So now the plan is to demolish the Plano site and build a brand new 45-acre campus from scratch. For one of the most levered companies in the world, still buried under massive debt.
This is the same leadership that burned hundreds of billions on T-Mobile, DirecTV, xandr, and WarnerMedia (among others). The same person making another massive, irreversible capital bet. And we’re supposed to believe this time it’s different?
What makes this even worse is the human cost. Over the last two years, employees uprooted their lives and relocated from all over the country to Dallas because the company told them to. Now leadership is moving locations again like a shell game, sc--wing over the very people who did what they were asked. No apology. No accountability.
And let’s ki-l the lie about the employee survey. It did not say “build us a new office.” It said people don’t want to be in offices at all, ever. Spinning that into a multi-billion-dollar campus no one wants or needs is insulting.
We also just lit $100 million on fire upgrading the Dallas office a few years ago. Add that to the pile.
At this point, the board can’t pretend they don’t see what’s happening. These decisions and their outcomes are public. If they continue to allow this, they’re complicit in the value destruction.
Employees will pay through lost bonuses and broken trust. Shareholders will pay through debt and wasted capital. And leadership will keep doubling down because no one is stopping them.
This isn’t strategy. It’s reckless. And it’s long past time for the board to intervene. End RTO, divest from the useless office space and improve the balance sheet. It’s not that hard to understand.