A strongly revealing documentary about WeWork is out, but it is more about “let’s show how nutty this Adam Neumann guy is” than about the workings of the company.
“WeWork: Or The Making and Breaking of a $47 Billion Unicorn,” available now on Hulu, reportedly dedicates a good deal of time on CEO Neumann’s lofty promises coupled with his irresponsible spending.
A Business Insider story says the documentary covers WeWork’s “rise from one of the world’s hottest startups to a disastrous initial public offering and mass executive exodus.”
Among the highlights, according to Insider, are the cult-like work environment that included mandatory, alcohol-fueled employee retreats; WeWork summer parties that began serving alcohol at 4 a.m.; and Neumann’s antics.
A yet-to-be-released book from Wall Street Journal reporters Eliot Brown and Maureen Farrell’s is titled “The Cult of We.”
In the documentary, according to Insider: “Scenes from inside the retreat showed raves of hundreds of young people dancing to techno music and pouring beer on top of each other.”
WeWork is now attempting an IPO via SPAC, which means someone other than the SEC is doing the due diligence.
As for the documentary, a review from theverge.com says, “Neumann’s kooky antics in some ways obscures his veritable army of enablers, from Softbank CEO Masayoshi Son to his co-founder, Miguel McKelvey, who is barely mentioned.”
The story from theverge.com finds the camera too often on an edited version of Neumann.
“It’s all stuff Adam knows is being shot, and it’s all in service of a WeWork PR campaign. So that footage wouldn’t include, for instance, the evening all-hands where Neumann talked about firing 7 percent of staff — then handed out shots and had Run-DMC’s Darryl McDaniels play a set that included ‘It’s Tricky.’”