept of self-dealing. It was an accusation that you had. A fact, we started buying up buildings yourself personally, and then leasing them back to wework. Was there any part

of you that bought, as you were doing that? That was inappropriate. Happy about this stuff cuz I haven't had a chance to respond to that. So first of all, there's never been a self-dealing in. We work, what it's called is related-party transaction. And when we did the related-party transaction, not only did our board, approve it and we use best practices within the Weather Channel council is very strict and I'm grateful for that and she used to send whatever this transaction with it or top investors and have them also. Time that we weren't involved in the phone for every single

transaction. With it was for buildings. We did it because we wanted to send it to my phone or I thought we were should own buildings. But what's the temperature in to tea in the way I was going to did, we were planning to buy the first four and then heading them over to wework. What else was with him in this one? Is that spark, which was the name of this entity that was going to buy building was going to buy these buildings for me. It's cost. When I was a lot for us and it was never an intention except for that. I'll give you another piece of information that people don't know. We only have

we waited. It was only for building. We lost money on all of them but still has money on them. And the two that we worked was and we were planning to give us back. We took them back and we lost more money on that. This was never about losing money. But what I don't understand is true cuz I had a lot of time to think. I understand the perception, and I understand why it's the same that way very clearly. And in the future, even though I know we didn't do anything wrong legally. I will stay away. It's no need for that. What about the trademark? We knew our trademark, the word.

We, I was surprised you even able to trademark the word week cuz I think of that is a public domain for a word or phrase to begin with and then openly sold it to wework. And people looked and said, what is going on here? I'm repeating myself, but I'm going to have to say it again. I understand. That sounds horrible. So that just starts with that. Okay, let's start with the fact you cannot trade work towards. We, this is just another part of the folklore. You're right. You cannot trade went to work. Was not about that. The other night, when we started, the company will head to be

everything. We think we live through a lot of different ways in the mix. And when we were started then Benchmark investment, it was just about we work. So they would think that I should probably we were holding even though the company's take care. Now is wait, so but When that occurred right before we went public and then I was sitting in her room and Dolores, that guy's you have to hand over all your intellectual property. Might of course, but you have to take a sentence for it, which is why do we have to take

it with him? One if you can cuz you're going public and it wouldn't be above board transaction. I don't exactly know what that means. But I believe we have three more times than you can imagine. At the time. There was a lot going on in the last one was happening and if things aren't going as well as we wanted to already at that moment and we said, okay and it was 6 million inch 2-way Holdings, which is an entity Miguel email the next day and we were going to think about it twice.

And the next day, that's one went and that explosion of tired and we're going back into the same. Rumors said guys. We told you what they want to do this. There must be something. If you need to get back to the company, then then you can give it for free which we did the next day. So that was not Our intention. If I went back and I could change time and avoid that mistake and give to them, I would be a lot of people have asked about what was then called something called Community, adjusted ebitda made up.

So where the financial team that was very experienced with the CFO, the two companies, public free time. And I deer came from that side of the table of command adjusted ebitda, because we were so creative and branding, we're running everything community building manager. It was all part of how we work if it was, when I heard that, I didn't think that was a problem, looking back at it. When it comes to financial metrics. Let's use the right ones, but I want to make one thing. Clear to me that just a baby. That was a different way of saying adjusted ebitda, or more accurately for wall

profitability. We just use the term that was used to the term was not in any way, a bad term, but when you deal with financial terms, you should just stick another. Listen. Thanks for the original terms. When it comes to finances. It's better to be born. There was a moment when Jamie dimon. Is said to have sat down with you and said, you're going to have to walk away from this conversation, hard to forget. What happened? And I never really got to speak about this. Now. It's interesting. The stories came as have stories. So they're all only half there.

