WeWork, Bankers Have Discussed Laying Off One-Third of Workforce
How have we gotten to the point where a company that is considering a $10-46B IPO is in a position where 1/3 of its staff is redundant and can be laid off, where investors can look at that company and think it's a good and growing investment to sustain their public pension or hedge fund returns, where bankers and consultants can come in and say yes deprive these 5000 people of their income and livelihoods because we need to give the founders and early investors an exit, where "tech" has come to be defined as a more flexible office space leasing model that scales quickly, where the brightest new students want to replicate another SV "tech" success by following the same playbook.There is something extremely wrong with the rate of innovation, productivity growth, the division of labor and capital, and the distribution of profits between labor and capital in developed countries today, and it's unsustainable.