Adam Neumann imitator Amol Sarva officially left Knotel by sending an email blast that should have stayed in his draft folder. Sarva bashed new owner Newmark and the “Adam Neuman-era WeWork bros” who will be leading the company moving forward.
- The Email: Amol Sarva’s Sour Grapes: “Over the last few months, Newmark was a stalking horse on a process that used bankruptcy to take control of Knotel with around $100 million of new capital. This process undermined lots of important relationships and hurt lots of customers and partners. I’m so disappointed that this was the direction pressed. The process made clear to me that I would not choose to be part of the new owners’ way of moving forward. Only to confirm that judgment, they have literally hired a group of Adam Neuman-era WeWork bros to lead the company forward.”
- Karma: Sarva also was known to gleefully troll rival WeWork, once parking a Knotel bus outside of WeWork’s headquarters. When WeWork’s IPO plans imploded in late 2019, he said: “Now the music is over, and it’s time to dance.”
- From a former employee: “There was a lot of shade thrown on WeWork and other competitors, but they were running the exact same business model that simply doesn’t work.” Credit Empire State Realty Trust’s Tony Malkin who refused to lease to co-working firms and was an outspoken critic from day one.
- In other co-working news: WeWork will shrink its property footprint in Hong Kong by more than 50% to 360,000 SF. The co-working firm will likely incur a penalty as its termination is a breach of its tenancy agreement with its landlord Phoenix Property Investors.
- Flashback: At its peak in 2019, WeWork operated 830,000 SF of co-working space in Hong Kong. [SCMP]