This Forbes article detailing WeWork's IPO is eye opening.
- Using a 8.2% discount rate vs. 3.7% competitor discount rate for their lease obligations, severely understating the liabilities
- Dual class shares CEO gets 100% of voting rights. WeWork is also his own personal bank, lending him money at below 1% interest rates
- The CEO has a personal line of credit of $500M from the underwriters of the deal. The credit is backed by WeWork share and has a margin call provision, which means that if the stock price declines to a certain point, the banks can claim and sell some of CEO's stock