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WeWork SPAC-tacular
In April, Galloway appeared in a documentary about WeWork on Hulu, co-produced by Forbes Entertainment (as did this reporter). With that film taping mid-pandemic in 2020, Forbes asked if Galloway’s take on WeWork has changed since.
While he doesn’t quite qualify himself as a bull, Galloway says he’s much more optimistic about WeWork’s chances. “I think it’s probably got good prospects now,” Galloway says. “It doesn’t have a messiah, it has a manager as CEO, with a background, shocker, in real estate. And in the last year, the market has come to them. If you’re looking at what tenants want in a post-Covid world, they’re going to want more flexibility. They’re going to want a space that’s more communal.”
And with WeWork planning to go public via a special purpose acquisition company, or SPAC, Galloway says he doesn’t see SPACs disappearing anytime soon. “SPACs are like every financial innovation, whether it’s junk bonds or mortgage-backed securities,” he says. “It’s overhyped, and there will be a lot of train wrecks. But it’s probably going to be a static part of the financial community moving forward, and a lot of SPACs will survive and thrive.”
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