The Cult of We Book Summary

Book Summary

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Brief Summary

"The Cult of We" by Eliot Brown and Maureen Farrell is an exploration of the rise and fall of WeWork, a shared workspace company once valued at $47 billion that faced scandals and plummeted in value. The book examines the charismatic leadership of WeWork's founder, Adam Neumann, and the company's culture of blind faith in his grandiose plans, ultimately highlighting the dangers of unchecked ambition and the need for accountability in high-stakes entrepreneurship.

About the Author

Eliot Brown and Maureen Farrell are both journalists who have extensive experience covering the tech industry. They teamed up to write "The Cult of We," which provides an in-depth look at the rise and fall of WeWork, one of the most high-profile startups of the past decade.

Eliot Brown is a reporter at The Wall Street Journal, where he covers technology startups and venture capital. He has covered a wide range of companies and topics in the tech industry, from Uber and Airbnb to the impact of Silicon Valley on real estate markets. Brown has won numerous awards for his reporting, including the Gerald Loeb Award and the Society of American Business Editors and Writers award.

Maureen Farrell is a reporter and editor who has covered the technology and finance industries for more than a decade. She is currently a reporter at The Wall Street Journal, where she covers initial public offerings and public companies. Prior to joining The Wall Street Journal, Farrell worked at Forbes, where she covered the intersection of technology and finance. She has also written for The New York Times, The Economist, and other publications.

Both Brown and Farrell have a deep understanding of the tech industry and a talent for telling compelling stories.

Topics

Entrepreneurship Management & Leadership

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Quick Summary

"The Cult of We: WeWork, Adam Neumann, and the Great Startup Delusion" by Eliot Brown and Maureen Farrell is a gripping and in-depth exploration of the rise and fall of WeWork, the shared workspace company that was once valued at $47 billion before plummeting in value and facing a number of scandals.

The book tells the story of WeWork's founder, Adam Neumann, a charismatic and ambitious entrepreneur with big dreams and an unorthodox management style. Neumann was initially seen as a visionary leader who could disrupt the traditional office space industry with his innovative ideas for creating communal, flexible workspaces that appealed to freelancers, startups, and small businesses.

However, as the authors explain, Neumann's grandiose plans soon turned into an obsession with growth at all costs, fueled by massive injections of venture capital funding from investors such as SoftBank. The company expanded rapidly, opening new offices in cities around the world and diversifying into new business lines such as co-living and education.

As the authors recount, WeWork's rapid expansion was fueled by a combination of clever marketing, savvy branding, and a culture of blind faith in Neumann's leadership. The company's employees were encouraged to see themselves as part of a larger "We" community, rather than individual workers, and were often subjected to intense pressure and scrutiny to achieve ambitious growth targets.

However, as WeWork's valuation continued to soar, cracks began to appear in the company's business model and governance structure. The authors detail a number of scandals that plagued the company, including allegations of self-dealing by Neumann, a failed attempt to go public, and a rapid decline in the company's value that ultimately led to Neumann's ousting.

Throughout the book, Brown and Farrell provide a rich and nuanced portrait of the personalities, power dynamics, and cultural forces that drove WeWork's rise and fall. They draw on interviews with current and former employees, investors, and experts in the startup world to offer a comprehensive analysis of what went wrong at the company and what lessons can be learned from its spectacular implosion.

Overall, "The Cult of We" is a fascinating and well-researched account of one of the most high-profile and dramatic business failures in recent years. It is a cautionary tale about the dangers of unchecked ambition and the need for accountability and transparency in the world of high-stakes entrepreneurship.

Detailed Summary

Chapter 1, "The Disruptor," describes how Neumann and McKelvey, two idealistic entrepreneurs with a vision to create a community-driven workspace, met and embarked on their journey to revolutionize the way people work. The authors paint a picture of Neumann's larger-than-life personality, his love of partying, and his relentless drive to make WeWork a global phenomenon. Neumann grew up in Israel and served in the Israeli military before moving to New York City and starting a line of children's clothing called Krawlers. After that venture failed, Neumann tried his hand at real estate, founding a company called Green Desk that provided environmentally-friendly office space. It was through Green Desk that Neumann met his future wife, Rebekah Paltrow,...