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WeWork's bankruptcy filing and PwC job cuts are discussed. The best US city for foreign investment is revealed. Lessons learned from WeWork's downfall and the impact of the pandemic on office spaces are explored. Houston tops the list of best cities for foreign investment, and the significance of foreign investment in the US economy is discussed.
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Quick takeaways
- WeWork filed for bankruptcy due to its unsustainable business model of expensive long-term leases and short-term rentals.
- Houston, Texas is the best US city for foreign investment, thanks to its strong workforce, green energy innovation, and favorable business environment.
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WeWork files for bankruptcy
WeWork, the co-working startup once valued at nearly $50 billion, filed for bankruptcy. The company's founder, Adam Newman, had signed expensive long-term leases for office spaces but rented them out on shorter terms. When the pandemic hit and people stopped returning to offices, the business model became unsustainable as the company owed large lease expenses but collected little rent or memberships. Under new management, WeWork plans to reduce costs and continue with a smaller, more sensible scale.
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AI-powered
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Listen to all your favourite podcasts with AI-powered features
Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode