WeCrashed offers a bad return on investment - The A.V. Club | Canada News Media
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WeCrashed offers a bad return on investment – The A.V. Club

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Anne Hathaway and Jared Leto in WeCrashed
Photo: Apple TV+

As far as not-so-great ideas go, WeCrashed isn’t quite as misguided as the multi-billion dollar mayhem it recaps. But boy howdy if it doesn’t match former WeWork CEO Adam Neumann pound-for-pound on crappy decision-making, hapless showmanship, and missed opportunities to get back to basics.

Streaming its first three episodes on March 18 (the rest will come weekly after that), the eight-episode limited series from Apple TV+ is the most recent telling of Neumann’s meteoric rise and cataclysmic decline at WeWork.

The nebulously defined real estate company, which Neumann championed as both an innovative co-working startup and revolutionary effort to “change the world,” famously went from a $47 billion valuation to threat of bankruptcy in just six weeks during the summer of 2019.

Search “WeWork CEO” online and–once you’ve scrolled past its new, less quirky leadership–you’ll find countless articles rehashing the zany entrepreneur’s explosive time manifesting and then mangling a so-called unicorn company. (For those new to venture capitalist lingo: A financial “unicorn” is any privately held startup valued at at least $1 billion.)

Assuming audiences actually want a dramatization of the WeWork saga–which, speaking generously here, is iffy–there are plenty of splashy stories from Neumann’s downfall to put on screen. There’s that time he reportedly hot boxed a private jet, then forgot to deplane his drugs; those rumors that he claimed to have plans for becoming “president of the world” and taking WeWork to Mars; that viral photo of him walking frantic–and barefoot–in New York City mere hours before losing his role as CEO; not to mention, the countless presentations, press briefings, batshit ragers, and resultant lawsuits that saw the hard-partying Israeli businessman snag headlines years before his notorious unseating.

With all that inspiration to draw from, it’s a bit of a marvel then that WeCrashed creators Lee Eisenberg and Drew Crevello don’t deliver a more entertaining show. Despite its impressively detailed set and what looks like a spare-no-expense production design, Apple TV+’s slick recreation isn’t a fraction as fun as seeing the real thing in the Hulu documentary WeWork: Or The Making And Breaking Of A $47 Billion Unicorn, and it isn’t nearly as insightful as the 2020 Wondery podcast on which WeCrashed is loosely based. (For what it’s worth, Eliot Brown and Maureen Farrell’s The Cult Of We: WeWork, Adam Neumann, And The Great Startup Delusion remains the most informative WeWork explainer on the market–and, depending on your reading speed, is only marginally longer than the super-stretched TV series.)

Jared Leto as Adam Neumann and Kyle Marvin as Miguel McKelvey in WeCrashed
Photo: Apple TV+

WeCrashed places extra emphasis on the relationship between Neumann and his equally unusual wife and former WeWork executive Rebekah (whose maiden name is Paltrow, and, yes, is cousins with that Paltrow), which helps differentiate it from solo Silicon Valley character studies The Dropout and Super Pumped: The Battle for Uber.

But stars Jared Leto and Anne Hathaway, who deftly play the Neumanns as hyper-passionate yuppies with little to no understanding of consequence, can’t act their way into a story that just isn’t clicking. The primary problem with WeCrashed is its stunning reluctance to say much of anything with its source material—be it about millennials’ crumbling vision of hustle culture, the practical limits on delusions of grandeur, or even the demands of being in a high-profile, scandal-ridden marriage.

The poorly constructed narrative instead presents a muddy, nonlinear collection of events that sometimes creates clever connections between the Neumanns’ beginnings and WeWork’s undoing–but more often appears as a cliché and confused waste of actors better than the erratic editing and direction that frames their performances. (Seriously, very few series can justify having this many goofy smash cuts–and WeCrashed isn’t one of them.)

Anne Hathaway and Jared Leto as Rebekah and Adam Neumann in WeCrashed
Photo: Apple TV+

Those sorts of cringe-worthy miscalculations punctuate a show that’s otherwise so stale it might as well have already come out. Endless arguments in WeWork boardrooms and at WeWork construction sites between Adam, Rebekah, and co-founder Miguel McKelvey (Kyle Marvin) are broken up by almost as many party montages–bringing to mind dozens of similar TV shows and movies about wealthy disruptors that are by and large better than this one.

The fights aren’t as smart as the ones in something like the extraordinarily well-written The Social Network, and the parties aren’t as wild as the ones portrayed in something like the bonkers The Wolf Of Wall Street. So the half-baked sameness of the party-fight-party-fight cycle simply washes over the screen, overwhelming the show’s more original ideas with a deluge of exhausting knockoffs that range from boring and forgettable to contrived and overwritten.

A scene from WeCrashed
Photo: Apple TV+

Select scenes breakthrough the derivative disappointment and most of those center on Hathaway. Rebekah’s peak villain moments are genuinely enjoyable, in part because they allow Hathaway to revisit the dynamic of her beloved Devil Wears Prada performance from Meryl Streep’s character’s POV. (Look out for a monologue between Rebekah and an assistant in episode six that’s all but copied from the Miranda Priestly playbook.)

Plus, when Hathaway is placed opposite America Ferrera, whose role as the fictional Alishia Kennedy appears to be modeled after the real-world nightmare of SoulCycle’s Julie Rice, the actors light up with refreshingly believable tension. (It’s worth noting that this and other storylines from WeCrashed depart considerably from the facts reported.)

Anne Hathaway as Rebekah Neumann in WeCrashed
Photo: Apple TV+

Leto doesn’t fare as well with his outrageous CEO, though that seems to stem mainly from lackluster direction. Not only is the actor’s performance hampered by a remarkably distracting nose prosthetic, but his take on the character is so intensely energetic throughout that it borders on one-note.

