WeWork’s co-founder and CEO Adam Neumann has cashed out of over $700 million from the company just ahead of its initial public offering.
The payout was made through a mix of stock sales and loans, but he still maintains to be the largest shareholder of the coworking firm.
Typically, founders wait until after a company holds its public offering to liquidate their holdings, so this move is unusual.
In recent years, Neumann has made investments into numerous companies such as Hometalk, Intercure, EquityBee, and more. He has also invested into several commercial real estate properties that are expected to be transferred over to a WeWork-controlled fund.