Financial Times - Rett Wallace
"WeWork prospectus fails to come clean on future profits. Diabolical sleight of hand obfuscates whether costs will outpace revenue."
These were the opening headlines from Rett Wallace's opinion piece, published today by the Financial Times.
"The We Company, parent of shared-office company WeWork, is expected to kick off the roadshow for its initial public offering soon. It is said to be seeking $3bn to $4bn, a notably large IPO for a company that lost $1.9bn last year. Investors trying to figure out how the company will ever make money will struggle to find answers in its 383-page IPO prospectus. Yet WeWork’s business model isn’t complicated. Anyone who ever fronted the cash for a whole pizza then sold slices to hungry roommates for a profit knows that." said Wallace.
Opinion piece from Rett Wallace published in the Financial Time - HERE