Previously on “WeCrashed,” Episode 6, many developments took place on different fronts. There were realizations and reality checks that Adam, Rebekah, and Miguel went through. With his incessant urge to be crazy, Adam got a little ahead of himself and lost out on a deal with an investor who had been his guardian angel, Masayoshi Son. He had treated Benchmark Capital’s opinions with utter disregard. His recklessness had coerced Cameron Lautner to physically be present in WeWork and put a leash on the madness that was getting overboard. But Adam had Bruce from Benchmark Capital, who made sure that he had his way.
Rebekah’s idea of entering into education and revamping the way it was perceived wasn’t received well by Cameron Lautner and his partners at Benchmark. The core business was losing astronomical amounts of money, and instead of catering to that, the Neumanns were investing in another leg that was perceived as being nothing more than a vanity project.
With Masayoshi Son declining to fund Project Fortitude and buy out the other investors, Adam was not left with a lot of choices. These debacles were still controllable, but the seed sown inside Miguel was a bigger worry. Miguel had been with Adam from the beginning. He didn’t have a flashy exterior, but he didn’t do anything to be undermined brutally. He was a simple man who had stood with Adam since the inception of WeWork. When he was disrespected in the board meeting, he was forced to analyze his worth in the company. Miguel was not in a very happy state. He was having second thoughts about each and every facet. Losing out on Miguel was a bigger concern for Adam and evidently he was unaware of it!
Does Adam Neumann Go For An IPO?
Adam had tried his luck in Silicon Valley. In “WeCrashed,” Episode 7, we see that people were not able to understand why he was not going for an IPO. Everybody wanted Adam to do so. But he wanted to keep the power in his hands. He had the power to not be transparent, to not be answerable, and to do what his intuition told him to, even if it was not something that was advisable. Going public meant being transparent and keeping each and every intricacy out in the open for scrutiny. With a high burn rate, and the promise of profit still seemed a distant dream for WeWork.
Adam asks Jamie Dimon at JP Morgan to increase his line of credit, but when everybody turns him down, he has no option other than to opt for an IPO.
WeWork filed for an IPO. The analysts from JP Morgan, Goldman Sachs, Morgan Stanley, and all the other investment banks were put to work to analyze the worth of the company. They all wanted to lead the underwriting. Jamie Dimon wins the race and is given the responsibility.
Rebekah, all this while, was laying low and focusing just on the school. She was agitated and angry at what Adam had said, about him creating this empire single-handedly and Rebekah merely being a lucky beneficiary. Rebekah believed that she had built everything from scratch with Adam, and was equally responsible for their growth. Nothing would have started if she hadn’t allowed Adam to use the money that her father had given her as a wedding present. She was the one who had come up with the tagline of the company, “Elevate the World’s Consciousness.” She just wanted Adam to be a little more grateful for all that she had done and acknowledge that nothing would have been possible without her.
Why Do Adam And Rebekah Want To Change WeWork’s S1 Document?
S1 was one of the most important legal documents that had to be carefully curated. Adam wanted the team at JP Morgan to provide the data and other specifics and then told them that he would take it from there. The team didn’t understand why Adam wanted to meddle in affairs that he had no expertise in. But as always, Adam was persistent.
Adam goes to Rebekah, who was still not talking to him properly. He told her about his plan to remodel the S1 document after the lawyers and the bankers provided them with a blueprint. Rebekah wants to confront Adam and tell him that whatever he said was hurtful and brutal. Adam apologizes, and Rebekah gets her opportunity to deride him and scorn him off in every possible manner. Once she has taken the bitter feeling out of her system, she reconciles, and the Neumanns start drafting their peculiar S1 document.
They come up with words that best define their venture. More than the financial intricacies, they wanted to communicate a feeling. They thought that if they were able to sell that enticing feeling of belongingness, then surely they would be able to make that emotional connection directly with the public.
Rebekah always pretended to be a person who knew it all. She didn’t refrain from saying, very pompously, that she had worked on Wall Street. But there is something so superficial about her that you can not help but question her credibility. She talks about spirituality and consciousness, but it seems like she does not have any in-depth knowledge about the subject matter and is just doing everything to make people believe that she is also a significant part of the organization. She wants to feel that she is this intellectual and poised personality who is always a step ahead of everybody and sees through things. It was for a reason that people disregard her authority and not Adam’s. They might disagree with the modus operandi of Adam Neumann, but they never questioned his proficiency. With Rebekah, credibility was always a lingering question.
‘WeCrashed’ Episode 7: Ending – Does Miguel Mckelvey Leave WeWork?
Miguel was there with Adam from the very beginning. He had created WeWork from scratch with Adam Neumann. He never asked to be appreciated or applauded for something that he didn’t do. He knew that Adam was a good sales guy, so he very conveniently took the backseat, and let him do all the talking while he handled the affairs at the back-end. But of late, he had started feeling that Adam undermined his worth a lot of times, without caring how he felt. Miguel was never a person who wanted to be cheered at. He was happy that Adam got all the applause. He checked the S1 document and found his name was barely mentioned in the entire document. Rebekah was mentioned far more times as compared to him. Obviously, Rebekah was Adam’s wife and apparently the soul of the company, but in reality, it was Miguel’s hard work for those years that had put the limelight on their company. He had worked day and night to make those presentations that got them the deals and helped them climb the ladder. And today, just because he was not flashy or didn’t have a loud personality, he was being sidelined. He didn’t expect it from Adam, who had taken him for granted for quite some time now.
The water had started overflowing from the tank, and Miguel was in such a state where he wanted to make a decision as to his role and involvement in the company, and, more importantly, his future and how he wanted to shape his own narrative. It was time to come out of the shadows of Adam Neumann and take a stand for his respect and dignity.
Though Miguel Mckelvey did not leave WeWork till the end of Episode 7 of “WeCrashed”, the resentment is so great that it won’t be long till he makes that decision and ends his partnership with Adam Neumann.