Forbes Dropped WeWork Founder Adam Neumann From Billionaire list
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Forbes Dropped WeWork Founder Adam Neumann From Billionaire list

WeWork Founder- Next Big Brand
Pritish raj
Written by Pritish raj
[email protected] | Noida | Published on: October-12-2019 01:53 PM
  • Forbes classified Neumann as one of the richest people with an estimated net worth of $4.1 billion earlier this year.
    Forbes has revised that figure to $600 million— not mischievous at all, but a massive, rapid wealth plunge.
  • The New York-based startup he founded in 2010, by providing shared, flexible workspace solutions, has claimed to be revolutionizing commercial real estate and has operations in 111 cities in 29 countries.

On Thursday, Forbes lopped over $3 billion from WeWork co-founder Adam Neumann’s estimated net worth as the company faced speculation about its future.
Forbes classified Neumann as one of the richest people with an estimated net worth of $4.1 billion earlier this year.
Forbes has revised that figure to $600 million— not mischievous at all, but a massive, rapid wealth plunge.
Neumann, whose unorthodox corporate and management style stretched Wall Street and Silicon Valley boundaries, announced last month that he was stepping down as chief executive.

He is leaving the corner office as the company is trying to reposition a botched initial public offering program.
Neumann, who will remain as chairman, has faced questions about his perceived self-dealing, as well as his rapidly growing company’s ability to make profits.
His audacious business approach won support from key stakeholders, including the SoftBank group from Japan.
Yet his loose approach to corporate governance and conflicts of interest attracted attention, just as a Wall Street Journal revealed the extensive use of drugs and alcohol and Neumann’s ambition to become the first trillionaire in the world.

wework-co-working-spaces- Next Big Brand

Biggest Co-Working Space Provider in World.
Source- WeWork

Neumann, 40, is also remembered as a serial entrepreneur, known for his long hair and a wardrobe that prefers t-shirts.
The New York-based startup he founded in 2010, by providing shared, flexible workspace solutions, has claimed to be revolutionizing commercial real estate and has operations in 111 cities in 29 countries.
The business, which lost $1.9 billion last year, has, however, faced doubt about its ability to make money, especially if the global economy is slowing significantly.
Architects of their stock market launch strategy had reduced the company’s valuation target from $47bn to below $20bn when they pushed back the timeline.

Recently, after receiving a mixed response from investors, WeWork, the US office-sharing company, has postponed its stock market flotation. Its parent firm- We Company was thought to be moving forward with listing on the Nasdaq next week.
Mr. Neumann, who controlled a majority of the shareholder votes, decided to step down. But he did so after losing some of his main backers’ assistance, including SoftBank, the Japanese technology giant, the largest outside investor of WeWork.
The office-space provider in January achieved a $47 billion valuation, but that could fall to as low as $10 billion when the company wished to go public earlier this month. WeWork is now considering a sharp slowdown in development. According to one individual briefed on the issue, it could lay off as many as 5,000 staff. As of June 30, according to its regulatory filings, it hired more than 12,500 staff.

About the author

Pritish raj

Pritish raj

Pritish Raj is a content writer at Next Big Brand. Hailing from the diversified state of Bihar, he is an engineer by education who chooses the way of poetry, photography, and writing to kick off his career.
Highly enthusiastic about brands and startups, he aims to be a travel content creator.

9113327413 | A-73, Hackerspace, Noida sector- 2 Noida UP 201301

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