WeWork: Or the Making and Breaking of a $47 Billion Unicorn

A barefoot CEO with a man bun sells spiritual capitalism to Wall Street—and nearly pulls it off.

It’s like “Fyre: The Greatest Party That Never Happened” meets “The Big Short”.

Trailer for “WeWork: Or the Making and Breaking of a $47 Billion Unicorn”

Watch “WeWork: Or the Making and Breaking of a $47 Billion Unicorn”

You can watch it on Hulu.

Or check JustWatch for all streaming options.

Ratings:

• My Rating: 92/100
• IMDB Rating: 6.6/10
• Rotten Tomatoes: 63% (Users); 75% (Critics)

Director’s Note: Directed by Jed Rothstein (known for “The China Hustle”). This one clocks in at 101 minutes.

Release Date: March 17, 2021 (SXSW); April 2, 2021 (Hulu)

My Review of “WeWork: Or the Making and Breaking of a $47 Billion Unicorn”

The Setup

This doc tells the wild story of Adam Neumann, the barefoot CEO who sold a vision of community, consciousness, and rented desks—and almost got away with it. At its peak, WeWork was valued at $47 billion and was planning to “elevate the world’s consciousness”… by subletting office space.

You Can’t Make This Sh*t Up

• Adam trademarked the word “We”—then made his own company pay him $5.9 million in stock just to use it. (They later clawed it back.)
• WeWork bought Adam a $60 million Gulfstream G650 so he could “scout” surf spots around the globe with his family.
• The company spent $13 million on a wave-pool startup and poured millions more into “performance mushrooms” for a pro surfer buddy.
• SoftBank’s Masayoshi Son gave Neumann $4.4 billion after a 12-minute office tour and one limo ride.
• After burning through billions and botching the IPO, Adam walked away with a $1.7 billion golden parachute.

More Highlights from the Doc

• Executives allegedly used cocaine at company events. A VP accused a coworker of spiking her drink with a date-rape drug. (The case was settled.)
• Neumann created a fake C-suite role called “C-We-O” and handed it out like party favors to friends and loyalists.
• He farted—loudly—while filming a company promo video. They kept filming. He laughed.
• WeWork claimed it could help cure global loneliness and create a new kind of capitalism… through leasing desks.
• The company IPO filing read more like a college admissions essay than a financial document—rambling about “energy” and “we-ness.”
• WeWork passed JPMorgan as the largest office tenant in NYC by 2018—with no clear path to profit.
• The board let Adam cash out stock before the IPO—while rank-and-file employees were told to hold tight and believe.
• Layoffs were followed by tequila shots and a private concert with Darryl from Run DMC.

Cameos

• Bill Gurley and other top-tier VCs reflect on how the unicorn boom fed Neumann’s ego and blinded investors. If you’re interested in Bill Gurley documentaries, here are two of my favorite presentations of his: “Runnin’ Down a Dream: How to Succeed and Thrive in a Career You Love” and “How $5K Per Head Taught a Venture Capitalist the Cost of Politics”.
• Former WeWork employees share stories of chaos, cult-like meetings, and being hired or fired based on vibes.

Lesser-Known Details from the Doc

• Rebekah Neumann reportedly said children “don’t exist” until they learn to meditate—and fired people over their “energy.”
• The IPO collapse triggered a $9 billion loss in value—one of the fastest in startup history.
• Adam wanted WeWork to have its own school (WeGrow), surf resorts, and even a neighborhood called “WeLive.”
• He pitched expansion to Mars. Like, actually Mars.

Wrap Up

“WeWork” is part Silicon Valley satire, part modern cult story. If you’ve ever wondered how far charisma can go without accountability—this is your case study.

Thanks for reading!

Rob Kelly, Chief Maniac, Daily Doc