American Greed: Scams, Scoundrels and Scandals Season 15 Episode 3 How WeWork Went Wild

How WeWork Went Wild is the third episode of the 15th season of the popular true-crime series, American Greed: Scams, Scoundrels and Scandals. This episode takes a closer look at one of the most high-profile and controversial business scandals of recent years: the rise and fall of WeWork.

WeWork was founded in 2010 as a shared workspace provider for entrepreneurs, freelancers, and small businesses. Its mission was to create a community of innovators and disrupt the traditional office space model. Led by charismatic CEO Adam Neumann, the company quickly became one of the most valuable startups in the world, with a valuation of over $47 billion at its peak.

However, as this episode reveals, WeWork's success was built on a foundation of deception, manipulation, and financial engineering. Through interviews with former employees, investors, and industry experts, the show uncovers a web of lies and mismanagement that led to WeWork's spectacular implosion.

One of the key players in this drama is Neumann himself. The episode delves into his upbringing, his early business ventures, and his charismatic personality, which helped him win over investors and employees alike. But it also sheds light on his narcissistic tendencies, his disregard for corporate governance, and his tendency to make bold and reckless decisions without consulting anyone else.

Another major focus of the episode is WeWork's financial practices, which were often opaque and misleading. The company relied heavily on complex financial instruments called "master leases" to lease office space from landlords and sublease it to tenants. This allowed WeWork to book revenue upfront while deferring its own rental payments, creating a significant imbalance in its cash flow. At the same time, the company was burning through cash to fund ambitious expansion plans and lavish perks for employees, including free beer, games, and massages.

As WeWork's problems mounted in 2019, the company tried to go public, but its IPO was ultimately scrapped due to investor skepticism and concerns about its financial sustainability. This led to a dramatic downfall for Neumann and his team, with Neumann eventually stepping down and WeWork's valuation plummeting to just a fraction of its former worth.

Overall, How WeWork Went Wild provides a sobering lesson about the dangers of unchecked ambition, corporate greed, and the dark side of startup culture. As one interviewee in the episode notes, "WeWork was like a beautiful flower, but it was made of plastic." The show reminds us that even the most seemingly innovative and disruptive ideas can be built on a foundation of lies and deceit, and that true success requires not just bold vision and charisma, but also honesty, transparency, and ethical leadership.