Hola, amigos. Happy
Cinco de Mayo.
What do you call a cargo ship full of
mayonnaise that goes down in the ocean?
Sink-o-da-mayo.
Oh, my God. Oh, my God.
Such a bad joke.
Anyways, today we're covering
IPOs, initial public offerings.
An IPO is the process by which a
private company becomes a public one.
For a founder, ultimate success
sounds like a ringing bell,
specifically the opening bell
of the New York Stock Exchange.
Uh-oh.
Going public has many pros.
But it's also got a big old con.
The risk that the
IPO could fail.
IPO is the make-or-break moment.
It separates the
winners from the losers.
The Googles from the Groupons.
Going public means that you
are literally going public.
Joe Ordinary gets to
see your dirty laundry,
skid marks and all.
How've you been
running your company?
How much have you actually
been making? Or losing?
Which is why some founders try to
keep the enemy outside the gate
for as long as possible.
You shall not pass!
My assistant was supposed
to put it together,
but he twisted his ankle
this morning, or broke it.
I don't know. I'm not a doctor.
He tripped over the suitcases.
My other assistant
took him to the ER.
Which is okay,
because we adjust.
We adapt. We improvise! Right?
I don't know if anyone told
you, but it's my superpower.
Change.
Why are you coming to us?
Because you have
all the money, huh?
We Work is a…
It's a family business.
And we're at our strongest
when we find the right partners to
join the family. You understand?
I still don't see how
you're a tech company.
The point of the model
is to demonstrate
how tech drives
workplace insights.
Yeah, which conference
rooms are being booked.
If space is being
used efficiently.
Efficiency is…
That's Google.
Why are you coming to us?
Why not SoftBank?
SoftBank remains
wildly committed.
Adam, sorry. Why not just IPO?
How sweet was that?
Well, the kids were great,
but everything else
was embarrassing.
Teachers' shoes should be
white, black, or beige,
and for God's sakes no laces.
Ms. Myers is a stress-dream
on that tambourine.
How do you not know how to play
a tambourine? It's a tambourine.
And don't even get me started on
the pitch of Mr. Ivey's voice.
Feel free to start writing this
down whenever it suits you, Bea.
That you don't like the
pitch of Mr. Ivey's voice?
Yes.
God, you'd think that in New
York you could find a teacher
that could both sing and teach.
I'm ready to move
on to action items.
- Are you?
- Ready.
I rechecked the
website this morning.
Tell Gavin I'm still
finding placeholder text
and Helvetica.
Not acceptable.
I called the front
desk line at 11:23.
No one answered. Five rings,
straight to voice mail.
Tell Lisa that's not acceptable.
Set a meeting with Nicole
re: Expansion plans
for WeGrow San
Fran and Tel Aviv,
the pace of scholarship
funding, which is just,
and the lemonade stand.
So…
The lemonade stand.
We're gonna take
kids to our farm
and then have them
pick vegetables,
sell them to We Work employees.
It's gonna be the lemonade
stand for the 21st century.
Conscious entrepreneurship.
Entrepreneurship
for five-year-olds?
I just heard it too.
You're right.
We'll include the younger kids. But
you have to order the car seats.
Where are the admission
certificates for next year's class?
I have them, but there's a typo.
It says, "Class of 2031."
No, that's right.
That's when they're gonna
graduate from WeGrow High School.
Of course.
I'll sign them.
I'm not just going to abandon kids to
normative education experiences, Bea.
I wanna educate them
from birth to death.
What about that for a slogan?
"From birth to death."
- Yeah.
- Can you mock that up on a banner?
So that way I could see it.
Great. That's it.
Okay.
Adam.
You've been in the Valley for
a week. Nobody's coming in.
It's time. You have to IPO.
Motek. I tried to make it back in time
for us to have breakfast together,
but you're up so early.
How about I make a tofu scramble
and some green juice
to start your day?
If you'll excuse me. I have to go
run the school that you gave me.
