Luke Johnson, City veteran and chairman of private equity firm Risk Capital Partners, has launched a scathing attack on WeWork. To believe in certain companies, you almost need to be a religious convert. Citing founder Adam Neumann, who refers to the company's valuation being based “more on our energy and spirituality”, Johnson said the trendy froth surrounding WeWork doesn’t change the basics about its business model. Pointing to the company's spurious profit measure, Johnson said it's rare to see so many sell signals in a single company.
Luke Johnson, City veteran and chairman of private equity firm Risk Capital Partners, has launched a scathing attack on WeWork. Citing founder Adam Neumann, who refers to the company's valuation being based “more on our energy and spirituality”, Johnson said the trendy froth surrounding WeWork doesn’t change the basics about its business model. Pointing to the company's spurious profit measure, Johnson said it's rare to see so many sell signals in a single company.