Billion Dollar Loser: The Epic Rise and Fall of WeWork

The Sunday Times Best Business Book of the Year 2020

A riveting narrative of ambition, hubris, and excess, Billion Dollar Loser: The Epic Rise and Fall of WeWork by Reeves Wiedeman takes readers on a fascinating journey through the meteoric ascent and calamitous descent of one of the most talked-about startups of the decade. Adam Neumann, a relentless and charismatic entrepreneur, dreamt of revolutionising the workspace and rapidly transformed WeWork from a single space into a global empire—all while promising to remake the workplace into something sleek and exhilarating.

Neumann, an Israeli immigrant, saw a vast and untapped market in repurposing New York's surplus office spaces for freelancers and small businesses. Through sheer charm and audacious vision, he attracted billions of dollars from top-tier investors and expanded WeWork’s footprint across the globe. However, as the company grew, so did Neumann’s appetite for power and glory. His relentless pursuit of growth led WeWork to spend exorbitantly, often on extravagant and seemingly nonsensical projects, culminating in a reckless attempt to take the company public in 2019. The resulting fallout—marked by a terminated IPO and Neumann’s dramatic ouster—stands as one of the most spectacular collapses in modern business history.

Based on extensive research and over two hundred interviews, Billion Dollar Loser provides an unparalleled insider view into the culture of excess that defined WeWork. Wiedeman takes readers inside the tumultuous weeks leading to the company’s failed IPO, detailing the frantic behind-the-scenes manoeuvres and desperate attempts to secure last-minute funding. The narrative not only chronicles the company’s rise but also exposes the pitfalls of unchecked ambition and the dangers of buying into charismatic leadership without scrutiny.

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'A satisfying ticktock of the company's rapid rise and crash, culminating in its disastrous IPO in 2019 and Neumann's ouster.' New York Times

'This absorbing book exposes the sheer madness of WeWork: not just its founder Adam Neumann's extreme hubris, but why so many wiser minds bought into the fairy-tale.' Sunday Times

Billion Dollar Loser is a comprehensive exposé of a startup saga that reflects both the best and worst of Silicon Valley—where high hopes and higher risks lead to sky-high valuations and devastating downturns. Wiedeman’s incisive reporting captures not only the story of a real estate company masquerading as a tech giant but also the broader economic and cultural forces at play.

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A Sunday Times Best Business Book of the Year

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Like John Carreyrou's Bad Blood and Mike Isaac's Super Pumped before it, Billion Dollar Loser traces the turmoil at a startup driven by a charismatic, self-assured founder. Wiedeman's compelling narrative style and keen insights make this a must-read for anyone interested in understanding the extremities of startup culture and the real-life consequences of unchecked entrepreneurial ambition.

'A frisky dissection of how a rickety real-estate leasing company tricked the world into seeing it as an immensely valuable, society-shifting tech unicorn.' WIRED

Perfect for fans of the Apple TV show, WeCrashed