Dan Primack: evaluation

Transcript context

…They don’t tell investors [...] there. No, but when you look inside Uber’s darkness, you could not figure out what were the [...] per ride, particularly for Uber Eats per deliver. You couldn’t figure out any of that. I think that has been an on-going problem for them. WeWork was the same way and WeWork should have been able to because WeWork have been saying things over the years, again like Uber in mature markets where they have been X number of years or had X number of buildings, we were building profitable. Understood there’s overhead, there’s marketing, but you couldn’t even figure out that in that building in SoHo that they’ve been for four years, take out all the overhead, is the building profitable? No freaking idea, which is a problem because if the argument was Artie Minson’s argument, with a cable company eventually you can figure that out. Was deciding to lay pipe in Seattle, did that make money in the end? After a certain amount of time they should be able to say yes or no. In this case they didn’t. It wasn’t even that they couldn’t. They didn’t. The backstory you keep hearing and part of this is probably self-serving about bankers and board, is that these things were indeed raised. Not by the SEC, but these things were raised by bankers and boards. Just like Adam and the meat thing, he basically waved his hand and said, “Don’t worry about it. This is how we’re doing it.” Wow. Needless to say, potential public market investors react terribly to this, as does the media and everybody. First problem is the governance, as you keep saying, Dan. So, September 13, WeWork announces it’s changing the corporate governance. Adam is still going to have the super voting shares……

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