Former WeWork CEO Adam Neumann No Longer Billionaire

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  • According to Bloomberg, Osie WeWork CEO Adam Neumann is no longer a billionaire.
  • The co-founder and former executive is now worth about $ 450 million after SoftBank abandoned its deal to buy $ 3 billion worth of WeWork shares.
  • The deal included the purchase of nearly a billion dollars worth of Neumann shares.
  • Neumann is reported to have grossed up to $ 14 billion before the failure of WeWork’s IPO last year.
  • For more WeWork stories, click here.

Former WeWork CEO Adam Neumann is no longer a billionaire.

The ousted director lost his billionaire status following SoftBank’s decision to withdraw from an October bailout deal, reports Bloomberg.

SoftBank had planned to buy $ 3 billion worth of WeWork shares from other investors and employees as part of its bailout of the real estate giant following its initial public offering canceled last fall. As part of the plan, SoftBank would spend $ 970 million to buy back Neumann shares, part of a golden parachute that, when announced, drew criticism from experts who described the decision as ” crazy about stone ”.

Now Neumann will end up with a larger share of WeWork stocks that are probably worth a lot less than SoftBank has planned to offer, according to Bloomberg.

Neumann’s net worth estimates have varied. Last year, Forbes estimated Neumann’s net worth at $ 4.1 billion. In October 2019, Forbes said it had fallen to $ 1 billion and, soon after, predicted that Neumann had lost his billionaire status. These days, Forbes lists Neumann’s net worth at $ 750 million.

Bloomberg estimated that Neumann’s fortune was much higher, reaching $ 14 billion before the failure of WeWork’s IPO and falling to $ 1.3 billion after the announcement of the SoftBank bailout. Now Bloomberg estimates that Neumann’s wealth is worth around $ 450 million, down 97%.

Asher Gold, spokesperson for Neumann, declined to comment.

Neumann was kicked out of WeWork following the disastrous coworking startup’s IPO last fall and public scrutiny of Neumann’s leadership style and use of funds business, as well as WeWork’s nonstop party culture.

Before the controversy, Neumann and his wife, Rebekah, were known for their lavish lifestyles. Neumann spent more than $ 80 million on five homes, including a Hamptons mansion, an agricultural estate in northern New York, and a $ 21 million house in the Bay Area.

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