It was a Sunday and Jamie called me into his office and we were discussing and we had a very nice relationship one that I hope we will in the future again, and he told me of them you've done a great job until now, but you're going to have to put the company first message, Amy. I'm always ready to put the company first. Instead. I I think you should step down on there. You want to be able to raise the money without you. There will help you raise the money. We'll make it all happen. The company will be saved. And in the future, things will work out well. And I trust to Jamie

and I will talk to Jamie. I still do and they listen to in 3 days later. I stepped down. What's your relation with them now? So actually Jamie specifically I haven't had the chance to be as connected with. But JPMorgan, we have a great relationship with a lot of our banking with them. And marry her though. Switch is number 2. I get to speak to you walking on the street. I believe, right? Near Gramercy. I know you like enough, peace. Good on this day, with your phone, and you're not wearing shoes. No socks either on the street.

I think about a day or two after you would step down what was happening then in your mind. So maybe, you know, this is kind of like a social environment and Israel. I didn't wear shoes from when I was maybe sixteen field Army probably. So for me, not wearing shoes was was not a big deal. That's how I used to work around. I do remember what was going in my mind. Is that moment? It was that week. Not just. That moment was when we stepped down. I wasn't speaking. Everyone was blaming us. It was tremendous pressure to

things happen. One company. First. I knew that any attention to me and was going to be a distraction and I had to make sure it was going to get to where it is. And again, just like, going public, two weeks ago. Is this personally for me. So professional me from feeling it and then the other one was Strassman. It should have said that she goes. Well good. You have me. You have the kids will go to live in my mother's house. Cuz she said, she has no mortgage will go. Look at my

mother's house. And I really thought everything was good. I was horrified by everything that was happening. But I also had this feeling of comments though. It will work out going to be very thankful. I'm going to learn a lot from this, but if I can take the lessons one day, I look back at it and they'll be valuing it. I know they were going to say you were good in part because you have a lot of money to walk away with you, negotiated, with SoftBank to keep that money. So tooth tooth out there. One at that moment. I didn't. If that's moment and I think it's been

published. Also, I had the dates with JP Morgan and that's why I meant I had 13 days to pay way more money than I ever had access to. And I didn't know where it was going to come from. So when she told me that she said you were all good cuz she thought bankruptcy was what was going to happen and we were still out of it. So it's just a little correction there. Then when soft ban came in and it's part of that settlement, they close that death and funded the company, and that that change. Do you want me also to tell you how that negotiation went, and

I'm happy to answer. Tell us. Well, thanks for saying something else that's been said about me was that when I negotiated a negotiated a bit too heavy-handed and sometimes I wouldn't live in a van, the table for the other side and it's another less than that. If you walk out of the negotiation table with them, both sides sitting, like they gave a little bit too much and both sides being slightly unhappy, then you took so much less than learn. Then we'll be applied has been applying future. We're just starting our family office. The person was running it with anything Zealand's turn.

He's an outstanding individual and we're both walking to this negotiation with self. And I can, he told me Adam, I joined you because I thought you were one of the best negotiators in the world and Visionary. And I was excited to run your family office. We are going to need to do now is negotiate with no, a leveraged. That's the hardest thing someone can do, but he said, but I think you can do it because it's your truth. It comes from the heart and both must and you know, that this company one day is going to be worth a lot of money cuz there a category killer is the second largest asset

class. One day, people will forget, then just come to be public and one day it will grow and I walked in there and it was with Marcelo and it was very gracious with me. This is Marcelo claure. A thumbs-up thing to do is just not too long ago, and he was very gracious with me. I need a sister. I'm sure the perimeter is what we need. And here's what you need and I tried to take a lunch with Vice and with no leverage just with what was fair. And not fair insured. What? I thought the two most important things. We work, had to be funded. Remember back, then, just before Corona, PD is the word.

