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Would you like to inspect the original subtitles? These are the user uploaded subtitles that are being translated: 1 00:00:16,725 --> 00:00:19,478 Hola, amigos. Happy Cinco de Mayo. 2 00:00:19,561 --> 00:00:22,689 What do you call a cargo ship full of mayonnaise that goes down in the ocean? 3 00:00:22,773 --> 00:00:23,774 Sink-o-da-mayo. 4 00:00:23,857 --> 00:00:25,817 Oh, my God. Oh, my God. 5 00:00:25,901 --> 00:00:26,985 Such a bad joke. 6 00:00:27,069 --> 00:00:31,573 Anyways, today we're covering IPOs, initial public offerings. 7 00:00:31,657 --> 00:00:35,452 An IPO is the process by which a private company becomes a public one. 8 00:00:35,536 --> 00:00:38,330 For a founder, ultimate success sounds like a ringing bell, 9 00:00:38,413 --> 00:00:41,875 specifically the opening bell of the New York Stock Exchange. 10 00:00:43,585 --> 00:00:44,586 Uh-oh. 11 00:00:47,965 --> 00:00:50,133 Going public has many pros. 12 00:00:50,217 --> 00:00:52,052 But it's also got a big old con. 13 00:00:53,971 --> 00:00:56,849 The risk that the IPO could fail. 14 00:00:57,724 --> 00:01:00,519 IPO is the make-or-break moment. 15 00:01:00,602 --> 00:01:02,437 It separates the winners from the losers. 16 00:01:02,521 --> 00:01:04,313 The Googles from the Groupons. 17 00:01:04,397 --> 00:01:06,692 The Amazons from the Pet.come. 18 00:01:06,775 --> 00:01:11,154 Going public means that you are literally going public. 19 00:01:11,238 --> 00:01:13,907 Joe Ordinary gets to see your dirty laundry, 20 00:01:13,991 --> 00:01:15,325 skid marks and all. 21 00:01:15,409 --> 00:01:16,594 How've you been running your company? 22 00:01:16,618 --> 00:01:19,371 How much have you actually been making? Or losing? 23 00:01:19,454 --> 00:01:23,000 Which is why some founders try to keep the enemy outside the gate 24 00:01:23,083 --> 00:01:24,334 for as long as possible. 25 00:01:24,418 --> 00:01:28,547 You shall not pass! 26 00:02:47,251 --> 00:02:49,795 My assistant was supposed to put it together, 27 00:02:49,878 --> 00:02:52,881 but he twisted his ankle this morning, or broke it. 28 00:02:52,965 --> 00:02:54,424 I don't know. I'm not a doctor. 29 00:02:54,508 --> 00:02:56,218 He tripped over the suitcases. 30 00:02:56,301 --> 00:02:58,679 My other assistant took him to the ER. 31 00:02:59,263 --> 00:03:01,849 Which is okay, because we adjust. 32 00:03:01,932 --> 00:03:04,977 We adapt. We improvise! Right? 33 00:03:05,060 --> 00:03:09,231 I don't know if anyone told you, but it's my superpower. 34 00:03:10,232 --> 00:03:11,358 Change. 35 00:03:12,901 --> 00:03:14,152 Why are you coming to us? 36 00:03:15,571 --> 00:03:18,532 Because you have all the money, huh? 37 00:03:24,621 --> 00:03:27,249 We Work is a… 38 00:03:28,333 --> 00:03:30,002 It's a family business. 39 00:03:30,085 --> 00:03:32,212 And we're at our strongest 40 00:03:32,296 --> 00:03:36,258 when we find the right partners to join the family. You understand? 41 00:03:36,341 --> 00:03:38,427 I still don't see how you're a tech company. 42 00:03:38,510 --> 00:03:41,513 The point of the model is to demonstrate 43 00:03:41,597 --> 00:03:44,683 how tech drives workplace insights. 44 00:03:44,766 --> 00:03:47,561 Yeah, which conference rooms are being booked. 45 00:03:47,644 --> 00:03:50,480 If space is being used efficiently. 46 00:03:50,564 --> 00:03:52,482 Efficiency is… 47 00:03:52,566 --> 00:03:53,984 That's Google. 48 00:03:54,067 --> 00:03:55,444 Why are you coming to us? 49 00:03:56,403 --> 00:03:57,696 Why not SoftBank? 50 00:03:57,779 --> 00:04:00,949 SoftBank remains wildly committed. 51 00:04:01,033 --> 00:04:03,577 Adam, sorry. Why not just IPO? 52 00:04:57,714 --> 00:05:00,259 How sweet was that? 53 00:05:03,470 --> 00:05:04,930 Well, the kids were great, 54 00:05:05,013 --> 00:05:07,099 but everything else was embarrassing. 55 00:05:07,182 --> 00:05:09,560 Teachers' shoes should be white, black, or beige, 56 00:05:09,643 --> 00:05:12,437 and for God's sakes no laces. 57 00:05:12,521 --> 00:05:14,648 Ms. Myers is a stress-dream on that tambourine. 58 00:05:14,731 --> 00:05:17,484 How do you not know how to play a tambourine? It's a tambourine. 59 00:05:17,568 --> 00:05:20,737 And don't even get me started on the pitch of Mr. Ivey's voice. 60 00:05:23,991 --> 00:05:27,035 Feel free to start writing this down whenever it suits you, Bea. 61 00:05:27,786 --> 00:05:30,038 That you don't like the pitch of Mr. Ivey's voice? 62 00:05:30,122 --> 00:05:31,123 Yes. 63 00:05:31,206 --> 00:05:33,709 God, you'd think that in New York you could find a teacher 64 00:05:33,792 --> 00:05:35,919 that could both sing and teach. 65 00:05:37,421 --> 00:05:39,047 I'm ready to move on to action items. 66 00:05:39,131 --> 00:05:40,591 - Are you? - Ready. 67 00:05:40,674 --> 00:05:42,467 I rechecked the website this morning. 68 00:05:42,551 --> 00:05:44,928 Tell Gavin I'm still finding placeholder text 69 00:05:45,012 --> 00:05:47,139 and Helvetica. 70 00:05:47,764 --> 00:05:48,849 Not acceptable. 71 00:05:48,932 --> 00:05:51,101 I called the front desk line at 11:23. 72 00:05:51,185 --> 00:05:53,437 No one answered. Five rings, straight to voice mail. 73 00:05:53,520 --> 00:05:55,314 Tell Lisa that's not acceptable. 74 00:05:55,397 --> 00:05:57,983 Set a meeting with Nicole re: Expansion plans 75 00:05:58,066 --> 00:06:00,527 for WeGrow San Fran and Tel Aviv, 76 00:06:00,611 --> 00:06:03,488 the pace of scholarship funding, which is just, 77 00:06:04,072 --> 00:06:05,866 and the lemonade stand. 78 00:06:05,949 --> 00:06:07,284 So… 79 00:06:08,035 --> 00:06:09,328 The lemonade stand. 80 00:06:10,579 --> 00:06:12,080 We're gonna take kids to our farm 81 00:06:12,164 --> 00:06:14,124 and then have them pick vegetables, 82 00:06:14,208 --> 00:06:15,542 sell them to We Work employees. 83 00:06:15,626 --> 00:06:18,212 It's gonna be the lemonade stand for the 21st century. 84 00:06:18,295 --> 00:06:19,838 Conscious entrepreneurship. 85 00:06:19,922 --> 00:06:22,883 Entrepreneurship for five-year-olds? 86 00:06:24,801 --> 00:06:26,303 I just heard it too. 87 00:06:26,386 --> 00:06:27,387 You're right. 88 00:06:27,471 --> 00:06:30,349 We'll include the younger kids. But you have to order the car seats. 89 00:06:30,432 --> 00:06:32,851 Where are the admission certificates for next year's class? 90 00:06:32,935 --> 00:06:34,645 I have them, but there's a typo. 91 00:06:34,728 --> 00:06:36,230 It says, "Class of 2031." 92 00:06:36,313 --> 00:06:37,397 No, that's right. 93 00:06:37,481 --> 00:06:40,025 That's when they're gonna graduate from WeGrow High School. 94 00:06:41,151 --> 00:06:42,402 Of course. 95 00:06:42,486 --> 00:06:43,695 I'll sign them. 96 00:06:45,280 --> 00:06:49,368 I'm not just going to abandon kids to normative education experiences, Bea. 97 00:06:49,451 --> 00:06:51,620 I wanna educate them from birth to death. 