Dr. Gleb Tsipursky – The Office Whisperer
Cat Johnson – Coworking Marketing Maven
Angela Howard – Culture Expert
Drew Jones – Design & Innovation
Andrea Pirrotti-Dranchak – Competitive Advantage
Jonathan Price – CRE & Flex Expert
Jeremy Fennema – Tech Innovation Alchemist
[bctt tweet=”Adam Neumann once had a net worth of $4.1 billion, landing him on Forbes’ list of the world’s richest people. Now, Forbes has lowered his net worth to, at the most, $600 million.” username=”allwork_space”]
The co-founder of WeWork’s nosedive from billionaire status follows his company’s failed attempt to complete an initial public offering. This led Neumann to resign as CEO, but he still owns around an 18% stake in the company.
Neumann’s first appearance on Forbes’ World’s Billionaires List was in 2016, when he was estimated to be worth $1.5 billion and his company had just been valued at over $10 billion by investors. Three years later, SoftBank CEO Masayoshi Son’s enthusiasm for the company led it to invest billions into WeWork, which pushed that valuation to a staggering $47 billion.
After the company filed for its IPO, it was clear investors and the rest of the public did not share Son’s sentiment due to the numerous worrisome details revealed in its prospectus.
Now, if the company fails to raise additional capital, it could be forced to file for bankruptcy according to many analysts.
Forbes estimates that the We Company is worth at most $2.8 billion based on a multiple of the firm’s revenues consistent with its competitor IWG, who is listed on the London Stock Exchange. Forbes’ estimate of Neumann’s wealth is based on his stake in the We Company, as well as $500 million in stock sales.