Both going to one of the worst downturn in commercial real estate commercial real estate. It's not the world's best idea and flexible office in community. Work has shifted might turn out to be one of the best ideas. So this was before so I must have find so merciless, a wolf and a company which ended. I think being would save the company throughout this whole thing and the second thing was just to take care of our own personal situation was so extreme and then they also wanted to control and it's been said a lot that I had full control of the company with a true. It's

something we're still outside and I really believe in it. And in him, he told me, once that trusted, you and gave you all this money. Now, it's your turn to trust me. Trust me, and give us back to control and he said, it was a very short negotiation. Are the things you negotiated for, though. I understand is to be a board Observer potentially starting next year. In the future of this company. So, the two different Goshi ation they back then when you go, she's house chairman of the board. Right now. I went from terminal the board to learn very quickly. I went

from CO2, which was a humbling experience as a board over there, where you sit and observe a good for me. I actually spent a year, not saying one word that has asked the first time was a good lesson for me, but today, but I was back. Then when we closed all of this, when I completely stepped off and we signed them today. I actually gave up my, this was the what a year ago actually gave up my board of the receipt when we did this litigation as part of the settlement. I had the right to ask to be bored of the river again, and I think I need to seriously consider

it in a year for me to come and goes public but just, you know, Andrew, I've no intention right now backing for anything. I'm very proud of the team. I'm happy with what I was doing and I'm enjoying. Taking the back seats on this topic and focusing on other things that we're doing today. I want to talk about some other things than just a moment. What's a relationship now with Masa and Masa? so sometimes no software sent to the air sometimes. And big relationships

when huge dollar signs are part of it is litigation comes a day, when I actually think what we can learn from us even in. So I was supposed to pay and pay the deposit. Beginning, November 1st, October supposed without getting to the details were supposed to buy the golden pirate ship. It wasn't, he was buying from all shareholders 3 billion dollars worth of stock. I have to go phones 30%, So I was a billion out of this week and we never got paid. That's the confusion everyone has because he never even paid back. Then, you only paid it 3 months ago and and 50% of it. But We negotiated

this deal and muscle supposed to pay April 1st, coronavirus hate. And again were saying it's very difficult. And I know a lot of people who sure you have. I I know a lot of people have been affected very personally difficult time. And coordinate happens and something was supposed to pay April 1st and they didn't even though the contract had. So that's three billion dollars. Those employees were talking about. I was the one thing that was the one for everybody didn't, they were going to be three hundred million out of that. Sweet. Oh, for

real amount of money and it doesn't pay. So, we were left with option talking to boards. And as soon as my son to go to special committee suits offline cuz they're representing the investors, and then we had the wrong relationships and then we soothe also and we ended up I suppose, that's what happened. What's interesting about it, October of 2020. Is this whole thing as far as the starting to come together? I saw the disintegration wasn't going anywhere and I realized that unless we can find a win-win-win situation for myself for the investors for the

employees. And for us, this thing's going to go all the way to court which is the last thing we work needed. And I asked one of my other family up as members we work. This is when all this back for happening and it and he said to me, of course, I've been telling you things DJ. I've been telling you about this for three months. We called UBS. What's up guys? We want to spec, we were closing in on us, but someone showed, can we help? And it said you can does the guy called me back. He has us back out there. He's the right guy for this. Maybe she talk to me. Just tell me what your vision is.

He'll go into the rest of me though, because of a conversation with him. He's unbelievable. I told him what I would do differently. I told him I mistakes, and I don't know why I believe. When we work in the world. I moved away after that. He came to the company and eventually start the company at 9 billion and this pack and the litigation sort of happened to the same time and one was connected to the other. So by scheduling one. Able to the doctor company went public. We again, practice this no leverage my negotiating and I think we're better for it today. How do you feel about this?

Cuz I remember I had asked the company about your role which had been sighted in one of the SEC filings. And there was a sense that they did not want you to be able to take credit for what it happened. Not just Building Company, which course you get credit for, but for putting this deal together. I wasn't aware of that cuz you never share. That's with me. Again, I understand and I understand that everyone needs is a play book that I wasn't so familiar with that happens when these things with her and, you know, for me, it's just about the truth.