98 00:06:52,829 --> 00:06:54,790 What about that for a slogan? 99 00:06:54,873 --> 00:06:56,208 "From birth to death." 100 00:06:58,418 --> 00:07:00,379 - Yeah. - Can you mock that up on a banner? 101 00:07:00,462 --> 00:07:02,297 So that way I could see it. 102 00:07:02,381 --> 00:07:03,423 Great. That's it. 103 00:07:04,299 --> 00:07:05,300 Okay. 104 00:07:41,128 --> 00:07:42,296 Adam. 105 00:07:42,379 --> 00:07:45,340 You've been in the Valley for a week. Nobody's coming in. 106 00:07:45,424 --> 00:07:48,343 It's time. You have to IPO. 107 00:08:00,272 --> 00:08:04,234 Motek. I tried to make it back in time for us to have breakfast together, 108 00:08:04,318 --> 00:08:06,028 but you're up so early. 109 00:08:07,571 --> 00:08:10,157 How about I make a tofu scramble 110 00:08:10,240 --> 00:08:12,242 and some green juice to start your day? 111 00:08:12,326 --> 00:08:15,370 If you'll excuse me. I have to go run the school that you gave me. 112 00:08:15,454 --> 00:08:18,454 - I didn't mean it to come out that way... - I know you don't think I do anything. 113 00:08:18,498 --> 00:08:19,625 But I actually do. 114 00:08:21,376 --> 00:08:24,546 - Motek. Please. - No, no. You made it perfectly clear. 115 00:08:27,049 --> 00:08:28,300 - Motek... - My therapist said, 116 00:08:28,383 --> 00:08:30,511 "You can only hate someone you truly love." 117 00:08:31,386 --> 00:08:32,971 Guess I truly love you. 118 00:08:37,726 --> 00:08:40,938 And how are you gonna get this back on track? 119 00:08:42,481 --> 00:08:43,482 Adam? 120 00:08:44,525 --> 00:08:46,401 Who said we're off track? 121 00:08:46,485 --> 00:08:48,904 We're on exactly the right track, Jamie. 122 00:08:48,987 --> 00:08:51,323 The track the universe wants us to be on. 123 00:08:51,406 --> 00:08:54,326 - So, no luck in the Valley? - They lack vision. 124 00:08:55,118 --> 00:08:58,455 By the way, I'm going to need to increase our personal line of credit. 125 00:08:58,539 --> 00:09:01,083 Not by much. Just a bit to give us a little breathing room. 126 00:09:01,834 --> 00:09:03,377 What are you up to, total? 127 00:09:03,460 --> 00:09:05,295 380 million. 128 00:09:05,379 --> 00:09:08,423 Nothing for you to do. I'll speak to the lending team myself. 129 00:09:11,718 --> 00:09:13,720 And what's WeWork's burn rate these days? 130 00:09:14,304 --> 00:09:16,098 Fifty-eight million a week. 131 00:09:16,682 --> 00:09:17,724 That's a lot of money. 132 00:09:17,808 --> 00:09:19,852 Not compared to what we'll make. 133 00:09:21,144 --> 00:09:22,354 Well… 134 00:09:24,022 --> 00:09:26,233 We've issued you, personally, what? 135 00:09:26,316 --> 00:09:28,986 Ninety-seven million in low-interest mortgages? 136 00:09:29,987 --> 00:09:31,363 Bought a stake in the company. 137 00:09:31,446 --> 00:09:34,408 A stake that is now worth over 600 million. 138 00:09:35,868 --> 00:09:36,952 Why not go public? 139 00:09:38,370 --> 00:09:39,454 Why not IPO? 140 00:09:43,458 --> 00:09:45,210 I don't want to answer to anyone. 141 00:09:45,794 --> 00:09:49,089 Well, billions of dollars tend to make that go down easier. 142 00:10:00,184 --> 00:10:02,394 All these different shapes. 143 00:10:05,480 --> 00:10:07,065 This leaf here, what is this one? 144 00:10:07,149 --> 00:10:10,777 Bloom Energy. Traded up more than 66% on the first day of trading. 145 00:10:10,861 --> 00:10:13,488 Wow, 66% on the first day? 146 00:10:15,616 --> 00:10:16,617 And this? 147 00:10:16,700 --> 00:10:20,245 Drop box. Up more than 35%, first day. 148 00:10:20,329 --> 00:10:21,955 Impressive. 149 00:10:23,916 --> 00:10:25,375 And what would mine be? 150 00:10:32,633 --> 00:10:33,634 A unicorn. 151 00:10:36,220 --> 00:10:37,387 A unicorn. 152 00:10:48,607 --> 00:10:51,777 Okay. The next item up is… 153 00:10:53,028 --> 00:10:54,321 Enrollment. 154 00:10:54,404 --> 00:10:58,033 The numbers are dispiriting. 155 00:10:59,243 --> 00:11:01,995 They're just not where I need them to be. 156 00:11:02,579 --> 00:11:05,457 So, how do we boost enrollment? 157 00:11:10,921 --> 00:11:13,423 We could revamp our social strategy. 158 00:11:13,507 --> 00:11:15,634 What social strategy? 159 00:11:15,717 --> 00:11:17,553 There's nothing to revamp, Damian. 160 00:11:17,636 --> 00:11:20,013 We have 600 followers, okay? No. 161 00:11:20,097 --> 00:11:23,183 We need to think bigger. We need to reach a wider audience. 162 00:11:23,267 --> 00:11:25,477 You were invited on that podcast. 163 00:11:26,562 --> 00:11:27,646 Interesting. 164 00:11:27,729 --> 00:11:31,275 Yeah, if you think that going from Vanity Fair to a podcast 165 00:11:31,358 --> 00:11:32,484 is the right trajectory 166 00:11:32,568 --> 00:11:35,988 for the chief branding officer of a multi-billion-dollar company, great. 167 00:11:36,071 --> 00:11:39,241 I was actually thinking CNBC. 168 00:11:39,950 --> 00:11:44,037 Right? Adam is on every other week. 169 00:11:44,121 --> 00:11:45,205 They love We Work. 170 00:11:45,289 --> 00:11:47,916 This is WeWork's newest, boldest initiative, 171 00:11:48,000 --> 00:11:49,835 reimagining the education system. 172 00:11:49,918 --> 00:11:52,504 And they're getting an exclusive with the CEO. 173 00:11:53,547 --> 00:11:56,133 Adam's schedule is kind of packed. 174 00:11:57,259 --> 00:11:59,761 No. No, Damian. No. Me. 175 00:11:59,845 --> 00:12:01,471 I am the CEO of WeGrow. 176 00:12:02,431 --> 00:12:06,351 Okay. So, let them know that I'm gonna tease our expansion plans, 177 00:12:06,935 --> 00:12:10,022 I'm gonna talk about our global network of schools, the innovation in our... 178 00:12:10,105 --> 00:12:12,107 Welcome to the School of Greatness podcast. 179 00:12:12,191 --> 00:12:14,151 I've got Rebekah Neumann in the house, 180 00:12:14,234 --> 00:12:17,196 wife of We Work founder Adam Neumann. 181 00:12:18,030 --> 00:12:19,031 Actually, I'm… 182 00:12:20,365 --> 00:12:21,825 Thrilled to be here. Thank you. 183 00:12:21,909 --> 00:12:23,368 The mission of WeGrow 184 00:12:23,452 --> 00:12:27,122 and, to be honest, the collective "we" that we're all living under, 185 00:12:27,206 --> 00:12:29,583 is to elevate the world's consciousness. 186 00:12:29,666 --> 00:12:31,293 And it's a school, right? 187 00:12:32,628 --> 00:12:34,880 It's really more of a practice 188 00:12:34,963 --> 00:12:36,632 and a new approach to life. 189 00:12:36,715 --> 00:12:38,717 How were you inspired to do this? 190 00:12:39,218 --> 00:12:40,219 Gosh. 191 00:12:40,302 --> 00:12:43,347 It was really just a lot of things coming together. 192 00:12:43,430 --> 00:12:45,474 He ended up running off with my best friend. 193 00:12:45,557 --> 00:12:46,683 No. 194 00:12:46,767 --> 00:12:49,436 Something I wish people knew about me? 195 00:12:51,605 --> 00:12:53,106 I'm really… 196 00:12:54,316 --> 00:12:55,734 Flexible? 197 00:12:56,485 --> 00:12:58,028 - Emotionally? - Physically. 198 00:12:59,404 --> 00:13:02,491 A yogi in India once told me 199 00:13:02,574 --> 00:13:05,786 if you keep your spine nimble then you won't age. 200 00:13:06,745 --> 00:13:08,455 Is that why you look 21? 