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The listening exercises in Business Spotlight Übungsheft (p. 5) are based on the article “Not coming back” (Names & News, p. 8). Here, we provide you with the audio file and transcript.
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Not coming back
The coworking company WeWork was founded in 2010 to revolutionize the way people go about doing sth.sich daranmachen, etw. zu tungo about doing their jobs. But the man who started it, Israeli-American entrepreneur Adam Neumann, was fired by his own company, in 2019, after rack sth. upetw. ansammelnracking up large debtsSchuldendebts. When WeWork declare bankruptcyInsolvenz anmeldendeclared bankruptcy, in 2023, the 45-year-old Neumann announced that he wanted to try again and attempted to buy back control. The company’s major creditorGläubigercreditors had other ideas, and perhaps that’s for the best — former CEOs who return have a very mixed recordhier: Erfolgsbilanzrecord.
Travis Howell, assistant professor of management and entrepreneurship at Arizona State University, told the BBC: “These boomeranghier: zurückkehrendboomerang CEOs, once they come back, tend to perform worse in general. But the founder CEOs who come back performed especially worse.” There are some notablebemerkenswert, denkwürdignotable exceptions, such as Steve Jobs at Apple, but in general, it seems, what didn’t work the first time won’t work the second time either.
Neumann, who grew up in a kibbutzKibbuz (ländliche Siedlung mit kollektiver Wirtschaft und Lebensweise in Israel)kibbutz in Israel and moved to New York City in 2001, is still an entrepreneur and a tech billionaire. In 2022, he founded a new real-estateImmobilienreal-estate start-up called Flow, valued at over $1 billion, with the idea of rent sth. outetw. vermietenrenting out branded apartments (US)Wohnungen mit einheitlichem Design- und Servicekonzeptbranded apartments. Some have speculated that Neumann now wants to do the same thing for residential living that WeWork was supposed to do for offices.