WeWork's risky business model involves leasing and transforming office spaces, charging varying membership fees.

Concerns arise from its massive lease obligations, short member commitments, and potential economic downturn impact.

WeWork, soon to be The We Company, leases and transforms office spaces for rental.

Despite mixed IPO results for similar companies, WeWork's unprofitability raises concerns.

Four membership options fund renovations and leases for diverse client needs.

$47 billion lease obligations contrast with $3.4 billion member-signed leases, posing risk.

Rapid expansion helps WeWork lead but also exposes it to replication by rivals.

Economic downturn and tenant defaults could challenge WeWork's flexible model.

Investors weigh WeWork's size and flexibility against potential economic uncertainty.

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