201 00:13:08,539 --> 00:13:09,831 Do I hate? 202 00:13:10,415 --> 00:13:11,416 No. 203 00:13:12,918 --> 00:13:17,798 No, I feel sad about things I've... 204 00:13:19,383 --> 00:13:20,634 Like about what? 205 00:13:21,260 --> 00:13:22,511 Any cruelty. 206 00:13:24,388 --> 00:13:26,014 Cruelty to animals. 207 00:13:28,183 --> 00:13:29,351 Kids suffering. 208 00:13:32,354 --> 00:13:34,314 What we're doing to the planet. 209 00:13:34,398 --> 00:13:37,651 But I don't hate. 210 00:13:37,734 --> 00:13:42,781 If we can teach people to... And I'm including myself in this. 211 00:13:42,865 --> 00:13:45,284 I remind myself every day 212 00:13:45,367 --> 00:13:49,621 that by being conscious and sharing, 213 00:13:50,122 --> 00:13:52,624 they will be more fulfilled. 214 00:13:52,708 --> 00:13:54,418 Find your super passion 215 00:13:55,043 --> 00:13:57,754 and share. 216 00:13:58,547 --> 00:14:02,384 And then they will get everything they want, 217 00:14:02,885 --> 00:14:06,722 but they have to treat others the way they want to be treated. 218 00:14:07,222 --> 00:14:13,187 They have to understand that we are one. 219 00:14:22,613 --> 00:14:24,531 Miggy-Migs. 220 00:14:24,615 --> 00:14:26,950 My brother from five different mothers. 221 00:14:27,618 --> 00:14:29,077 Can I come in? 222 00:14:30,579 --> 00:14:31,580 Yeah. 223 00:14:37,294 --> 00:14:38,587 You've got a Lichtenstein. 224 00:14:38,670 --> 00:14:43,217 Wow, it's a lot smaller than I thought it would be. 225 00:14:43,300 --> 00:14:44,885 What did you pay for it? 226 00:14:47,179 --> 00:14:49,348 Twenty dollars from posters.com. 227 00:14:51,433 --> 00:14:53,852 We need to get you some real art, my friend. 228 00:14:53,936 --> 00:14:55,062 Some real art. 229 00:15:02,444 --> 00:15:03,695 Miguel. 230 00:15:04,655 --> 00:15:05,864 Look out there. 231 00:15:06,949 --> 00:15:07,950 Look. 232 00:15:09,034 --> 00:15:10,494 We built this. 233 00:15:10,577 --> 00:15:13,497 This big, beautiful thing. 234 00:15:13,580 --> 00:15:16,917 We built it, and they all came and joined us. 235 00:15:20,045 --> 00:15:22,965 I know that you think I don't listen to you, but I do. 236 00:15:23,757 --> 00:15:24,758 I hear you. 237 00:15:26,260 --> 00:15:27,344 What does that mean? 238 00:15:28,887 --> 00:15:29,888 You'll see. 239 00:16:05,299 --> 00:16:08,385 - Well, it's official. - It's official! 240 00:16:08,468 --> 00:16:10,888 - You filed! - Yes, we filed. We're going public. 241 00:16:10,971 --> 00:16:15,142 - We Work is going public. - The We Company is going public. 242 00:16:26,320 --> 00:16:28,780 Time to go buy yourself some real art, Miguel. 243 00:16:30,657 --> 00:16:32,242 What made you decide you were ready? 244 00:16:32,326 --> 00:16:34,036 We've always been ready. 245 00:16:34,119 --> 00:16:35,996 It was just simply a matter of timing. 246 00:16:38,790 --> 00:16:41,168 Okay, 72 hours to figure out how much they're worth. 247 00:16:41,251 --> 00:16:43,378 100 million in fees for us. Go. 248 00:16:48,091 --> 00:16:49,843 Let's talk about the financials for a sec. 249 00:16:49,927 --> 00:16:53,514 Now, you didn't reveal any financial information in the confidential filing. 250 00:16:53,597 --> 00:16:55,432 In the presentation you shared with us 251 00:16:55,516 --> 00:17:00,437 we see that revenue climbed to $1.8 billion in 2017. 252 00:17:00,521 --> 00:17:03,607 But that was on a net loss of 1.9. 253 00:17:04,148 --> 00:17:11,073 But we reached an annualized revenue of 2.43 billion in the fourth quarter. 254 00:17:12,491 --> 00:17:13,534 Go. 255 00:17:22,376 --> 00:17:25,170 And we saw a massive jump in membership 256 00:17:25,253 --> 00:17:29,466 from 186,000 to 401,000. 257 00:17:30,050 --> 00:17:33,804 Uber, Lyft, Pinterest, Slack, and now We Work. 258 00:17:33,887 --> 00:17:35,430 The We Company. Yeah. 259 00:17:35,514 --> 00:17:37,516 - The We Company. - Thank you very much. 260 00:17:37,599 --> 00:17:40,853 Sorry about that. All preparing to go public this year. 261 00:17:40,936 --> 00:17:43,605 And they're calling it "the unicorn stampede." 262 00:17:43,689 --> 00:17:46,024 We are rooting for everyone's success. 263 00:17:46,108 --> 00:17:47,317 There's no reason not to. 264 00:17:47,401 --> 00:17:51,697 We feel very confident about investor demand for our IPO. 265 00:17:52,614 --> 00:17:53,615 Okay. 266 00:17:55,492 --> 00:17:56,743 Let's do it. 267 00:18:01,748 --> 00:18:04,459 It's the right time for the mission of the company. 268 00:18:08,255 --> 00:18:11,049 - Which is? - To elevate the world's consciousness. 269 00:18:11,675 --> 00:18:14,803 And going public will help us to achieve that mission. 270 00:18:16,346 --> 00:18:18,557 Oh, my God. It's so exciting. 271 00:18:21,560 --> 00:18:22,603 Can I get a tea? 272 00:18:23,228 --> 00:18:24,354 - Yeah. - Thanks. 273 00:18:36,533 --> 00:18:37,784 Mother Teresa. 274 00:18:38,702 --> 00:18:39,703 Bob Marley. 275 00:18:40,454 --> 00:18:41,496 Adam Neumann. 276 00:18:42,080 --> 00:18:46,084 Your goal to elevate the world's consciousness reminds us of these icons. 277 00:18:46,168 --> 00:18:49,171 "Love the life you live. Live the life you love." 278 00:18:49,671 --> 00:18:52,424 Bob Marley. Rest in power. 279 00:18:53,342 --> 00:18:57,846 The only difference between you and Amazon and Google and Alibaba 280 00:18:57,930 --> 00:18:59,848 is that you are scaling faster. 281 00:19:00,766 --> 00:19:03,852 We are best in class, and the best deserves the best. 282 00:19:03,936 --> 00:19:06,813 I feel like I know what you value, Adam. 283 00:19:06,897 --> 00:19:08,273 Personal relationships. 284 00:19:08,357 --> 00:19:12,486 And I think you already know we are the bank to lead the underwriting. 285 00:19:12,569 --> 00:19:16,114 Jamie, I value you more than you know. 286 00:19:16,198 --> 00:19:20,410 The question is, how much do you value me? 287 00:19:28,126 --> 00:19:30,087 Forty-six billion. 288 00:19:31,046 --> 00:19:35,175 Our last financing round valued us at 47 billion. 289 00:19:35,259 --> 00:19:36,760 No, you're too low, my friend. 290 00:19:37,344 --> 00:19:39,179 Too low. It's a shame. 291 00:19:40,639 --> 00:19:41,890 Eighteen to 52. 292 00:19:41,974 --> 00:19:43,016 "Eighteen to 52"? 293 00:19:43,100 --> 00:19:45,269 Well, it depends on how well we're able to... 294 00:19:46,144 --> 00:19:47,312 Sixty billion? 295 00:19:49,273 --> 00:19:51,859 The question is, why so low? 296 00:19:55,445 --> 00:19:57,197 We actually think it's on the high side. 297 00:19:59,449 --> 00:20:00,450 Sixty-three. 298 00:20:09,626 --> 00:20:11,211 Add 18 cents… 299 00:20:12,504 --> 00:20:13,755 And you have a deal. 300 00:20:15,799 --> 00:20:18,760 I think it's a fair number for our investors 301 00:20:18,844 --> 00:20:20,762 and for our future investors 302 00:20:20,846 --> 00:20:22,764 and, most importantly, 303 00:20:24,349 --> 00:20:25,434 for our employees. 