Sam Zell Criticizes WeWork Ahead Of Its Initial Public Offering
“I had the privilege of investing in this kind of company once before,” said Zell. “As a matter of fact, this kind of company began in 1956.”
Zell also claimed that every company within the coworking sector has gone broke, citing WeWork’s recent pre-IPO filing last month that revealed the company had experienced net losses of over $900 million in the first half of 2019.
WeWork has yet to respond as it is in the mandatory quiet period ahead of its initial public offering.
Further driving his point, Zell said that the real estate industry has “committed suicide” by letting WeWork buy so many properties.
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