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This is a great post. If you take everything at face value in the article you might think WeWork is one of the best companies in the world. But your analysis really hit the nail on the head, there's nothing about them that makes them "too big too fail". If WeWork were to disappear wouldn't the building owners try to rent out to the very companies renting from WeWork?

If the building owners really believed WeWork's model was worthwhile what stops them from copying it? Just cut out the middleman.


Mike: yes, the fundamental issue is that Wework's product is to offer startups or startup divisions that have a high chance of failing a less risky option. That is exactly the risk Wework assumes and what investors are worried about. Of course, those investors would love to find someone else to bear the risk...


It is quite likely that the rental agreements with the landlords would, in the event of rent not being paid, allow the landlords to take over the building including fittings and negotiate with the current sub letters.This would be especially so with clients like Microsoft who would not want a situation where they were kicked out because WeWork went bust.

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