304 00:20:26,852 --> 00:20:29,646 Now, let's make a shit ton of money. 305 00:20:29,730 --> 00:20:31,857 Okay? Shit ton. 306 00:20:32,524 --> 00:20:33,650 All right. 307 00:20:34,234 --> 00:20:37,779 So, we'll work with your team to get started on the S-1 prospectus. 308 00:20:37,863 --> 00:20:40,991 It's WeWork's introduction... Official introduction to the public, 309 00:20:41,074 --> 00:20:43,202 so it's one of the most important parts of the process. 310 00:20:43,285 --> 00:20:45,120 - We'll get ahead of it. - Yes, please. 311 00:20:45,204 --> 00:20:48,874 Write it, and then I'll give it energy and power. 312 00:20:48,957 --> 00:20:51,835 Adam, it's an important legal and financial document. 313 00:20:51,919 --> 00:20:54,129 - We'll let the experts deal with it. - I understand. 314 00:20:54,213 --> 00:20:55,339 Miguel is right, Adam. 315 00:20:55,422 --> 00:20:59,009 It's highly-technical. Reporting requirements, legal liabilities. 316 00:20:59,092 --> 00:21:01,595 - You don't wanna be a part of that. - Listen to me. 317 00:21:01,678 --> 00:21:05,224 That is the old way. I'm not interested in the old way. 318 00:21:05,307 --> 00:21:07,267 I'm interested in the world to come. 319 00:21:07,351 --> 00:21:09,436 You understand? We're making a new world. 320 00:21:09,520 --> 00:21:11,021 A new world, Miguel. 321 00:21:11,104 --> 00:21:15,108 Have your people put something together, and we'll take it from there. 322 00:21:15,817 --> 00:21:16,818 Okay? 323 00:21:18,737 --> 00:21:19,738 Thank you. 324 00:21:23,492 --> 00:21:24,576 Shit. 325 00:21:25,160 --> 00:21:26,370 What's wrong? 326 00:21:26,453 --> 00:21:28,121 I think we could have gotten 64. 327 00:21:30,249 --> 00:21:31,458 Come on. 328 00:21:31,542 --> 00:21:33,168 - Yes! It's a good deal. - Yes! Yes! 329 00:21:33,252 --> 00:21:34,920 - Yes! - Yes! 330 00:21:35,003 --> 00:21:36,004 Yes! 331 00:21:37,756 --> 00:21:39,883 Yes! Yes! 332 00:22:02,030 --> 00:22:03,031 Rivka. 333 00:22:03,991 --> 00:22:06,285 Rivka, come sit with me, please. 334 00:22:08,996 --> 00:22:11,832 I'm not asking as your husband, I'm asking as your CEO. 335 00:22:11,915 --> 00:22:13,834 This is business. Please, come sit. 336 00:22:14,710 --> 00:22:15,711 Please. 337 00:22:19,840 --> 00:22:21,466 Just a quick sit. 338 00:22:26,555 --> 00:22:27,556 I appreciate it. 339 00:22:29,433 --> 00:22:30,434 Carrot juice. 340 00:22:40,402 --> 00:22:42,487 Do you know what an S-1 is? 341 00:22:43,780 --> 00:22:46,909 I worked on Wall Street, Adam. I know what an S-1 is. 342 00:22:46,992 --> 00:22:48,827 It's a company's introduction to the world. 343 00:22:48,911 --> 00:22:51,330 Its mission statement. Its raison d'être. 344 00:22:52,206 --> 00:22:53,290 Precisely. 345 00:22:53,832 --> 00:22:57,002 The lawyers and the bankers will debate the fine print, 346 00:22:57,085 --> 00:22:58,587 but we need to make it our own. 347 00:22:58,670 --> 00:23:02,007 It's got to be a living, breathing thing, 348 00:23:02,090 --> 00:23:05,677 and it must tell the story of We. 349 00:23:07,721 --> 00:23:11,141 And We has always been… 350 00:23:13,227 --> 00:23:14,269 You and me. 351 00:23:16,188 --> 00:23:17,648 Write it with me. 352 00:23:27,991 --> 00:23:28,992 No. 353 00:23:30,494 --> 00:23:33,664 You built the company. You can write it yourself. 354 00:23:41,004 --> 00:23:43,215 I saw the podcast that you did. 355 00:23:43,298 --> 00:23:45,300 I thought you were phenomenal. 356 00:23:45,384 --> 00:23:47,511 It was a podcast. It doesn't matter. 357 00:23:47,594 --> 00:23:50,305 Of course it matters. It was important. 358 00:23:52,266 --> 00:23:53,308 Damian tells me 359 00:23:53,392 --> 00:23:56,812 that you don't think your message is reaching a wide enough audience. 360 00:23:56,895 --> 00:23:58,146 I agree. 361 00:23:58,730 --> 00:24:00,440 You want to get your message out there? 362 00:24:00,524 --> 00:24:02,568 You want to grow your school? 363 00:24:02,651 --> 00:24:03,694 You want to be heard? 364 00:24:03,777 --> 00:24:05,696 Then write the S-1 with me. 365 00:24:06,530 --> 00:24:08,240 Not as my wife… 366 00:24:10,033 --> 00:24:11,159 But as my cofounder. 367 00:24:13,662 --> 00:24:15,455 It'll be hard for them not to listen 368 00:24:15,539 --> 00:24:18,584 to the cofounder of a multi-billion-dollar company. 369 00:24:23,380 --> 00:24:25,215 I heard 100. 370 00:24:25,299 --> 00:24:27,050 Goldman pitched a trillion. 371 00:24:27,134 --> 00:24:29,344 Listen to me. Buy your options now. 372 00:24:29,428 --> 00:24:32,073 - Forget options. I'm buying an apartment. - I'm paying off student loans. 373 00:24:32,097 --> 00:24:34,308 I'm cashing out and getting the hell out of here. 374 00:24:34,391 --> 00:24:35,267 No, I am serious. 375 00:24:35,350 --> 00:24:38,312 Listen, it'll reduce the capital gains tax when you sell your shares. 376 00:24:38,395 --> 00:24:40,731 But I don't have any money. How do I buy my options? 377 00:24:41,481 --> 00:24:43,233 I got a loan from my grandparents. 378 00:24:43,734 --> 00:24:44,985 - Of course you did. - Yeah. 379 00:24:45,068 --> 00:24:48,488 Attention! Attention, my beautiful WeWorkers. 380 00:24:48,572 --> 00:24:49,865 My tribe. My family. 381 00:24:50,449 --> 00:24:53,785 You have the rest of the day off. And tomorrow. 382 00:24:53,869 --> 00:24:57,539 So water your plants. Call your mother. Go for a walk. 383 00:24:57,623 --> 00:24:58,624 Fall in love. 384 00:24:58,707 --> 00:25:00,792 But whatever you do, get out of here. 385 00:25:00,876 --> 00:25:02,419 Go, go, go. Okay? 386 00:25:03,003 --> 00:25:04,546 - Thank you. Go. - Is he serious? 387 00:25:04,630 --> 00:25:05,923 He's not fucking around. 388 00:25:09,676 --> 00:25:11,094 I feel like this is a test. 389 00:25:14,890 --> 00:25:15,891 All right. 390 00:25:36,662 --> 00:25:37,829 Where is everyone? 391 00:25:39,748 --> 00:25:42,751 We gave them the day off. Actually, two. 392 00:25:42,835 --> 00:25:44,920 Besides, we have everyone we need right here. 393 00:25:45,003 --> 00:25:46,797 No distractions, no noise. 394 00:25:46,880 --> 00:25:48,131 Just us. 395 00:25:57,558 --> 00:26:01,395 I had Bea print out the S-1s from the top IPOs of the last ten years. 396 00:26:01,478 --> 00:26:02,938 I'm gonna get reading. 397 00:26:04,857 --> 00:26:06,942 I don't think they have anything to teach us. 398 00:26:07,025 --> 00:26:08,485 I'll be in my office. 399 00:26:09,528 --> 00:26:11,905 How about some yoga first? 400 00:26:12,781 --> 00:26:15,701 Maybe limber up a bit? 401 00:26:27,337 --> 00:26:28,547 Latte? 402 00:26:31,633 --> 00:26:33,093 That's a cappuccino. 403 00:26:34,219 --> 00:26:35,429 Pretty sure it's a latte. 404 00:26:36,054 --> 00:26:38,098 It's a cappuccino. 405 00:26:41,435 --> 00:26:43,187 My assistants call them lattes. 406 00:26:43,270 --> 00:26:46,481 Because you call them lattes, and no one wants to tell you that you're wrong. 407 00:27:12,007 --> 00:27:13,675 Tell me what to do, 408 00:27:13,759 --> 00:27:16,345 because a thousand apologies haven't worked. 