- I didn't mean it to come out that way...
- I know you don't think I do anything.
But I actually do.
- Motek. Please.
- No, no. You made it perfectly clear.
- Motek...
- My therapist said,
"You can only hate
someone you truly love."
Guess I truly love you.
And how are you gonna
get this back on track?
Adam?
Who said we're off track?
We're on exactly the
right track, Jamie.
The track the universe
wants us to be on.
- So, no luck in the Valley?
- They lack vision.
By the way, I'm going to need to
increase our personal line of credit.
Not by much. Just a bit to give
us a little breathing room.
What are you up to, total?
380 million.
Nothing for you to do. I'll
speak to the lending team myself.
And what's WeWork's
burn rate these days?
Fifty-eight million a week.
That's a lot of money.
Not compared to what we'll make.
Well…
We've issued you,
personally, what?
Ninety-seven million in
low-interest mortgages?
Bought a stake in the company.
A stake that is now
worth over 600 million.
Why not go public?
Why not IPO?
I don't want to
answer to anyone.
Well, billions of dollars tend
to make that go down easier.
All these different shapes.
This leaf here,
what is this one?
Bloom Energy. Traded up more than
66% on the first day of trading.
Wow, 66% on the first day?
And this?
Drop box. Up more
than 35%, first day.
Impressive.
And what would mine be?
A unicorn.
A unicorn.
Okay. The next item up is…
Enrollment.
The numbers are dispiriting.
They're just not where
I need them to be.
So, how do we boost enrollment?
We could revamp our
social strategy.
What social strategy?
There's nothing
to revamp, Damian.
We have 600 followers, okay? No.
We need to think bigger. We
need to reach a wider audience.
You were invited
on that podcast.
Interesting.
Yeah, if you think that going
from Vanity Fair to a podcast
is the right trajectory
for the chief branding officer of a
multi-billion-dollar company, great.
I was actually thinking CNBC.
Right? Adam is on
every other week.
They love We Work.
This is WeWork's newest,
boldest initiative,
reimagining the
education system.
And they're getting an
exclusive with the CEO.
Adam's schedule
is kind of packed.
No. No, Damian. No. Me.
I am the CEO of WeGrow.
Okay. So, let them know that I'm
gonna tease our expansion plans,
I'm gonna talk about our global network
of schools, the innovation in our...
Welcome to the School
of Greatness podcast.
I've got Rebekah
Neumann in the house,
wife of We Work
founder Adam Neumann.
Actually, I'm…
Thrilled to be here. Thank you.
The mission of WeGrow
and, to be honest, the collective
"we" that we're all living under,
is to elevate the
world's consciousness.
And it's a school, right?
It's really more of a practice
and a new approach to life.
How were you
inspired to do this?
Gosh.
It was really just a lot
of things coming together.
He ended up running off
with my best friend.
No.
Something I wish
people knew about me?
I'm really…
Flexible?
- Emotionally?
- Physically.
A yogi in India once told me
if you keep your spine
nimble then you won't age.
Is that why you look 21?
Do I hate?
No.
No, I feel sad
about things I've...
Like about what?
Any cruelty.
Cruelty to animals.
Kids suffering.
What we're doing to the planet.
But I don't hate.
If we can teach people to... And
I'm including myself in this.
I remind myself every day
that by being
conscious and sharing,
they will be more fulfilled.
Find your super passion
and share.
And then they will get
everything they want,
but they have to treat others
the way they want to be treated.
They have to understand
that we are one.
Miggy-Migs.
My brother from five
different mothers.
Can I come in?
Yeah.
You've got a Lichtenstein.
Wow, it's a lot smaller
than I thought it would be.
What did you pay for it?
We need to get you some
real art, my friend.
Some real art.
Miguel.
Look out there.
Look.
We built this.
This big, beautiful thing.
We built it, and they
all came and joined us.
I know that you think I don't
listen to you, but I do.
I hear you.
What does that mean?
