Book of the Week, non-fiction

Book of the Week: Billion Dollar Loser

I was so spoilt for chose this week that I dithered over my choice for Book of the Week for quite some time before settling on Billion Dollar Loser. But it’s hard to resist a book about a spectacular business failure – you may remember how much I enjoyed Bad Blood last year and I was hoping this would do the same sort of thing.

Cover of Billion Dollar Loser

Reeves Wiedeman’s book examines the rise and fall of Adam Neumann and his company WeWork. Many people probably only heard of WeWork when its first attempt to float on the stock market imploded in spectacular style. Neumann grew up in Israel and the US, completed his compulsory military service and then moved to the US for college, determined to make his fortune. After a false start with a baby clothing company, he got into the co-working business – leasing empty office space from landlord and then renting it out to freelancers, small businesses, tech startups and the like. It wasn’t a new idea, but WeWork attracted billions of dollars from investors as it grew at breakneck speed and expanded around the world with a vision of “elevating the world’s consciousness”.

So this isn’t quite Bad Blood, and WeWork isn’t quite Theranos, but Billion Dollar Loser is an incredibly readable account of the rise and fall of a tech unicorn – a business that investors poured money into through years of losses in the hope that it would eventually make money and then be the next big thing when it finally floated in the stock exchange and they could cash out. Caught up in it all are the staff – many of whom stayed in jobs that didn’t pay very well because of the stock options they were promised and because they believed in Neumann’s vision. Like Theranos’s Elizabeth Holmes, Neumann is a charismatic figure – who brought in spiritualism and created an almost cult like atmosphere inside the company. And his wife is Gwyneth Paltrow’s cousin so there’s an added Goop-y layer to all of this that Theranos didn’t have.

Wiedemann has written a fast-paced page turner, that exposes the fundamental problems with WeWork’s business plan – including (but not limited to) the costs involved in real estate and the need for actual physical infrastructure in your offices and to keep your tenants happy! Like Bad Blood, it leaves you with a fair few questions, but the story of WeWork isn’t done yet – their valuation for their stock market floatation was published at the end of March (spoiler: it’s a lot less than it was the first time around) and Neumann is also reported to be planning a new venture. A Hulu documentary about WeWork came it last week and Cosmo have just published a profile of Rebekah Paltrow Neumann so this probably isn’t the last we’ve heard of WeWork – but as a starting point this is a really good one!

My copy of Billion Dollar Loser came from the library, but it’s available now from all the usual sources – like Kindle and Kobo and should be available to order from your bookshop of choice or bookshop.org.uk . It’s been so long now since bookshops were open for in person browsing that I have no idea if you’ll be able to pick it up in store without ordering!

Happy reading!

Book of the Week, new releases, non-fiction

Book of the Week: Money

A lot of non-fiction reading last week all in all, so it’s probably not a surprise that this week’s pick is from the nonfiction list. Just a reminder that the mini-reviews are coming tomorrow – where among the picks is another non-fiction book from last week.

Cover of Money by Jacob Goldstein

So Jacob Goldstein’s Money is exactly what the subtitle says it is – The True Story of a Made-up Thing. It’s a an engaging and easy to understand history of money that goes right from when people stopped bartering and started developing money through to the present day with all the complications that the internet and computers have brought.

Goldstein is one of the hosts of NPR’s Planet Money podcast and has a really conversational style as well as having a knack for explaining complicated ideas in easy to understand language. In this he’s done possibly the best job I’ve found so far of explaining things like bitcoin, blockchain and what exactly happened with the 2008 crash. I mean I came away feeling like I finally understood them at any rate. Be warned though, if you’re anything like me, you’ll find the idea that there will be another big crash or breakdown in the way that we use money just a little bit terrifying and may lead to some googling to work out how safe the money in your bank is. It definitely made me think a lot about electronic banking and the cashless economy. Anyway, If you’re not a person who thinks of themselves as business or money minded, this would be a great primer/introduction for you, or if you’re starting to think about your Christmas present list, this would make a good choice for someone who likes authors like Mary Roach or Bill Bryson.

My copy of Money came from NetGalley, but it’s out now (came out in the UK last week in fact) on Kindle and Kobo and as a hardback. As usual I have no idea whether it’ll be in bookshops, but they should be able to order it for you if they don’t have it in stock. Give them a call/drop in in a safe and responsible way.

Happy Reading!