409 00:27:18,222 --> 00:27:19,765 How do we get past it? 410 00:27:24,353 --> 00:27:26,396 We don't. It forever exists. 411 00:27:29,066 --> 00:27:30,192 So, this is it? 412 00:27:31,443 --> 00:27:34,112 - This? - You really think you built this alone? 413 00:27:34,196 --> 00:27:35,322 Really? 414 00:27:35,906 --> 00:27:38,283 You gave me a theater, you gave me a job, 415 00:27:38,367 --> 00:27:40,244 you gave me a school... 416 00:27:41,954 --> 00:27:43,789 What about what you took? 417 00:27:46,124 --> 00:27:47,918 You took my father's money. 418 00:27:48,001 --> 00:27:51,380 You took everything I believe in 419 00:27:51,463 --> 00:27:54,675 and made it into a shiny wrapper to package your bullshit. 420 00:27:54,758 --> 00:27:57,469 You even took my words. 421 00:27:57,553 --> 00:27:59,304 "Elevating the world's consciousness." 422 00:27:59,388 --> 00:28:01,223 Who came up with that? You? 423 00:28:02,599 --> 00:28:05,936 You couldn't have built shit without me. 424 00:28:13,735 --> 00:28:14,820 You're right. 425 00:28:14,903 --> 00:28:16,488 They are your words. 426 00:28:17,447 --> 00:28:18,991 But do you mean them? 427 00:28:21,869 --> 00:28:23,954 How can you elevate the world's consciousness 428 00:28:24,037 --> 00:28:25,956 if you're not willing to forgive? 429 00:28:35,299 --> 00:28:36,800 There's your cappuccino. 430 00:29:01,074 --> 00:29:01,909 - Hi. - Hello. Welcome. 431 00:29:01,992 --> 00:29:02,826 Thank you. 432 00:29:02,910 --> 00:29:04,912 - It's lovely to have you here. - Thanks. 433 00:29:04,995 --> 00:29:05,996 Thanks. 434 00:29:08,832 --> 00:29:11,418 So here we have the piece you were inquiring about. 435 00:29:20,177 --> 00:29:22,262 He's challenging us to ask ourselves, 436 00:29:22,888 --> 00:29:24,890 "What is worth our time and attention?" 437 00:29:28,101 --> 00:29:29,102 Yeah, it's cool. 438 00:29:32,773 --> 00:29:35,150 I feel like he's staring right at me. 439 00:29:36,860 --> 00:29:38,111 So, how much is it? 440 00:29:39,571 --> 00:29:41,740 Adam and Rebekah have been our clients for years, 441 00:29:41,823 --> 00:29:44,034 so we'd like to extend their discount to you. 442 00:29:44,826 --> 00:29:46,203 Cool, thank you. 443 00:29:46,286 --> 00:29:48,121 Yeah, so 48 million. 444 00:29:51,792 --> 00:29:53,335 That's with the discount? 445 00:29:53,418 --> 00:29:55,462 I heard you'll be able to afford it soon. 446 00:29:55,963 --> 00:29:58,841 Adam mentioned the IPO. Congratulations. 447 00:30:05,222 --> 00:30:06,390 What about that one? 448 00:30:09,059 --> 00:30:10,602 You're interested in that one? 449 00:30:42,217 --> 00:30:43,260 You were right. 450 00:30:48,265 --> 00:30:49,433 They're useless. 451 00:30:50,225 --> 00:30:51,226 Lifeless. 452 00:30:52,311 --> 00:30:53,312 Dead things. 453 00:30:53,395 --> 00:30:56,064 They reminded me why I hated working on Wall Street. 454 00:31:00,569 --> 00:31:01,737 What's that? 455 00:31:02,905 --> 00:31:05,949 These? More dead things from the lawyers. 456 00:31:06,909 --> 00:31:07,951 Take a look. 457 00:31:09,578 --> 00:31:10,787 Risk factors? 458 00:31:12,289 --> 00:31:15,876 "One, our rapid growth may not be sustainable. 459 00:31:15,959 --> 00:31:18,587 Two, we have a history of losses, 460 00:31:18,670 --> 00:31:21,548 and if we continue to grow at an accelerated rate, 461 00:31:21,632 --> 00:31:25,636 we may be unable to achieve profitability for the foreseeable future." 462 00:31:25,719 --> 00:31:27,262 And number three: 463 00:31:27,346 --> 00:31:32,935 Small men proceed from fear! 464 00:31:39,441 --> 00:31:43,862 And we are not small! 465 00:31:45,113 --> 00:31:47,157 No, and we proceed from hope, 466 00:31:47,658 --> 00:31:50,536 from creativity, imagination and... 467 00:31:51,578 --> 00:31:54,248 And from love. 468 00:31:56,416 --> 00:32:00,212 Okay. So how do we capture that? 469 00:32:04,299 --> 00:32:07,261 Creation began with the word, right? 470 00:32:08,262 --> 00:32:09,888 So, what are our words? 471 00:32:12,391 --> 00:32:13,392 Come. 472 00:32:14,560 --> 00:32:16,061 Come, come, come. 473 00:32:29,116 --> 00:32:30,158 The word. 474 00:32:38,917 --> 00:32:40,252 Community. 475 00:32:48,135 --> 00:32:49,887 Consciousness. 476 00:32:52,431 --> 00:32:53,724 Growth. 477 00:32:55,684 --> 00:32:57,477 Spiritual growth! 478 00:32:59,771 --> 00:33:01,940 Intention! 479 00:33:02,649 --> 00:33:04,234 - Positivity. - Meaning. 480 00:33:04,318 --> 00:33:05,444 Hope! 481 00:33:07,029 --> 00:33:08,655 - We. - We! 482 00:33:16,747 --> 00:33:18,832 I am nothing without you. 483 00:33:30,677 --> 00:33:31,678 Adam, it's Bruce. 484 00:33:31,762 --> 00:33:35,891 What is this nonsense I'm hearing about you and Rebekah rewriting the S-1? 485 00:33:36,475 --> 00:33:39,061 It's a very technical document and... 486 00:33:39,144 --> 00:33:41,647 You know what? I'm coming over. 487 00:33:54,284 --> 00:33:55,369 Hello! 488 00:33:59,873 --> 00:34:01,583 How many pages do we have? 489 00:34:02,251 --> 00:34:04,127 We have… 490 00:34:04,211 --> 00:34:06,588 - Nine words. - Nine words? 491 00:34:06,672 --> 00:34:07,840 Nine words! 492 00:34:08,924 --> 00:34:10,342 It can't be true. 493 00:34:13,428 --> 00:34:16,389 Okay, okay, okay. 494 00:34:17,516 --> 00:34:18,600 We have our words. 495 00:34:18,684 --> 00:34:21,562 And now we need numbers. 496 00:34:22,312 --> 00:34:25,065 Fortunately, the only numbers that Wall Street cares about 497 00:34:25,148 --> 00:34:26,275 are actually letters. 498 00:34:26,358 --> 00:34:29,319 E-B-I-T-D-A, EBITDA. 499 00:34:29,402 --> 00:34:30,612 EBITDA. 500 00:34:30,696 --> 00:34:35,242 Earnings before interest, taxes, depreciation, and amortization. 501 00:34:35,324 --> 00:34:38,161 EBITDA is a standardized way of assessing a company's performance 502 00:34:38,245 --> 00:34:40,246 and comparing it to other companies. 503 00:34:40,330 --> 00:34:43,876 Its power lies in the fact that everyone uses it. 504 00:34:45,168 --> 00:34:48,797 And because everyone uses it, it allows you to compare apples to apples. 505 00:34:51,632 --> 00:34:54,636 - Fuck EBITDA! - Why? 506 00:34:54,719 --> 00:34:56,263 We lose too much money. 507 00:34:56,346 --> 00:34:58,807 We could be profitable tomorrow if we wanted, 508 00:34:58,891 --> 00:35:01,143 but we spend on growth. 509 00:35:01,852 --> 00:35:02,936 So? 510 00:35:03,687 --> 00:35:05,814 They're just letters. Let's use different ones. 511 00:35:05,898 --> 00:35:06,899 Let's reframe it. 512 00:35:07,566 --> 00:35:09,776 We can't let ourselves be defined by the old ways. 513 00:35:09,860 --> 00:35:12,654 If their letters don't fit, we come up with new ones. 514 00:35:15,824 --> 00:35:17,201 What did you just say? 515 00:35:17,284 --> 00:35:18,410 We use new ones. 516 00:35:18,994 --> 00:35:21,955 - Where is the S-1? - Here. 517 00:35:26,001 --> 00:35:28,587 We'll work off the S-1 the lawyers gave us, 518 00:35:28,670 --> 00:35:33,133 and then we just need to subtract tenant fees and rent expenses, 519 00:35:33,217 --> 00:35:35,594 staffing expenses and design expenses, 520 00:35:35,677 --> 00:35:38,263 marketing and administrative expenses. 