You'll see.
- Well, it's official.
- It's official!
- You filed!
- Yes, we filed. We're going public.
- We Work is going public.
- The We Company is going public.
Time to go buy yourself
some real art, Miguel.
What made you decide
you were ready?
We've always been ready.
It was just simply
a matter of timing.
Okay, 72 hours to figure
out how much they're worth.
100 million in fees for us. Go.
Let's talk about the
financials for a sec.
Now, you didn't reveal any financial
information in the confidential filing.
In the presentation
you shared with us
we see that revenue climbed
to $1.8 billion in 2017.
But that was on a
net loss of 1.9.
But we reached an annualized revenue
of 2.43 billion in the fourth quarter.
Go.
And we saw a massive
jump in membership
from 186,000 to 401,000.
Uber, Lyft, Pinterest,
Slack, and now We Work.
The We Company. Yeah.
- The We Company.
- Thank you very much.
Sorry about that. All preparing
to go public this year.
And they're calling it
"the unicorn stampede."
We are rooting for
everyone's success.
There's no reason not to.
We feel very confident about
investor demand for our IPO.
Okay.
Let's do it.
It's the right time for
the mission of the company.
- Which is?
- To elevate the world's consciousness.
And going public will help
us to achieve that mission.
Oh, my God. It's so exciting.
Can I get a tea?
- Yeah.
- Thanks.
Mother Teresa.
Bob Marley.
Adam Neumann.
Your goal to elevate the world's
consciousness reminds us of these icons.
"Love the life you live.
Live the life you love."
Bob Marley. Rest in power.
The only difference between you
and Amazon and Google and Alibaba
is that you are scaling faster.
We are best in class, and
the best deserves the best.
I feel like I know
what you value, Adam.
Personal relationships.
And I think you already know we are
the bank to lead the underwriting.
Jamie, I value you
more than you know.
The question is, how
much do you value me?
Forty-six billion.
Our last financing round
valued us at 47 billion.
No, you're too low, my friend.
Too low. It's a shame.
Eighteen to 52.
"Eighteen to 52"?
Well, it depends on how
well we're able to...
Sixty billion?
The question is, why so low?
We actually think
it's on the high side.
Sixty-three.
Add 18 cents…
And you have a deal.
I think it's a fair
number for our investors
and for our future investors
and, most importantly,
for our employees.
Now, let's make a
sh*t ton of money.
Okay? sh*t ton.
All right.
So, we'll work with your team to
get started on the S-1 prospectus.
It's WeWork's introduction...
Official introduction to the public,
so it's one of the most
important parts of the process.
- We'll get ahead of it.
- Yes, please.
Write it, and then I'll
give it energy and power.
Adam, it's an important
legal and financial document.
- We'll let the experts deal with it.
- I understand.
Miguel is right, Adam.
It's highly-technical. Reporting
requirements, legal liabilities.
- You don't wanna be a part of that.
- Listen to me.
That is the old way. I'm not
interested in the old way.
I'm interested in
the world to come.
You understand? We're
making a new world.
A new world, Miguel.
Have your people put something
together, and we'll take it from there.
Okay?
Thank you.
sh*t.
What's wrong?
I think we could have gotten 64.
Come on.
- Yes! It's a good deal.
- Yes! Yes!
- Yes!
- Yes!
Yes!
Yes! Yes!
Rivka.
Rivka, come sit with me, please.
I'm not asking as your husband,
I'm asking as your CEO.
This is business.
Please, come sit.
Please.
Just a quick sit.
I appreciate it.
Carrot juice.
Do you know what an S-1 is?
I worked on Wall Street,
Adam. I know what an S-1 is.
It's a company's
introduction to the world.
Its mission statement.
Its raison d'être.
Precisely.
The lawyers and the bankers
will debate the fine print,
but we need to make it our own.
It's got to be a
living, breathing thing,
and it must tell
the story of We.
And We has always been…
You and me.
Write it with me.
