WeWork’s Aftermath: Success as a Momentum Bet

Well, that was interesting. WeWork, which was once valued at $47bn (this was not a real number), and whose bankers touted IPO valuations of up to $60bn (this was, if anything, an even less real number) is likely to be recapitalized by SoftBank at a valuation of closer to $8bn.

This is not the outcome I expected a few months ago, when I wrote up WeWork at length. My thesis then: