Dhruv Trivedi
The ‘WeCrashed’ season finale, titled ‘The One With All the Money,’ brings the dramatic story to a close. The narrative follows the rise of shared workspace company WeWork and the fall from grace of its co-founder and CEO, Adam Neumann. Much of the Apple TV+ series delves into Adam’s relationship with Rebekah and how the two support each other’s fantasies of “uplifting the world’s consciousness.”
Over the course of 8 episodes, the story covers WeWork’s inception as well as its first ten years, closing with some truly dramatic moments as Adam wrestles for control of the company. There is a lot packed into the show, so if you’re still left with some questions, we’ve got your back! Let’s take a closer look at ‘WeCrashed.’ SPOILERS AHEAD.
WeCrashed Episode 8 Recap
The series starts with Adam Neumann, far from being the face of a multi-billion dollar company, working on some lackluster business ideas. From womens’ shoes with collapsible heels to baby clothing, his enterprises are met with ridicule. When he meets Miguel McKelvey at a university presentation, the latter offers him a workspace he can work out of. Soon the two hit upon the idea of subleasing small sections of prime New York office space for a new generation of workers. It is during this time that Adam meets Rebekah, and the two get married. He also uses the million-dollar wedding gift from her parents to set up the first WeWork location.
About 10 years on, in 2019, Adam’s excesses as CEO come to a head as the company prepares to go public. A disastrous S-1 document catches the eye of the Wall Street Journal, which publishes a scathing article about Adam’s antics. The company’s board convenes and votes to relieve the co-founder of his position, only to realize that Adam still holds 65% voting power on all corporate matters.
As WeWork employees get anxious about their stock options and jobs, the pressure on Adam increases. He finally moves his base to his own apartment and, after quarreling with his crisis PR team, decides to try and mend things with his biggest investors. One by one, Bruce from Benchmark Capital, Jamie from JPMorgan, and Masayoshi (Masa) from Softbank turn Adam down. With no other options, Adam finally resigns as CEO.
WeCrashed Ending: Does Adam Get the Buyout Package from Masa?
However, the story doesn’t end there because WeWork’s new CEO, Cameron Lautner, soon realizes that the company will go bankrupt in under two months without a massive influx of cash from Masa. A faceoff between the Masa and Adam ensues, with the former attempting to buy the latter’s controlling share of the company before injecting more money into it. Finally, a buyout package of over a billion dollars is agreed upon.
With their “golden parachute” on the way, Adam and Rebekah head to Israel, where he surprises her by revealing that he’s bought the curriculum for their education project, WeGrow. Adam then gets a call from Masa, who says that he’s going to do everything in his power to stop them from getting the buyout package. ‘WeCrashed’ ends with Rebekah and Adam flustered and screaming, fearing they aren’t going to get their big payout. A few captions before the end credits then reveal that the real-life Adam Neumann subsequently sued SoftBank.
So the show, in keeping with its title, ends with a veritable crash for WeWork’s co-founder, Adam Neumann, and his wife, Rebekah. While on vacation on a beach in Israel, they get the devastating call that Masa, the head of SoftBank, is going to do everything in his power to stop them from getting their “golden parachute.” After a fierce standoff and a lot of back-and-forths, Adam and Masa finally agree on an astronomical figure of almost $1.7 billion for the former to give up his controlling share of the company.
However, just as Adam and Rebekah think that they’ve gotten away with their big payday, they are struck a severe blow. From Masa’s tone, it is pretty clear he isn’t going to give up easily. He also has considerable resources and very deep pockets, meaning that even if Adam does sue him (which he did in real life), Masa can afford a long, drawn-out legal battle much more easily than the former WeWork CEO. Since Adam does own substantial shares of WeWork, he most likely gets paid for giving them up. However, it seems like he doesn’t get the entire $1.7 billion.
Who is the New CEO of WeWork? What Happens to Miguel McKelvey?
After Adam resigns, Cameron Lautner from Benchmark Capital is made WeWork’s new CEO. However, two days into the announcement, Cameron finds himself in hot water as the company threatens to go bankrupt. The only way to salvage WeWork is by getting additional funding from Masa’s SoftBank. At the point where the show ends, it appears that Cameron is still the CEO of WeWork.
However, it is also clear that he is not really cut out for running the shared workspace company as he is constantly frustrated by the financials. It is likely Cameron leaves the post as soon as a more suitable replacement is found. Meanwhile, despite the ousting of his co-founding partner, it appears that Miguel McKelvey remains at WeWork and quietly continues his day-to-day work. Interestingly, it seems he is never even considered to be Adam’s replacement as CEO.
Does SoftBank Invest More Money into WeWork?
The only thing holding Masa back from investing in WeWork is Adam’s controlling stake in the company. The show ends with a news story stating that SoftBank finally becomes an 80% owner of WeWork, meaning that Masa and his fund do invest another sizeable chunk of capital into the shared workspace business. Apart from safeguarding his earlier investment, Masa is also compelled to put more money into WeWork in order to save face.
Since WeWork is the biggest investment in the first round of SoftBank’s $100 billion Vision Fund, it is imperative for the company to be a success. As Cameron explains to the board, Masa is looking for funds for a second Vision Fund, for which he needs to show that the companies his previous fund invested in are successful. Thus, Masa has no choice but to pump more money into the company he has already invested billions into. Ultimately, he makes a loss but prevents WeWork (and his investment) from collapsing.
Read More: What Happened to WeWork Employees? How Many of Them Were Laid Off?