No.
You built the company.
You can write it yourself.
I saw the podcast that you did.
I thought you were phenomenal.
It was a podcast.
It doesn't matter.
Of course it matters.
It was important.
Damian tells me
that you don't think your message
is reaching a wide enough audience.
I agree.
You want to get your
message out there?
You want to grow your school?
You want to be heard?
Then write the S-1 with me.
Not as my wife…
But as my cofounder.
It'll be hard for
them not to listen
to the cofounder of a
multi-billion-dollar company.
I heard 100.
Goldman pitched a trillion.
Listen to me. Buy
your options now.
- Forget options. I'm buying an apartment.
- I'm paying off student loans.
I'm cashing out and getting
the hell out of here.
No, I am serious.
Listen, it'll reduce the capital
gains tax when you sell your shares.
But I don't have any money.
How do I buy my options?
I got a loan from
my grandparents.
- Of course you did.
- Yeah.
Attention! Attention,
my beautiful WeWorkers.
My tribe. My family.
You have the rest of the
day off. And tomorrow.
So water your plants. Call
your mother. Go for a walk.
Fall in love.
But whatever you
do, get out of here.
Go, go, go. Okay?
- Thank you. Go.
- Is he serious?
He's not f*cking around.
I feel like this is a test.
All right.
Where is everyone?
We gave them the day
off. Actually, two.
Besides, we have everyone
we need right here.
No distractions, no noise.
Just us.
I had Bea print out the S-1s from
the top IPOs of the last ten years.
I'm gonna get reading.
I don't think they have
anything to teach us.
I'll be in my office.
How about some yoga first?
Maybe limber up a bit?
Latte?
That's a cappuccino.
Pretty sure it's a latte.
It's a cappuccino.
My assistants call them lattes.
Because you call them lattes, and no
one wants to tell you that you're wrong.
Tell me what to do,
because a thousand
apologies haven't worked.
How do we get past it?
We don't. It forever exists.
So, this is it?
- This?
- You really think you built this alone?
Really?
You gave me a theater,
you gave me a job,
you gave me a school...
What about what you took?
You took my father's money.
You took everything I believe in
and made it into a shiny wrapper
to package your bullshit.
You even took my words.
"Elevating the world's
consciousness."
Who came up with that? You?
You couldn't have
built sh*t without me.
You're right.
They are your words.
But do you mean them?
How can you elevate the
world's consciousness
if you're not
willing to forgive?
There's your cappuccino.
- Hi.
- Hello. Welcome.
Thank you.
- It's lovely to have you here.
- Thanks.
Thanks.
So here we have the piece
you were inquiring about.
He's challenging us
to ask ourselves,
"What is worth our
time and attention?"
Yeah, it's cool.
I feel like he's
staring right at me.
So, how much is it?
Adam and Rebekah have been
our clients for years,
so we'd like to extend
their discount to you.
Cool, thank you.
Yeah, so 48 million.
That's with the discount?
I heard you'll be able
to afford it soon.
Adam mentioned the
IPO. Congratulations.
What about that one?
You're interested in that one?
You were right.
They're useless.
Lifeless.
Dead things.
They reminded me why I hated
working on Wall Street.
What's that?
These? More dead things
from the lawyers.
Take a look.
Risk factors?
"One, our rapid growth
may not be sustainable.
Two, we have a
history of losses,
and if we continue to grow
at an accelerated rate,
we may be unable to achieve profitability
for the foreseeable future."
And number three:
Small men proceed from fear!
And we are not small!
No, and we proceed from hope,
from creativity,
imagination and...
And from love.
Okay. So how do we capture that?
Creation began with
the word, right?
So, what are our words?
Come.
Come, come, come.
The word.
Community.
Consciousness.
Growth.
Spiritual growth!
Intention!
- Positivity.
- Meaning.
Hope!
- We.
- We!
I am nothing without you.
Adam, it's Bruce.
