The deranged manner in which leftist Democrats perceive and engage reality is strikingly similar to the deceitful ways in which many tech companies operate these days: by pretending that up is down, male is female, black is white, and losses are profits.
WeWork is a perfect example of this, as reports indicate that the collaborative workspace startup is soon planning to introduce a so-called “community-adjusted” public offering that, for all intents and purposes, is based on nothing more than a financial sleight of hand.
While WeWork has supposedly doubled its revenues in recent years, its losses have similarly spiked by pretty much the same amount – meaning the company is hardly financially stable. But by shuffling around and quite literally making up numbers, WeWork is hoping to attract gullible investors whom it can trick into believing that its business model is somehow “innovative” as opposed to fraudulent.
In truth, WeWork is about as financially rooted as Elon Musk’s Tesla corporation, which is currently the number one most-shorted stock on the market. Besides bearing an enormous amount of debt, WeWork was also recently suspending from the Moody’s rating system for providing a “lack of information.”
“With this heavy debt load, the company would be poised to topple into bankruptcy during an economic downturn due to the fundamental dislocation between its long-term debt obligations and its short-term leases,” Zero Hedge reports.
“And let’s not forget the allegations of self-dealing by the company’s CEO that have been raised in the business press.”
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Put plainly, WeWork’s “community-adjusted” earnings before interest, tax, depreciation and amortization (EBITDA) numbers are being completely made-up, much like how the LGBT mafia invented the false idea that it’s possible for a person to change his natural biology and become the opposite sex, simply by cutting off body parts and wearing different clothing.
Zero Hedge describes WeWork’s EBITDA as being “whatever you want it to be,” pointing to charts showing anomalous numbers that appear to simply change whenever WeWork wants them to change.
A series of adjustments made to WeWork’s EBITDA from financial year 2016 to financial year 2017, for instance, reveal an “accounting miracle” whereby the company’s earnings somehow changed from negative $193 million to positive $233 million – for no logical or real reason.
Perhaps it’s all the soy consumption at WeWork that’s causing the company’s vegetarian and vegan leadership to fail at basic math, but these figures simply don’t add up – and maybe that’s the point?
Any investor worth his salt will clearly see that WeWork is fudging the books in an attempt to fool the world into thinking that the company is actually profitable. But, as usual, it’s all just a bunch of hype – a world of fiction that, just like the world of leftism, exists outside the realm of reality.
“They have a ‘clever’ business structure: create individual local legal entities and contracts for each ‘market’ (city),” explains a commenter at Zero Hedge about the nature of WeWork’s company structure. “So if one city or country has a local recession, WeWork fragments can go bankrupt piecemeal and not threaten the mothership.”
“However, the RMS Titanic also had many watertight bulkheads … if [three] compartments are holed, the recession iceberg still wins,” this same commenter adds.
To keep up with the latest news about tech companies faking their way to “success,” be sure to check out Faked.news.
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