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We critiqued WeWork's (aka "the We Company") business model in episode 292 of this podcast. Now comes the news that co-founder CEO Adam Neumann has sold $700 million worth of stock per the Wall Street Journal. This type of a stock sale by a founder CEO ahead of a prospective IPO is unprecedented in our 20-plus years in the capital markets and is a huge red flag. It would take a small miracle for WeWork to pull off an IPO in our view given the fact that the company does not match lease durations and given news of this $700 million stock sale by Neumann.

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