WeWork

A tech startup called WeWork contributed to the availability of shared office space for emerging businesses and startups. Thus, it was essentially just commercial real estate for businesses, albeit they also experimented with virtual spaces in addition to physical ones and made a valiant effort to mislead people into believing they were doing something when they were actually doing very little. The business would lease huge office premises for a long time, then subdivide those spaces into smaller ones so that more short-term renters could use them for daily office use. This concept somehow managed to receive an initial valuation of $47 billion.

After receiving a $8 billion investment from SoftBank, the business began to acquire office space in important U.S. cities. No one thought it was crazy when they estimated that the market for their company would be more than $3 trillion. No one thought it was crazy when they estimated that the market for their company would be more than $3 trillion. In order to arrive at this figure, they decided that every single person who sat at a desk in a city where they had an office qualified as a potential member.

The CEO and his wife were so incompetent at business that it was almost comical. She once dismissed someone because their "energy" was off, as he worked barefoot and drank tequila shots in the workplace. The company's mishandling of money appeared to be its sole significant strength. On $1.8 billion in revenue, they lost $1.9 billion in 2018, and their decline persisted. Just to restore some faith in the company, not because it actually worked, the CEO had to step down. They had to cancel their IPO in 2019 due to its failure. They announced losses of more than $2 billion in just the first quarter of 2021.