521 00:35:38,347 --> 00:35:39,765 Then we show a profit. 522 00:35:39,848 --> 00:35:42,684 We'll call it community-adjusted EBITDA. 523 00:35:42,768 --> 00:35:46,355 And show them, show them the true value of our community! 524 00:35:46,438 --> 00:35:49,066 Okay. Okay, could you say that again? 525 00:35:53,487 --> 00:35:54,571 Okay, yep. 526 00:35:56,323 --> 00:35:57,491 A little to the right. 527 00:35:57,574 --> 00:36:00,160 Right, right. Cool. Great, guys. 528 00:36:00,244 --> 00:36:02,079 Awesome. All right, let's do a photo. 529 00:36:02,162 --> 00:36:04,039 You guys can be in it. Yeah. 530 00:36:06,458 --> 00:36:09,127 Hey, my brother from another mother. 531 00:36:11,380 --> 00:36:13,715 I didn't buy the Lichtenstein, 532 00:36:13,799 --> 00:36:16,677 but I got something even better. 533 00:36:21,223 --> 00:36:22,391 And 534 00:36:23,392 --> 00:36:25,185 if you need any help with the S-1, 535 00:36:26,228 --> 00:36:27,521 I'm here. 536 00:36:27,604 --> 00:36:29,898 Yo! This is it. 537 00:36:30,732 --> 00:36:33,610 This is our home for the evening. 538 00:36:34,152 --> 00:36:37,197 - Check it out. Come on. - Should I take off my shoes? 539 00:36:37,281 --> 00:36:39,324 No, don't take your fucking shoes off. 540 00:36:39,408 --> 00:36:41,243 I thought we were just getting Adam's mail. 541 00:36:41,326 --> 00:36:44,454 Come here. I want you to touch this. Actually, I want you to hold it. 542 00:36:44,538 --> 00:36:45,622 - Put that down. - Hold it. 543 00:36:45,706 --> 00:36:47,165 - Put it down. - Or I drop it. 544 00:36:47,875 --> 00:36:48,876 How's it feel? 545 00:36:50,419 --> 00:36:52,254 - It feels fine. - It feels great. 546 00:36:52,337 --> 00:36:53,589 Come on, let's drink it. 547 00:36:54,089 --> 00:36:56,049 I don't know. I'm worried. What if they come back? 548 00:36:56,133 --> 00:36:58,760 - Yeah, I'm not sure about this. - Stop worrying. 549 00:36:58,844 --> 00:36:59,845 Adam doesn't even care. 550 00:36:59,928 --> 00:37:04,099 Plus, put the kids and the nannies on a blade to the Hamptons. 551 00:37:04,183 --> 00:37:05,184 So we're fine. 552 00:37:05,267 --> 00:37:06,310 Like a helicopter? 553 00:37:06,393 --> 00:37:08,145 - Yeah, what else is there? - Wow. 554 00:37:08,228 --> 00:37:09,563 Let's see what we got. 555 00:37:10,480 --> 00:37:12,065 Vegan snacks. 556 00:37:12,149 --> 00:37:15,777 My dad used to mark the bottles so he'd know if me or my sister drank any. 557 00:37:15,861 --> 00:37:16,921 We're not teenagers anymore. 558 00:37:16,945 --> 00:37:19,072 You're a grown-ass dude who's about to be a millionaire. 559 00:37:19,156 --> 00:37:20,824 - So act like it. - Yeah, Mikey. 560 00:37:20,908 --> 00:37:24,703 Plus, I once found an $84,000 check in Adam's pants at the dry cleaner's. 561 00:37:24,786 --> 00:37:27,831 So something tells me he's not measuring alcohol. 562 00:37:28,540 --> 00:37:29,833 Okay, grab one. 563 00:37:30,751 --> 00:37:31,960 What are we cheer sing to? 564 00:37:33,795 --> 00:37:34,838 This IPO. 565 00:37:34,922 --> 00:37:36,840 - This fucking IPO. - Yeah. 566 00:37:36,924 --> 00:37:38,050 - Cheers. - Cheers. 567 00:37:38,133 --> 00:37:39,843 - Cheers. - Cheers. Yeah. 568 00:37:44,264 --> 00:37:45,265 - Wow. - Wow. 569 00:37:45,349 --> 00:37:46,767 Okay, so. 570 00:37:46,850 --> 00:37:50,938 Chloe, what are you spending your first million on? 571 00:37:51,021 --> 00:37:52,856 And do not give me anything 572 00:37:52,940 --> 00:37:55,484 about student loans or any of that nonsense. 573 00:37:55,567 --> 00:37:57,236 You know I don't need anything. 574 00:37:57,319 --> 00:37:58,737 Yeah, nobody needs anything. 575 00:37:58,820 --> 00:38:00,239 But, Chloe… 576 00:38:00,948 --> 00:38:02,241 Chloe… 577 00:38:02,324 --> 00:38:04,910 - Please, no. - What do you want, Chloe? 578 00:38:04,993 --> 00:38:06,078 What do you want? 579 00:38:06,161 --> 00:38:08,330 - You're terrorizing me... - Stare into my soul. 580 00:38:08,413 --> 00:38:10,749 If you want nice things, you need to have intention. 581 00:38:11,625 --> 00:38:12,793 Intention. 582 00:38:12,876 --> 00:38:15,629 And success and happiness, it will follow. 583 00:38:15,712 --> 00:38:18,841 Chloe, don't you want to expand the world's consciousness, Chloe? 584 00:38:18,924 --> 00:38:21,426 - Elevate, Chloe! Think about the "we." - No! 585 00:38:21,510 --> 00:38:23,011 - Chlo-We. - Chlo-We! 586 00:38:23,095 --> 00:38:25,013 It's Chlo-We. 587 00:38:27,182 --> 00:38:28,517 Wow. 588 00:38:29,226 --> 00:38:32,437 Hey. Don't you dare avoid the question. 589 00:38:33,522 --> 00:38:35,023 What're you gonna buy? I want to know. 590 00:38:41,822 --> 00:38:43,424 Do you ever think you're turning into Adam? 591 00:38:43,448 --> 00:38:44,783 - Don't say that. - You are. 592 00:38:44,867 --> 00:38:46,618 Are you actually saying I'm turning into Adam? 593 00:38:46,702 --> 00:38:47,744 I don't think so. 594 00:38:56,545 --> 00:38:57,546 - You use salt? - Yeah. 595 00:38:57,629 --> 00:38:58,463 Drink. 596 00:38:58,547 --> 00:39:00,674 - Yeah. - Wait. One, two, three, go. 597 00:39:07,181 --> 00:39:09,474 - Do you want to make out? - No. 598 00:39:09,558 --> 00:39:12,186 - Don't you just a little bit? - No. 599 00:39:12,895 --> 00:39:14,271 We just struck gold. 600 00:39:17,858 --> 00:39:21,361 Do it! Do it! Do it! 601 00:39:21,445 --> 00:39:25,073 Do it! Do it! Do it! 602 00:39:25,157 --> 00:39:27,451 Come on, you can pay it off in installments. 603 00:39:27,534 --> 00:39:29,995 It's more than I made last year after taxes. 604 00:39:30,078 --> 00:39:31,997 Yeah, but we didn't IPO last year, dude. 605 00:39:32,080 --> 00:39:34,875 Hey, man, check it out. This place is huge. 606 00:39:34,958 --> 00:39:37,377 They added a whole floor since the last time I was here. 607 00:39:37,461 --> 00:39:40,797 Yeah. And the San Francisco house has a room that's shaped like a guitar. 608 00:39:40,881 --> 00:39:42,633 I bet they have orgies in it. 609 00:39:42,716 --> 00:39:44,635 No. They do not have sex. 610 00:39:44,718 --> 00:39:47,721 They just levitate, and their souls fucking meld. 611 00:39:50,057 --> 00:39:51,099 Did you buy it? 612 00:39:51,767 --> 00:39:53,519 No, I'm just staring at it. 613 00:39:58,482 --> 00:39:59,816 It's Adam. 614 00:39:59,900 --> 00:40:01,527 - Why is he FaceTiming me? - What? 615 00:40:01,610 --> 00:40:03,028 - Why is he FaceTiming me? - No, Mikey. 616 00:40:03,111 --> 00:40:04,112 Don't pick it up. 617 00:40:04,196 --> 00:40:06,156 - He doesn't know that we're here. - Asshole. 618 00:40:06,240 --> 00:40:07,241 I have to answer. 619 00:40:07,324 --> 00:40:08,760 - Smash your phone! - You do not have to answer it. 620 00:40:08,784 --> 00:40:11,169 - I have to answer it. - Do not answer it under any circumstance. 