What I would be the right person to us and knows about this. But I don't want to take too much credit for its only thing. I did just call him and say why things are good thing, what they should take credit for and they deserve all of it. They let this company through this pandemic, which is so difficult. They took the company public. I heard something say publicly that next Porter company is going to be profitable, all the wards of the reverence have, but we work being a house of cards and we weren't being all those words that are used about. We work on time. They're not true. We

worked in a crash in that evaluation went down by 80% but it's doing great and I actually have a feeling but it has a bright future ahead of it. Do you think that SoftBank will ever make its money back? You're getting me excited. I strongly feel that there's a very high likelihood that something's going to make their money back. I happen to know around what share price it is. Then when this company went public it was getting close their yes. I'm sure. When you're in the second, largest asset class on the planet and your brand household name of the

person, I think, in business, at least, it doesn't know the name. We work. Good or bad show me where hybrid working. We're sitting right now. And if you have a deal, when you used to being accused the stadium and hopefully in the future, it will be a I think we work his position to win and take huge market share of commercial office space, but there was a relatively difficult question. That's been asked multiple times here, which is his debut and I'm curious what you think of the comparison there people who compare you. The

theranos Elizabeth Holmes to this idea that there was a sort of fake it till you make it kind of approach. What do you think about? So again when you talk about me, I can take it when I'm ready. I will answer the things that need to be answered or not. When you refer to wework, is a fraudulent company or comparing two companies that don't exist today and are actually being an egg and I don't want to make any assumptions and things. I don't know but the companies that are not around and I are actually being built within a specific way. Forgive me is the

built. This company, you're spending the management team today. That's running it. You're finding Marcelo. You're sending me back your pending further, Starling who led the pipe, we work as a public company. It's in the billions. It's better to take her that we like and its position to be to be a real winner. And if you're going to say that it's a house of cards with fraud is just false. You actually had your lawyers go to HBO, which had you in a documentary and have them take out certain words where they were comparing you to these things.

So regretfully and when we try to do as we said I didn't speak, then we'll try the little bit to make some corrections. No one cared, and it's a shame but we live in the world today. Maybe you're more familiar with. They've been me. That sometimes, unless you're ready to be slightly more aggressive, which people who don't have access to funds, actually, couldn't be no one listens. So the only place where we draw the line is if you're going to say fraud, or you're going to say anything, that's not real, and you're not in your going to lie, if it's not the truth. And in the

case of HBO. Yeah, we asked him but I actually think we should congratulate HBO day, is it wasn't this horrible thing? We told them, we explain to them. They believe the false narrative also, and once they understood what it is, they were very gracious. And actually did, didn't we ask and I appreciate that. And I hope in the future more people will be willing to just put the truth about. Let's talk for a moment about the future of Adam Neumann. What are you doing? Well, we mentioned a family office a few times. So, two years ago, when this whole thing was happening was right when we

were starting a family office and it didn't start the way we want it. Cuz it was a big butts. Actually, sometimes when times are difficult to create the best connections and we put together a world-class world-class team, and we invest in early and late-stage Venture Wing. Best in private Equity investment Market. We started a few companies, and over the past, have for you where we got them, pretty excited, excited about it, but not ready to take a lesson.

And I know everything about the future already, but I had a chance to have a meeting with him two and a half years ago. And in that meeting on the biggest feels on the planet. 75 very long. I spoke so much instead of listening. I was in no sense. I had the chance to sit in front of a great person like that and learn and I was busy talking about the time. I was in the right place in that sense. And if I do, I actually hope he was going to be here today to know what's going to apologize to him and tell him that if I ever

get a chance to speak to him again, I will listen and I apologize for being an idiot back then. One of the nice things to have a family office that was single source of capital. You can attack it problem from multiple types of the way with your legs and equipto first was started by investing. So we chose three companies that we thought were really interesting and we never convince me to do different things in the Krypt. Once we learn from that and we started Sporting Goods companies and helped as much as we can. We started looking at

