WeWork's spectacular rise and fall provide cautionary tale for startups
2019-11-26 00:00:00


JUDY WOODRUFF: This has been a sobering yearfor some of Silicon Valley's highest-flying(1)
朱迪·伍德鲁夫(JUDY WOODRUFF):对于硅谷一些飞行最快的地区来说,这是令人发狂的一年

start-up companies, some of which have beenbrought down to earth.(2)
初创公司,其中一些已经扎根。

The Wall Street Journal estimated today thatsome of the most prominent start-ups have(3)
《华尔街日报》今天估计,一些最杰出的初创企业

lost $100 billion in market value, one ofthe biggest, WeWork.(4)
损失了1000亿美元的市值,其中最大的一笔就是WeWork。

John Yang looks at what went wrong.(5)
约翰·杨(John Yang)看看出了什么问题。

JOHN YANG: Judy, WeWork set out to revolutionizethe workplace, leasing offices, fixing them(6)
杨扬:朱迪(Judy),WeWork致力于彻底改变工作场所,租赁办公室,固定办公室

up, and then subletting them as shared spaces.(7)
起来,然后将它们替换为共享空间。

At the beginning of this year, it was thesingle biggest office tenant in London, New(8)
今年年初,它是新伦敦最大的办公室租户

York and Washington.(9)
约克和华盛顿。

But since January, WeWork's valuation hasplunged from $47 billion to $7 billion.(10)
但自1月份以来,WeWork的市值从470亿美元骤降至70亿美元。

Last week, the company said it was layingoff 2,400 employees.(11)
上周,该公司表示将裁员2400名。

That's nearly a fifth of its global work force.(12)
这几乎是其全球劳动力的五分之一。

The announcement was delayed until the companyraised the cash it needed for severance payments.(13)
公告被推迟到公司筹集了遣散费所需的现金。

That was after co-founder Adam Neumann wasbought out for more than $1 billion and given(14)
那是在联合创始人亚当·诺伊曼(Adam Neumann)以超过10亿美元的价格被收购并获得

a four-year $185 million consulting contract.(15)
一份为期四年的1.85亿美元的咨询合同。

Peter Eavis of The New York Times has beencovering this story.(16)
纽约时报的彼得·埃维斯(Peter Eavis)一直在报道这个故事。

He joins us from the paper's newsroom in NewYork.(17)
他从纽约报纸的新闻编辑室加入我们。

Peter, thanks so much for being with us.(18)
彼得,非常感谢您与我们在一起。

Fundamentally, what was the problem?(19)
从根本上讲,出了什么问题?

What happened?(20)
发生了什么?

Why did $40 billion go away?(21)
为什么400亿美元消失了?

PETER EAVIS, The New York Times: That $47billion valuation was the result of WeWork's(22)
PETER EAVIS,《纽约时报》:470亿美元的估值是WeWork的结果

biggest backer, SoftBank, pouring in billionsof dollars into the company.(23)
最大的支持者,软银,向该公司注资数十亿美元。

That then set off an enormous expansion acrossthe globe that left the company with huge(24)
然后,这在全球范围内引发了巨大的扩张,给公司带来了巨大的商机。

losses.(25)
损失。

And when they -- when WeWork came to do itsIPO, and everybody saw how much it was losing,(26)
当他们-当WeWork进行IPO时,每个人都看到它损失了多少,

how it was draining cash so quickly, theybalked, and the IPO had to be called off.(27)
他们怎么这么快就耗尽现金,他们拒绝了,不得不取消IPO。

JOHN YANG: So, tell us quickly, who is SoftBank,and who was running it, and why is it important?(28)
杨扬:那么,请快速告诉我们,谁是软银,谁在运行它,为什么它很重要?

PETER EAVIS: SoftBank is a Japanese conglomerate.(29)
彼得·埃维斯:软银是一家日本企业集团。

It's headed by a legendary investor calledMasayoshi Son.(30)
它由传奇投资者孙正义(Masayoshi Son)领导。

And he gained his reputation for making avery successful bet on the Chinese e-commerce(31)
他以在中国电子商务上的非常成功的赌注赢得了声誉。

company Alibaba.(32)
公司阿里巴巴。

He's made other successful investments aswell.(33)
他还进行了其他成功的投资。

And he's used his reputation and the gainshe's made over the years to invest in a lot(34)
而且他利用自己的声誉和多年来的成就在很多方面进行了投资

of young companies recently, one of whichwas WeWork.(35)
最近的年轻公司,其中之一就是WeWork。

But he's also put a lot of money into others.(36)
但是他也向别人投入了很多钱。

And not all of them are doing particularlywell.(37)
并非所有人都做得特别好。

JOHN YANG: And his decision to invest in WeWork-- his initial investment -- was $4.4 billion,(38)
杨扬:他投资WeWork的决定(他的初始投资)是44亿美元,

came after a very brief meeting with the co-founder,Adam Neumann.(39)
在与联合创始人亚当·诺伊曼(Adam Neumann)进行了非常简短的会面之后。

PETER EAVIS: Correct.(40)
PETER EAVIS:正确。

I mean, that investment scaled up to as muchas $10.5 billion.(41)
我的意思是说,这笔投资最多可增加至105亿美元。

He was enthralled by Mr. Neumann's vision.(42)
诺伊曼先生的远见使他着迷。

He shared this idea -- Masayoshi Son sharedthis idea that a shared space could somehow(43)
他分享了这个想法-孙正义(Masayoshi Son)分享了一个想法,即共享空间可以通过某种方式

revolutionize the workplace and was happyto put in the billions, and apparently even(44)
彻底改变了工作场所,并乐意投入数十亿美元,甚至显然

said that Mr. Neumann should be even crazierthan he thought he should.(45)
他说,诺伊曼先生应该比他想像的还要疯狂。

