WeWork and the Great Unicorn Delusion

Derek Thompson
WeWork and the Great Unicorn Delusion

The office-space company WeWork announced that it was postponing its initial public offering this week, a reaction to a sharp decline in its reported valuation from $47 billion a few weeks ago to less than $20 billion today. In many ways, the company’s four-week tailspin has been a one-of-a-kind spectacle. Documents filed in anticipation of its public offering revealed a pattern of behavior from its founder and chief executive, Adam Neumann, that fits somewhere on the spectrum between highly eccentric and vaguely Caligulan.