What is this nonsense I'm hearing about
you and Rebekah rewriting the S-1?
It's a very technical
document and...
You know what? I'm coming over.
Hello!
How many pages do we have?
We have…
- Nine words.
- Nine words?
Nine words!
It can't be true.
Okay, okay, okay.
We have our words.
And now we need numbers.
Fortunately, the only numbers
that Wall Street cares about
are actually letters.
E-B-I-T-D-A, EBITDA.
EBITDA.
Earnings before interest, taxes,
depreciation, and amortization.
EBITDA is a standardized way of
assessing a company's performance
and comparing it
to other companies.
Its power lies in the fact
that everyone uses it.
And because everyone uses it, it
allows you to compare apples to apples.
- f*ck EBITDA!
- Why?
We lose too much money.
We could be profitable
tomorrow if we wanted,
but we spend on growth.
So?
They're just letters.
Let's use different ones.
Let's reframe it.
We can't let ourselves be
defined by the old ways.
If their letters don't fit,
we come up with new ones.
What did you just say?
We use new ones.
- Where is the S-1?
- Here.
We'll work off the S-1
the lawyers gave us,
and then we just need to subtract
tenant fees and rent expenses,
staffing expenses
and design expenses,
marketing and
administrative expenses.
Then we show a profit.
We'll call it
community-adjusted EBITDA.
And show them, show them the
true value of our community!
Okay. Okay, could
you say that again?
Okay, yep.
A little to the right.
Right, right. Cool. Great, guys.
Awesome. All right,
let's do a photo.
You guys can be in it. Yeah.
Hey, my brother
from another mother.
I didn't buy the Lichtenstein,
but I got something even better.
And
if you need any
help with the S-1,
I'm here.
Yo! This is it.
This is our home
for the evening.
- Check it out. Come on.
- Should I take off my shoes?
No, don't take your
f*cking shoes off.
I thought we were just
getting Adam's mail.
Come here. I want you to touch this.
Actually, I want you to hold it.
- Put that down.
- Hold it.
- Put it down.
- Or I drop it.
How's it feel?
- It feels fine.
- It feels great.
Come on, let's drink it.
I don't know. I'm worried.
What if they come back?
- Yeah, I'm not sure about this.
- Stop worrying.
Adam doesn't even care.
Plus, put the kids and the nannies
on a blade to the Hamptons.
So we're fine.
Like a helicopter?
- Yeah, what else is there?
- Wow.
Let's see what we got.
Vegan snacks.
My dad used to mark the bottles so
he'd know if me or my sister drank any.
We're not teenagers anymore.
You're a grown-ass dude who's
about to be a millionaire.
- So act like it.
- Yeah, Mikey.
Plus, I once found an $84,000 check
in Adam's pants at the dry cleaner's.
So something tells me he's
not measuring alcohol.
Okay, grab one.
What are we cheer sing to?
This IPO.
- This f*cking IPO.
- Yeah.
- Cheers.
- Cheers.
- Cheers.
- Cheers. Yeah.
- Wow.
- Wow.
Okay, so.
Chloe, what are you spending
your first million on?
And do not give me anything
about student loans or
any of that nonsense.
You know I don't need anything.
Yeah, nobody needs anything.
But, Chloe…
Chloe…
- Please, no.
- What do you want, Chloe?
What do you want?
- You're terrorizing me...
- Stare into my soul.
If you want nice things,
you need to have intention.
Intention.
And success and
happiness, it will follow.
Chloe, don't you want to expand
the world's consciousness, Chloe?
- Elevate, Chloe! Think about the "we."
- No!
- Chlo-We.
- Chlo-We!
It's Chlo-We.
Wow.
Hey. Don't you dare
avoid the question.
What're you gonna
buy? I want to know.
Do you ever think you're
turning into Adam?
- Don't say that.
- You are.
Are you actually saying
I'm turning into Adam?
I don't think so.
- You use salt?
- Yeah.
Drink.
- Yeah.