JOHN YANG: You say he was enthralled by Mr.Neumann.(46)
杨扬:你说他被诺伊曼先生迷住了。

Let's give the viewers an idea of Mr. Neumann.(47)
让我们向观众介绍诺伊曼先生。

We are going to play a bite of him sellingWeWork to a group of U.S. mayors.(48)
我们要咬他一口,将他的公司卖给一群美国市长。

ADAM NEUMANN, Co-Founder, WeWork: If you bringus in for 10 locations, we will create 200,000(49)
WeWork联合创始人ADAM NEUMANN:如果您将我们带入10个地点,我们将创造20万个

jobs other the next 10 years.(50)
未来10年内的其他工作。

And it can go bigger and bigger.(51)
它可以变得越来越大。

And we won't just bring you jobs.(52)
我们不仅会为您带来工作。

We will bring a place to live.(53)
我们将带来一个居住的地方。

We will bring education.(54)
我们将带来教育。

And -- and this is important -- we will bringcorporate America.(55)
而且-这很重要-我们将带来美国公司。

JOHN YANG: So, we get a sense of charisma,his energy, his -- the zeal he brought to(56)
杨扬:所以,我们有一种超凡魅力,他的能量,他带给他的热情

these things.(57)
这些东西。

Tell us more about Adam Neumann.(58)
告诉我们更多有关亚当·纽曼的信息。

PETER EAVIS: He was raised on a kibbutz.(59)
PETER EAVIS:他在基布兹长大。

He apparently came from an unhappy home.(60)
他显然来自一个不幸的家。

He talks about that.(61)
他谈到了这一点。

He served time in the Israeli military.(62)
他曾在以色列军队服役。

He went to Baruch.(63)
他去了巴鲁克。

He teamed up with a guy from -- who grew upon a commune, I think, in Oregon, and they(64)
他与一个来自-来自俄勒冈州的公社的小伙子合作,他们在俄勒冈州

founded WeWork.(65)
创立了WeWork。

And they wanted to create, you know, a companythat they said ultimately would elevate the(66)
他们想创建一家公司,他们说他们最终将提升

world's consciousness.(67)
世界的意识。

They -- I don't know to the degree it wassincere, but they said they wanted to create(68)
他们-我不知道这是真诚的程度,但是他们说他们想创造

a place that would revolutionize the workplaceand bring people together and spark creativity(69)
一个可以彻底改变工作场所,凝聚人心并激发创造力的地方

and create entrepreneurship.(70)
创造企业家精神。

JOHN YANG: And it's not just -- I mean, whathe was doing was subletting office space,(71)
杨扬:不仅如此-我的意思是,他在做的是转租办公室空间,

but he sold it, as you say, as a way to builda community, to change the nature of communities?(72)
但正如您所说,他卖掉了它,作为建立社区,改变社区性质的一种方式?

PETER EAVIS: Correct.(73)
PETER EAVIS:正确。

And you will still find a lot of people whoare in WeWork spaces, particularly those early(74)
而且您仍然会发现很多在WeWork空间中的人,尤其是那些早期的人。

on, who still believe in this vision.(75)
上,谁仍然相信这一愿景。

It's a catchy one.(76)
这是上口的。

I can see how it caught on, especially inthe dark days after the financial crisis,(77)
我可以看到它是如何流行的,尤其是在金融危机之后的黑暗日子里,

when WeWork was formed.(78)
当WeWork成立时。

There were people looking for work.(79)
有人在找工作。

They went to these shared spaces.(80)
他们去了这些共享空间。

They dreamt up ideas for new businesses, start-ups.(81)
他们为新企业和初创企业构想。

And that was the pitch.(82)
那就是球场。

Of course, you know, we ultimately saw justhow hollow it was, but you can see how it(83)
当然,您知道,我们最终看到了它有多空心,但是您可以看到它有多空心

had some attraction.(84)
有一些吸引力。

JOHN YANG: This is, of course, one of thegreat crashes in American business.(85)
杨扬:当然,这是美国商业崩溃中的重大事件之一。

Is there a moral to this story?(86)
这个故事有道义吗?

PETER EAVIS: I think there is.(87)
PETER EAVIS:我认为是。

I think that there's a good moral and there'sa bad moral.(88)
我认为道德有好有坏。

I think bad moral is the one that -- madeone somewhat pessimistic, is that so many(89)
我认为道德不佳是使人有些悲观的道德根源

people fell for this.(90)
人们为此而倒下。

There were people on Wall Street that wantedto sell this company at over $47 billion,(91)
华尔街上有人想以470亿美元的价格出售这家公司,

maybe as much as $60 billion.(92)
可能高达600亿美元。

But on the other hand, there was -- as soonas these numbers went out into the public,(93)
但是另一方面,这些数字一经公开,

nobody wanted to buy this company.(94)
没有人想收购这家公司。

It was seen to be a risky proposition, andthe IPO failed.(95)
人们认为这是一个冒险的提议,而IPO失败了。

So, you know, people were wise to it.(96)
因此,您知道,人们对此很明智。

They saw through it.(97)
他们看穿了它。

JOHN YANG: Peter Eavis of The New York Times,thanks so much for being with us.(98)
杨扬:纽约时报的Peter Eavis,非常感谢您与我们在一起。

PETER EAVIS: Thank you.(99)
PETER EAVIS:谢谢。


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