different things facility of defy in about a month ago. We found the follicle called Prima Prima is a fork off of Olympus and without getting too technical when people and Krystal used to work for me. And I'm just reading all of this myself when people in court that used to work for what they mean, is a group of engineer got together and and rode a certain protocol and then you can come and coffee. Take that and build it in a different direction, which is amazing cuz it's all open source and allows people to be very creative and clean the protocol. That's a pig's carbon credits and

retires them. I could put them on the Chain. Why is that important carbon credits? And the environment is a huge topic. As we know if you can retire carbon credits, which should happen because there's less Supply. The price of garden goes up when the price of Cartman, goes up to amazing things happen. One for a farmer. You want to sell the forest easily through cattle. Herders cattle herders. So if you want to come down, just a number for you and routed, a 21 million. Sorry, 221 football fields of Interest, Forest the Taurus older

than 10 million years old. In fact for get cut every minute. When I get started looking at, this was nine every minute. It's happening fast and they're feeling it is the price of carbon goes high enough. It's worth for them to actually consider the forest and sell these carbon credits. The corporation same thing from corporations, corporations are old saying we're going to go and become that's the way you do it. The more expensive car. The more corporations are going to be incentivized to either lower their output or find other ways. They're going to be smarter about

it. So clear, my son example of how a group of very creative individuals gets together. The protocol that both can make money and do great things for the environment at the same time, that's fold under defy and just exciting times. Have you thought about how easy or hard has it been for you to do business with other people? In other people? When you go to them on the phone, I want to take that call or they say I'm using the phone. I don't want to take that call. So, you know, early on, I was wondering that myself I think because I'm very comfortable talking

about the lessons. I'm very comfortable sharing, what it is at work and didn't work on offenders, have are coming faster than ever before. The meeting starts with me saying, anything you want to ask. They go straight in just like you did today and I sure the less friends. I tell him what I think I did write what I think it is wrong and I give them the advice that I can. But then very quickly with entrepreneurs, in front of my favorite things to do today. I learned so much from them and the ones that

come that are open to learn for my lessons and for my regrets, take it in so fast and and they can go out and build his I think so. I'll try to find has never been actually larger, and we're limited with how many people we can meet. You read by yourself. I don't, you don't. I don't, you haven't read the books for the documentary of my best, employees and colleagues, from we work, and I work with me, either or new businesses were starting or in the family office. And when they read things that are really, they think is outrageous. They show me. So I still don't have an understanding of

what we got to wrap up Jared Leto. He's going to be playing you in a TV drama. Do know this. He's putting Prosthetics on to really look like me. Are you going to watch it? And he told me not to be told you not to suggested, not just one time. I told you not to watch, it was a little bit when someone tells you I'm going to act you and you shouldn't watch it. What happened in the world but we can take a person. Look exactly like them put on Prosthetics, put their wife and kids in the show and then do a show in the narrative that is if we just shared some of

it cuz we've never spoken were never said the different size on a single side, the narratives that I'm telling you is not actually through a lot of things and actually do a show about that and profit money for my bike thing. Back in the day. You were not allowed to do this and I know public figures you can do, but if you use their face, use their name and telephone story and I wish we were able to create entertainment. There was different. There's a lot of people who've been watching this, if there was one thing you want them to know, it is what?

That in life. Sometimes you're up and sometimes you're down, but If? When the time's come that you're down, you understand that. It's a moment in time. But if you can actually think about it, you can learn a lesson from it. You can apply that lesson. It will become a great part of your journey, good thing. I want to try and when they feel down when everyone, I know around the world right now, there's a lot of people that are feeling down and I just want you to know, I swear to you and I know it's Sunday. I think

it said we could build them, understand everything and I'm not the same. There was a moment where we thought it was all gone and Rebecca looked into my eyes and tell me where okay, if you can have your loved ones and your family and your friend, things will work out in the future, take it all of the last time, enjoy the journey and be present at Newman. Thank you so very much for joining us. Appreciate it. Thank you. And thank all of you for your questions. And for sticking with us. We got a huge day ahead, Meghan, Markle be with us at 2 p.m. With Melody. Hopsin will see you then.