- Wait. One, two, three, go.
- Do you want to make out?
- No.
- Don't you just a little bit?
- No.
We just struck gold.
Do it! Do it! Do it!
Do it! Do it! Do it!
Come on, you can pay
it off in installments.
It's more than I made
last year after taxes.
Yeah, but we didn't
IPO last year, dude.
Hey, man, check it out.
This place is huge.
They added a whole floor since
the last time I was here.
Yeah. And the San Francisco house has
a room that's shaped like a guitar.
I bet they have orgies in it.
No. They do not have sex.
They just levitate, and
their souls f*cking meld.
Did you buy it?
No, I'm just staring at it.
It's Adam.
- Why is he FaceTiming me?
- What?
- Why is he FaceTiming me?
- No, Mikey.
Don't pick it up.
- He doesn't know that we're here.
- assh*le.
I have to answer.
- Smash your phone!
- You do not have to answer it.
- I have to answer it.
- Do not answer it under any circumstance.
sh*t, turn off the music.
Hey, Adam. What's up?
The printer isn't working.
Okay. You can try to reset it.
Remember how I showed you last time?
See you soon.
The f*ck does that
mean? "See you soon"?
- Clean up and get out!
- Come on, are you joking?
Buy the bag.
- Yeah, yeah.
- See ya!
- I love y'all. See y'all tomorrow.
- No! What the...
- No. Come on. g*dd*mn it.
- Love you, bro.
Hey!
Someone probably stepped
on the surge protector.
Mikey, you're a genius.
You're a good boy.
You've been with us
from the beginning, huh?
- Yeah.
- The very beginning.
What, ten years now?
- Yeah.
- Yeah, yeah.
Mikey.
Mikey, Mikey, Mikey.
Have you been drinking?
I had a drink with some friends.
A drink with friends?
I know that smell.
Tequila.
Tequila.
- Am I right, or am I right?
- Yeah, you're right.
You like tequila?
- Yes?
- Yeah.
Yes. Well, I don't blame you.
You got to try the good stuff.
Come with me. Come, come.
Come with me, Mikey.
I'd join you, but.
I'm on a cleanse.
A cleanse. That's cool.
Well…
You're 21, right?
- I'm almost 26.
- Right? Okay, you look like a baby.
Savor it. Savor it.
- Here.
- I'm sorry.
- Have another.
- Force of habit.
Now.
Sip it, slowly.
Savor it.
Tell me what you taste.
There's notes of…
Charcoal?
Mikey.
It tastes like money.
How many shares do you have?
Close to 80,000.
80,000?
Well, Mikey, when we IPO,
you'll be worth 30 mil, minimum.
Time to start getting used to
the nice things in life, Mikey.
Here, it's yours.
Take it. Enjoy. It's yours.
It's a memory.
Rivka!
Namaste.
Mikey has been with us since
the very beginning, as you know.
Ten years now?
- Ten years!
- Yeah.
- Really? That's wonderful.
- Ten years.
Yes, yeah.
We should probably
get back to it.
- Of course.
- Remember that first night?
Opening the first location?
I do. How could I forget?
How could I forget?
Running around, screwing desks together,
trying to connect the Internet.
I remember it was crazy but fun.
Fun, Mikey. Fun.
- I miss it.
- Yeah, I do too.
It didn't feel like work,
you know? Like business.
It felt like this crazy,
like, Red Bull and adrenaline
and laughing your butt
off and getting sh*t done.
It felt like being
a part of something.
I agree.
He's right.
WeWork's not a business.
It's a feeling.
We need to give
people that feeling.
We're not gonna be able to do it
with charts and graphs and acronyms.
Even the right words
can only get us so far.
We need…
We need images.
- Images. Images.
- Images.
Is that normal for an S-1?
We need to immerse people.
We need to give people that feeling
that we all had that first night.
Wait, were you there that night?
I don't remember
you being there.
- It was me, Jacob...
- Of course I was there.
