Episode 8 of "WeCrashed" crescendos into its climactic finale with the WeWork offices plunged into chaos, reverberating with the aftermath of the S-1 filing. Panic-stricken employees scurry about, seeking solace in Rebekah and Adam's chambers, delicately broaching the growing disquiet among investors and Wall Street titans. Confidence in the IPO is rapidly eroding, and whispers of wild, late-night frat parties have ignited a firestorm of scandalous gossip.
Adam attempts to brush off the negative press as mere trifles, but Bruce's stern words bring him crashing back to reality: WeWork stands on the precipice of public scrutiny, where Adam's charisma alone can no longer shield it from the harsh light of truth. The facade of glamour and success has cracked, revealing the cracks beneath to the unforgiving gaze of the media.
On September 18th, 2019, the news breaks like a tidal wave, heralding Adam's impending downfall and the demise of WeWork. Faced with this dire situation, the only feasible lifeline seems to be severing ties with Adam himself. The board of directors, united in their resolve, votes to oust him. When Rebekah learns of this, she marshals her legal arsenal, determined to thwart the decision.
Emboldened by a contractual clause allowing for a "supervote," they contemplate a drastic move: dismantling the board and replacing it with a compliant council. Yet, the cautionary whispers of their attorneys serve as a stark reminder of the legal quagmire that awaits should they tread too carelessly.
Returning to the office, Adam and Rebekah find their once-magnetic presence dimmed, their energy unable to stir the disillusioned masses. The staff's anger and disappointment boil over, fueled by the shattered promise of an IPO. Even Bruce, once Adam's staunchest ally, has turned, his fury palpable.
Jamie delivers a sobering truth, piercing Adam's heart: he is his own worst enemy, and as long as he remains at the helm, investors will shy away from the stocks. The stage is set for a dramatic turn, as WeWork teeters on the brink of collapse, its fate hanging in the balance.
As Adam's life spiraled chaotically out of control, he stumbled upon Miguel in the hushed corners of the late-night hours, devoid of the glare of grand parties or fanfare. It was a quiet reunion between two co-founders, souls baring their thoughts on the company they had once nurtured together. Miguel, with a gentleness that cut deep, gently reminded Adam that his current path was not one he deserved. Yet, this compassionate gesture was enough to ignite a spark within Adam, propelling him towards the righteous decision of relinquishing his role as CEO.
The news of this pivotal moment rippled through the office corridors, paralleled by the triumphant announcement that Bea had secured her place at Harvard Business School. Ironically, her admission essay, a scathing critique of WeWork and its missteps in entrepreneurship, had ironically become her ticket to academic glory.
At the helm of WeWork now stood Cameron, the newly appointed CEO, who cracked the whip with unrelenting ferocity. He exhorted the workforce to abandon Adam's utopian dreams of world salvation and instead, embrace the gritty reality of hard work. He reinstated the company's original vision—a shared community space, fostering collaboration and productivity.
Yet, two days later, another towering crisis loomed large over WeWork. Despite shedding most of its heavy assets, the company continued to hemorrhage money. Layoffs were a non-starter, as the severance costs alone would prove insurmountable for the financially beleaguered enterprise.
At the root of these mounting issues lay Adam's impulsive decision to accelerate the company's expansion plans, just prior to his departure as CEO. He had inadvertently shackled WeWork to a web of contracts, doubling its size and now faced the wrath of investors, who were closing in, demanding accountability for this reckless expansion.
Investment appears to be a veritable dead end. Despite Adam relinquishing his position as CEO, his ironclad grip on the majority voting shares leaves no room for financial infusions from potential investors, deterring any hopeful overtures. It seems Adam is deliberately orchestrating a perilous game of brinkmanship with Masa, who yearns to expand his business empire, with WeWork's success – or at least its survival from imminent collapse – being a pivotal piece in the puzzle.
In the stillness of the night, Masa breaks the stalemate, initiating a call to Adam, dangling the alluring bait of $500 million for his shares. Yet, Adam remains unswayed, stubbornly declining the offer. But fate, in a twisted irony, rewards Adam with a colossal windfall – a 'golden parachute,' as the media euphemistically terms it – through a strategic renegotiation that secures him a lucrative exit, while SoftBank emerges victorious, claiming an 80% stake in the company.
Amidst the serene backdrop of the Dead Sea in Israel, Rebekah's inbox brings tidings of hope: her K-12 curriculum for the WeGrow initiative is finally greenlit. However, Masa's call interrupts the moment, posing a cryptic query: "In a confrontation, who triumphs – the wise or the mad?" This is but a rhetorical device, for the true victor is he who wields the purse strings. Masa taunts, vowing that Adam's buyout dreams are but a mirage, promising, "Our next encounter shall be solely through legal counsel." With those ominous words, the call ends abruptly.
As the episode draws to a close, a bittersweet reality emerges: WeWork indeed embarked on its public journey, but at a meager valuation of $9 billion, a far cry from its once-lofty aspirations. The true losers in this saga are the unsuspecting employees, left empty-handed as Adam sails off into the sunset, flush with cash and the freedom to embark on new ventures, leaving behind a trail of shattered dreams and broken promises.