621 00:40:11,745 --> 00:40:12,871 Shit, turn off the music. 622 00:40:12,955 --> 00:40:13,997 Hey, Adam. What's up? 623 00:40:14,081 --> 00:40:15,832 The printer isn't working. 624 00:40:15,916 --> 00:40:19,294 Okay. You can try to reset it. Remember how I showed you last time? 625 00:40:19,378 --> 00:40:20,378 See you soon. 626 00:40:20,921 --> 00:40:23,090 The fuck does that mean? "See you soon"? 627 00:40:24,508 --> 00:40:26,885 - Clean up and get out! - Come on, are you joking? 628 00:40:27,386 --> 00:40:29,096 Buy the bag. 629 00:40:29,179 --> 00:40:30,514 - Yeah, yeah. - See ya! 630 00:40:30,597 --> 00:40:32,975 - I love y'all. See y'all tomorrow. - No! What the... 631 00:40:33,058 --> 00:40:35,686 - No. Come on. Goddamn it. - Love you, bro. 632 00:40:41,525 --> 00:40:43,235 Hey! 633 00:40:43,318 --> 00:40:45,404 Someone probably stepped on the surge protector. 634 00:40:45,487 --> 00:40:47,281 Mikey, you're a genius. 635 00:40:48,448 --> 00:40:49,700 You're a good boy. 636 00:40:50,450 --> 00:40:53,245 You've been with us from the beginning, huh? 637 00:40:53,328 --> 00:40:55,330 - Yeah. - The very beginning. 638 00:40:55,414 --> 00:40:57,165 What, ten years now? 639 00:40:57,249 --> 00:40:59,042 - Yeah. - Yeah, yeah. 640 00:41:06,925 --> 00:41:07,926 Mikey. 641 00:41:08,510 --> 00:41:10,804 Mikey, Mikey, Mikey. 642 00:41:12,055 --> 00:41:13,599 Have you been drinking? 643 00:41:16,059 --> 00:41:17,728 I had a drink with some friends. 644 00:41:19,771 --> 00:41:22,149 A drink with friends? 645 00:41:24,985 --> 00:41:26,361 I know that smell. 646 00:41:27,404 --> 00:41:28,405 Tequila. 647 00:41:29,781 --> 00:41:30,782 Tequila. 648 00:41:32,117 --> 00:41:34,077 - Am I right, or am I right? - Yeah, you're right. 649 00:41:35,954 --> 00:41:36,997 You like tequila? 650 00:41:37,789 --> 00:41:38,790 - Yes? - Yeah. 651 00:41:38,874 --> 00:41:41,543 Yes. Well, I don't blame you. 652 00:41:43,462 --> 00:41:45,255 You got to try the good stuff. 653 00:41:46,215 --> 00:41:48,175 Come with me. Come, come. 654 00:41:48,675 --> 00:41:49,968 Come with me, Mikey. 655 00:41:51,678 --> 00:41:53,805 I'd join you, but. 656 00:41:55,140 --> 00:41:56,767 I'm on a cleanse. 657 00:41:56,850 --> 00:41:58,143 A cleanse. That's cool. 658 00:41:58,977 --> 00:42:00,103 Well… 659 00:42:01,188 --> 00:42:02,648 You're 21, right? 660 00:42:03,232 --> 00:42:06,026 - I'm almost 26. - Right? Okay, you look like a baby. 661 00:42:11,823 --> 00:42:14,326 Savor it. Savor it. 662 00:42:14,409 --> 00:42:15,619 - Here. - I'm sorry. 663 00:42:15,702 --> 00:42:17,538 - Have another. - Force of habit. 664 00:42:20,165 --> 00:42:21,208 Now. 665 00:42:21,291 --> 00:42:23,752 Sip it, slowly. 666 00:42:23,836 --> 00:42:25,003 Savor it. 667 00:42:26,588 --> 00:42:27,756 Tell me what you taste. 668 00:42:32,135 --> 00:42:33,512 There's notes of… 669 00:42:35,514 --> 00:42:36,723 Charcoal? 670 00:42:37,224 --> 00:42:38,517 Mikey. 671 00:42:39,393 --> 00:42:40,769 It tastes like money. 672 00:42:46,024 --> 00:42:47,276 How many shares do you have? 673 00:42:48,068 --> 00:42:49,903 Close to 80,000. 674 00:42:49,987 --> 00:42:51,154 80,000? 675 00:42:51,238 --> 00:42:54,283 Well, Mikey, when we IPO, 676 00:42:55,367 --> 00:42:58,203 you'll be worth 30 mil, minimum. 677 00:43:00,289 --> 00:43:02,916 Time to start getting used to the nice things in life, Mikey. 678 00:43:03,000 --> 00:43:04,126 Here, it's yours. 679 00:43:04,209 --> 00:43:06,795 Take it. Enjoy. It's yours. 680 00:43:07,379 --> 00:43:08,380 It's a memory. 681 00:43:12,050 --> 00:43:13,218 Rivka! 682 00:43:13,302 --> 00:43:14,595 Namaste. 683 00:43:14,678 --> 00:43:17,598 Mikey has been with us since the very beginning, as you know. 684 00:43:17,681 --> 00:43:19,057 Ten years now? 685 00:43:19,141 --> 00:43:20,142 - Ten years! - Yeah. 686 00:43:20,225 --> 00:43:22,019 - Really? That's wonderful. - Ten years. 687 00:43:22,102 --> 00:43:23,937 Yes, yeah. 688 00:43:24,021 --> 00:43:26,064 We should probably get back to it. 689 00:43:26,148 --> 00:43:27,733 - Of course. - Remember that first night? 690 00:43:27,816 --> 00:43:29,234 Opening the first location? 691 00:43:29,318 --> 00:43:32,112 I do. How could I forget? How could I forget? 692 00:43:32,196 --> 00:43:36,241 Running around, screwing desks together, trying to connect the Internet. 693 00:43:36,742 --> 00:43:38,994 I remember it was crazy but fun. 694 00:43:39,077 --> 00:43:40,454 Fun, Mikey. Fun. 695 00:43:40,537 --> 00:43:42,706 - I miss it. - Yeah, I do too. 696 00:43:42,789 --> 00:43:47,085 It didn't feel like work, you know? Like business. 697 00:43:47,836 --> 00:43:54,259 It felt like this crazy, like, Red Bull and adrenaline 698 00:43:55,177 --> 00:43:57,596 and laughing your butt off and getting shit done. 699 00:43:58,680 --> 00:44:03,685 It felt like being a part of something. 700 00:44:04,269 --> 00:44:05,270 I agree. 701 00:44:06,772 --> 00:44:07,940 He's right. 702 00:44:11,235 --> 00:44:13,654 WeWork's not a business. It's a feeling. 703 00:44:14,446 --> 00:44:16,698 We need to give people that feeling. 704 00:44:16,782 --> 00:44:20,327 We're not gonna be able to do it with charts and graphs and acronyms. 705 00:44:20,410 --> 00:44:22,287 Even the right words can only get us so far. 706 00:44:22,371 --> 00:44:23,705 We need… 707 00:44:24,498 --> 00:44:25,874 We need images. 708 00:44:25,958 --> 00:44:28,001 - Images. Images. - Images. 709 00:44:28,085 --> 00:44:29,503 Is that normal for an S-1? 710 00:44:29,586 --> 00:44:31,588 We need to immerse people. 711 00:44:31,672 --> 00:44:35,968 We need to give people that feeling that we all had that first night. 712 00:44:36,051 --> 00:44:37,803 Wait, were you there that night? 713 00:44:38,303 --> 00:44:40,013 I don't remember you being there. 714 00:44:40,597 --> 00:44:43,559 - It was me, Jacob... - Of course I was there. 715 00:44:43,642 --> 00:44:46,436 - I've always been here. - Always. 716 00:44:46,520 --> 00:44:47,521 Thanks for coming. 717 00:44:49,064 --> 00:44:51,400 Thank you, Mikey. Thank you. 718 00:44:54,152 --> 00:44:55,362 Okay, Mikey. 719 00:44:56,029 --> 00:44:57,948 Okay, you're not driving, right? 720 00:44:58,615 --> 00:45:00,075 - No, no. - Good. 721 00:45:02,870 --> 00:45:05,956 - We were children. - So great. 722 00:45:06,039 --> 00:45:08,584 Our very first summer camp. 723 00:45:09,918 --> 00:45:12,546 Look at those adoring faces. 724 00:45:15,215 --> 00:45:16,758 They love you. 725 00:45:16,842 --> 00:45:19,636 - No, they love us, us, us. - I do too. 726 00:45:19,720 --> 00:45:21,471 - The both of us. - No, no, no. 727 00:45:22,389 --> 00:45:23,390 It's you. 728 00:45:24,600 --> 00:45:25,976 - No. - They love you. 729 00:45:28,312 --> 00:45:29,521 They resent me. 730 00:45:32,482 --> 00:45:33,942 - They mock me. - No. 731 00:45:34,026 --> 00:45:37,029 - They talk shit about me behind my back. - No. No. 732 00:45:37,112 --> 00:45:39,990 They think the school's a vanity project. 