- I've always been here.
- Always.
Thanks for coming.
Thank you, Mikey. Thank you.
Okay, Mikey.
Okay, you're not driving, right?
- No, no.
- Good.
- We were children.
- So great.
Our very first summer camp.
Look at those adoring faces.
They love you.
- No, they love us, us, us.
- I do too.
- The both of us.
- No, no, no.
It's you.
- No.
- They love you.
They resent me.
- They mock me.
- No.
- They talk sh*t about me behind my back.
- No. No.
They think the school's
a vanity project.
They think I can't
hear it, but I can.
Even when I don't, I feel it.
Who is "they"? Who is "they"?
Give me names, and they're gone.
Gone.
You can't fire
the whole company.
Yes, I can. Watch me.
- I'll drag them out by their...
- It doesn't matter, doesn't matter.
I've evolved beyond
all of that now.
I finally know…
What I am.
I'm not a maverick, or
a magician, or a muse.
I'm not even Chief
Branding Officer.
Not really.
I used to think that it was my job
to safeguard the soul of the company,
but even that's not really true.
I am the soul of the company.
Yes, you are.
You are.
And you are in every atom
of wood and brick and steel
in every We Work in the world.
We both are.
Yes.
And what we have made is even
bigger than the both of us.
Yes.
Yes?
I have to write.
We Work is a community company
committed to maximum
global impact.
We dedicate this to
the energy of we.
Greater than any one of us,
but inside each of us.
We believe our company has the
power to elevate how people work
live…
And grow.
"The We Company is committed to being
meat-, plastic- and carbon-free."
"Our mission is nothing less than to
elevate the world's consciousness."
We invite you to join us
in creating a better world,
because "we" are
just getting started.
What the f*ck was that?
I knew he wouldn't get it.
That was our S-1.
But don't worry,
Cammy Number Two.
Everything the lawyers
wanted is in there.
- We just got rid of old conventions.
- Right.
These pictures… My God.
That introduction...
You've turned the S-1
into a children's book.
- Cam.
- Okay? Bruce.
Have you ever seen an S-1?
Actually, Cam, I
worked on Wall Street.
So, yes, I do know
what an S-1 is.
Got it.
I have a question for you.
Do you know what a mandarin is?
No? Well, let me tell you.
When I was in China, opening
our Shanghai location,
dealing with inspectors
and bureaucrats
and more inspectors
and more bureaucrats,
my Chinese friends taught
me the word "mandarin."
A mandarin was a
government official
in the imperial system
in 15th-century China.
They thought they were hot sh*t
because they were chosen by a
rigorous examination process.
The Emperor wanted them to think
that, because in thinking that,
they carried themselves with
great dignity and authority,
and everybody listened
to what they had to say.
But what they had to say was simply
what the Emperor wanted them to say.
They had no real
agency or vision…
Or power.
So, for all their arrogance and
swagger, they were simply bureaucrats.
Civil servants.
Mouthpieces.
You're a mandarin.
And I…
I'm an emperor.
File it, Bruce.
You're not going to
back this, are you?
Maybe he's right. Maybe it's
time for a new approach.
You're going to allow this?
We're going to get
f*cking pilloried.
They're going to
f*cking destroy us.
And another thing.
The mandarins
were mostly eunuchs.
- My queen.
- Yes, my king.
- Thank you.
- Of course.
She worked on Wall Street.
For three weeks.
- Here we are, guys.
- Here we are!
Hamptons, here we come.
Dude, this is amazing.
- Only way to get to the Hamptons.
- Hamptons!
For real, man. How much are
you gonna make off this deal?
Worst case, maybe
20, 30 million.
- Twenty, thirty million? What the f*ck?
- Yeah.
But if it goes the way
the town expects it to,
it could be 50.
- sh*t. Fifty million!
- Yeah, I know!
Dude, you've got to read this.
Galloway just destroyed
We Work on his blog.
Have you read their S-1 yet?