Scene after scene, Leto bombasts with his big accent and even bigger hand gestures. It’s how the real Adam Neumann behaves, yes, but it’s difficult to watch let alone find compelling. Even in quieter beats, like when the subtle dimension of frenetic genius flits across Adam’s eyes mid-sell (no one said Leto can’t act!), the fatigue of it all may still leave you thinking, “This guy again?”

It’s a question that could apply to the series as a whole. At its best, this painfully uninspired WeWork redux is a redundant, montage-heavy account of facts told more completely elsewhere. At its worst, WeCrashed is a clumsy, ill-advised memorialization of selfish behavior, inexplicably propping up Adam and Rebekah Neumann for yet another dose of outsized attention.

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Economy

S&P/TSX composite down more than 200 points, U.S. stock markets also fall

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TORONTO – Canada’s main stock index was down more than 200 points in late-morning trading, weighed down by losses in the technology, base metal and energy sectors, while U.S. stock markets also fell.

The S&P/TSX composite index was down 239.24 points at 22,749.04.

In New York, the Dow Jones industrial average was down 312.36 points at 40,443.39. The S&P 500 index was down 80.94 points at 5,422.47, while the Nasdaq composite was down 380.17 points at 16,747.49.

The Canadian dollar traded for 73.80 cents US compared with 74.00 cents US on Thursday.

The October crude oil contract was down US$1.07 at US$68.08 per barrel and the October natural gas contract was up less than a penny at US$2.26 per mmBTU.

The December gold contract was down US$2.10 at US$2,541.00 an ounce and the December copper contract was down four cents at US$4.10 a pound.

This report by The Canadian Press was first published Sept. 6, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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S&P/TSX composite up more than 150 points, U.S. stock markets also higher

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TORONTO – Canada’s main stock index was up more than 150 points in late-morning trading, helped by strength in technology, financial and energy stocks, while U.S. stock markets also pushed higher.

The S&P/TSX composite index was up 171.41 points at 23,298.39.

In New York, the Dow Jones industrial average was up 278.37 points at 41,369.79. The S&P 500 index was up 38.17 points at 5,630.35, while the Nasdaq composite was up 177.15 points at 17,733.18.

The Canadian dollar traded for 74.19 cents US compared with 74.23 cents US on Wednesday.

The October crude oil contract was up US$1.75 at US$76.27 per barrel and the October natural gas contract was up less than a penny at US$2.10 per mmBTU.

The December gold contract was up US$18.70 at US$2,556.50 an ounce and the December copper contract was down less than a penny at US$4.22 a pound.

This report by The Canadian Press was first published Aug. 29, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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Crypto Market Bloodbath Amid Broader Economic Concerns

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The crypto market has recently experienced a significant downturn, mirroring broader risk asset sell-offs. Over the past week, Bitcoin’s price dropped by 24%, reaching $53,000, while Ethereum plummeted nearly a third to $2,340. Major altcoins also suffered, with Cardano down 27.7%, Solana 36.2%, Dogecoin 34.6%, XRP 23.1%, Shiba Inu 30.1%, and BNB 25.7%.

The severe downturn in the crypto market appears to be part of a broader flight to safety, triggered by disappointing economic data. A worse-than-expected unemployment report on Friday marked the beginning of a technical recession, as defined by the Sahm Rule. This rule identifies a recession when the three-month average unemployment rate rises by at least half a percentage point from its lowest point in the past year.

Friday’s figures met this threshold, signaling an abrupt economic downshift. Consequently, investors sought safer assets, leading to declines in major stock indices: the S&P 500 dropped 2%, the Nasdaq 2.5%, and the Dow 1.5%. This trend continued into Monday with further sell-offs overseas.

The crypto market’s rapid decline raises questions about its role as either a speculative asset or a hedge against inflation and recession. Despite hopes that crypto could act as a risk hedge, the recent crash suggests it remains a speculative investment.

Since the downturn, the crypto market has seen its largest three-day sell-off in nearly a year, losing over $500 billion in market value. According to CoinGlass data, this bloodbath wiped out more than $1 billion in leveraged positions within the last 24 hours, including $365 million in Bitcoin and $348 million in Ether.

Khushboo Khullar of Lightning Ventures, speaking to Bloomberg, argued that the crypto sell-off is part of a broader liquidity panic as traders rush to cover margin calls. Khullar views this as a temporary sell-off, presenting a potential buying opportunity.

Josh Gilbert, an eToro market analyst, supports Khullar’s perspective, suggesting that the expected Federal Reserve rate cuts could benefit crypto assets. “Crypto assets have sold off, but many investors will see an opportunity. We see Federal Reserve rate cuts, which are now likely to come sharper than expected, as hugely positive for crypto assets,” Gilbert told Coindesk.

Despite the recent volatility, crypto continues to make strides toward mainstream acceptance. Notably, Morgan Stanley will allow its advisors to offer Bitcoin ETFs starting Wednesday. This follows more than half a year after the introduction of the first Bitcoin ETF. The investment bank will enable over 15,000 of its financial advisors to sell BlackRock’s IBIT and Fidelity’s FBTC. This move is seen as a significant step toward the “mainstreamization” of crypto, given the lengthy regulatory and company processes in major investment banks.

The recent crypto market downturn highlights its volatility and the broader economic concerns affecting all risk assets. While some analysts see the current situation as a temporary sell-off and a buying opportunity, others caution against the speculative nature of crypto. As the market evolves, its role as a mainstream alternative asset continues to grow, marked by increasing institutional acceptance and new investment opportunities.

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