733 00:45:40,073 --> 00:45:42,409 They think I can't hear it, but I can. 734 00:45:42,492 --> 00:45:44,328 Even when I don't, I feel it. 735 00:45:45,245 --> 00:45:48,540 Who is "they"? Who is "they"? 736 00:45:48,624 --> 00:45:50,876 Give me names, and they're gone. 737 00:45:50,959 --> 00:45:51,960 Gone. 738 00:45:53,253 --> 00:45:55,214 You can't fire the whole company. 739 00:45:55,297 --> 00:45:57,174 Yes, I can. Watch me. 740 00:45:57,257 --> 00:46:00,385 - I'll drag them out by their... - It doesn't matter, doesn't matter. 741 00:46:03,430 --> 00:46:06,058 I've evolved beyond all of that now. 742 00:46:07,100 --> 00:46:08,727 I finally know… 743 00:46:11,271 --> 00:46:12,481 What I am. 744 00:46:14,608 --> 00:46:17,861 I'm not a maverick, or a magician, or a muse. 745 00:46:17,945 --> 00:46:20,781 I'm not even Chief Branding Officer. 746 00:46:20,864 --> 00:46:22,115 Not really. 747 00:46:24,535 --> 00:46:31,166 I used to think that it was my job to safeguard the soul of the company, 748 00:46:31,250 --> 00:46:33,627 but even that's not really true. 749 00:46:40,300 --> 00:46:43,554 I am the soul of the company. 750 00:46:51,228 --> 00:46:52,938 Yes, you are. 751 00:46:53,021 --> 00:46:54,022 You are. 752 00:46:54,648 --> 00:46:57,568 And you are in every atom of wood and brick and steel 753 00:46:57,651 --> 00:46:59,570 in every We Work in the world. 754 00:47:01,280 --> 00:47:02,364 We both are. 755 00:47:02,447 --> 00:47:03,448 Yes. 756 00:47:05,367 --> 00:47:09,162 And what we have made is even bigger than the both of us. 757 00:47:18,297 --> 00:47:19,298 Yes. 758 00:47:20,799 --> 00:47:21,842 Yes? 759 00:47:23,760 --> 00:47:25,220 I have to write. 760 00:47:25,804 --> 00:47:29,516 We Work is a community company 761 00:47:29,600 --> 00:47:32,352 committed to maximum global impact. 762 00:47:33,437 --> 00:47:37,065 We dedicate this to the energy of we. 763 00:47:37,149 --> 00:47:38,901 Greater than any one of us, 764 00:47:38,984 --> 00:47:41,653 but inside each of us. 765 00:47:42,779 --> 00:47:47,618 We believe our company has the power to elevate how people work 766 00:47:49,536 --> 00:47:50,621 live… 767 00:47:52,873 --> 00:47:54,249 And grow. 768 00:47:58,670 --> 00:48:04,968 "The We Company is committed to being meat-, plastic- and carbon-free." 769 00:48:06,136 --> 00:48:12,226 "Our mission is nothing less than to elevate the world's consciousness." 770 00:48:12,309 --> 00:48:17,981 We invite you to join us in creating a better world, 771 00:48:18,065 --> 00:48:21,860 because "we" are just getting started. 772 00:48:31,954 --> 00:48:33,956 What the fuck was that? 773 00:48:35,707 --> 00:48:37,584 I knew he wouldn't get it. 774 00:48:39,419 --> 00:48:42,172 That was our S-1. 775 00:48:43,131 --> 00:48:44,967 But don't worry, Cammy Number Two. 776 00:48:45,050 --> 00:48:47,219 Everything the lawyers wanted is in there. 777 00:48:47,302 --> 00:48:49,513 - We just got rid of old conventions. - Right. 778 00:48:49,596 --> 00:48:53,559 These pictures… My God. 779 00:48:53,642 --> 00:48:55,435 That introduction... 780 00:48:55,519 --> 00:48:58,480 You've turned the S-1 into a children's book. 781 00:48:58,564 --> 00:48:59,940 - Cam. - Okay? Bruce. 782 00:49:00,023 --> 00:49:02,442 Have you ever seen an S-1? 783 00:49:02,526 --> 00:49:05,195 Actually, Cam, I worked on Wall Street. 784 00:49:05,279 --> 00:49:07,698 So, yes, I do know what an S-1 is. 785 00:49:07,781 --> 00:49:08,782 Got it. 786 00:49:09,366 --> 00:49:11,076 I have a question for you. 787 00:49:11,159 --> 00:49:13,036 Do you know what a mandarin is? 788 00:49:14,121 --> 00:49:15,873 No? Well, let me tell you. 789 00:49:16,498 --> 00:49:20,294 When I was in China, opening our Shanghai location, 790 00:49:20,794 --> 00:49:23,672 dealing with inspectors and bureaucrats 791 00:49:23,755 --> 00:49:25,591 and more inspectors and more bureaucrats, 792 00:49:25,674 --> 00:49:28,427 my Chinese friends taught me the word "mandarin." 793 00:49:30,179 --> 00:49:34,850 A mandarin was a government official 794 00:49:35,726 --> 00:49:39,479 in the imperial system in 15th-century China. 795 00:49:40,063 --> 00:49:41,481 They thought they were hot shit 796 00:49:41,565 --> 00:49:45,444 because they were chosen by a rigorous examination process. 797 00:49:45,527 --> 00:49:48,780 The Emperor wanted them to think that, because in thinking that, 798 00:49:48,864 --> 00:49:51,783 they carried themselves with great dignity and authority, 799 00:49:51,867 --> 00:49:54,661 and everybody listened to what they had to say. 800 00:49:54,745 --> 00:50:00,834 But what they had to say was simply what the Emperor wanted them to say. 801 00:50:01,585 --> 00:50:06,590 They had no real agency or vision… 802 00:50:09,218 --> 00:50:10,260 Or power. 803 00:50:11,929 --> 00:50:17,559 So, for all their arrogance and swagger, they were simply bureaucrats. 804 00:50:18,143 --> 00:50:19,561 Civil servants. 805 00:50:20,312 --> 00:50:21,522 Mouthpieces. 806 00:50:22,940 --> 00:50:24,066 You're a mandarin. 807 00:50:26,902 --> 00:50:27,903 And I… 808 00:50:29,404 --> 00:50:30,822 I'm an emperor. 809 00:50:35,577 --> 00:50:36,828 File it, Bruce. 810 00:50:39,081 --> 00:50:41,500 You're not going to back this, are you? 811 00:50:42,668 --> 00:50:45,754 Maybe he's right. Maybe it's time for a new approach. 812 00:50:46,338 --> 00:50:48,090 You're going to allow this? 813 00:50:48,173 --> 00:50:50,968 We're going to get fucking pilloried. 814 00:50:51,927 --> 00:50:55,097 They're going to fucking destroy us. 815 00:50:57,099 --> 00:50:58,934 And another thing. 816 00:50:59,017 --> 00:51:00,143 The mandarins 817 00:51:01,019 --> 00:51:02,646 were mostly eunuchs. 818 00:51:13,156 --> 00:51:15,075 - My queen. - Yes, my king. 819 00:51:17,202 --> 00:51:18,662 - Thank you. - Of course. 820 00:51:20,247 --> 00:51:21,915 She worked on Wall Street. 821 00:51:22,875 --> 00:51:24,042 For three weeks. 822 00:51:44,855 --> 00:51:46,481 - Here we are, guys. - Here we are! 823 00:51:46,565 --> 00:51:48,108 Hamptons, here we come. 824 00:51:48,775 --> 00:51:50,444 Dude, this is amazing. 825 00:51:50,527 --> 00:51:52,946 - Only way to get to the Hamptons. - Hamptons! 826 00:52:35,906 --> 00:52:38,659 For real, man. How much are you gonna make off this deal? 827 00:52:39,159 --> 00:52:41,537 Worst case, maybe 20, 30 million. 828 00:52:41,620 --> 00:52:43,747 - Twenty, thirty million? What the fuck? - Yeah. 829 00:52:43,830 --> 00:52:45,874 But if it goes the way the town expects it to, 830 00:52:45,958 --> 00:52:47,042 it could be 50. 831 00:52:47,125 --> 00:52:50,629 - Shit. Fifty million! - Yeah, I know! 832 00:53:06,979 --> 00:53:08,480 Dude, you've got to read this. 833 00:53:08,564 --> 00:53:11,066 Galloway just destroyed We Work on his blog. 834 00:53:11,692 --> 00:53:13,068 Have you read their S-1 yet? 59916

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