WeCrashed: What Happened To Adam Neumann And How Many Millions Did He Lose
WeCrashed, the new series by Jared Leto and Anne Hathaway, tells the story of one of the most eccentric entrepreneurs of recent years, who went from having a billion-dollar fortune, to losing an obscene amount of money, and being retired from his job. own company. The story of WeCrashed is well known, Adam Neumann was an entrepreneur who dreamed of finding an idea that would make him a millionaire, he achieved that (with the help of his partner, Rebekah Neumann and his partner Miguel McKelvey ) when he decided to develop an office spaces that were more like a community.
That idea became WeWork, which consists of office spaces that people or companies can rent when they do not have or do not want a fixed space, with the advantage that many other businesses share the same space and, therefore, it is the ideal place to meet people and create connections, all with a much more beautiful and pleasant design than that of the typical gray and cold offices.
At first, nobody trusted Neumann (whom Jared Leto from Morbius, plays as an androgynous vampire with great magnetism, who could win over anyone just by talking), but he managed to get his idea off the ground and, in just a decade, WeWork was already worth $46 billion, making his case one of those studied success stories, and him a kind of guru (and almost cult leader) that many were willing to blindly follow. But the WeWork story, as depicted on the show and in every news item that pops up when you search for Neumann’s name, ended in tragedy and the multibillion-dollar business started losing and losing.
What Happened To Adam Neumann And How Much Money Did He Lose?
WeWork was officially launched in 2010 and millions of people around the world started using its offices, with modern decorations, cafes and open spaces. Soon, the company went from New York to having spaces in the main cities around the world and it seemed that they were not going to stop. But, in 2019, the board of directors decided to remove Adam Neumann, its founder, and go in a different direction.
In addition, reports began to emerge that the culture within the company was becoming toxic (it is said that he would arrive offering shots of tequila and marijuana at work, asking his employees to work 20 hours straight and scheduling meetings for 2 a.m.) and it was revealed that Neumann was making a series of financial decisions that could bankrupt WeWork.
The financials of the company were made public before the IPO in 2019, and it was then that investors, partners and journalists could notice that the company was losing money at the speed of light, all due to the series of bad decisions. that Neumann had taken. As a consequence, he was asked to step down as CEO and has not returned to WeWork since. But it didn’t fare so badly, Neumann received a $1.7 billion payout when he left WeWork,
and secured another $50 million during negotiations with SoftBank in 2021. In addition to the fact that he still owns the 10% of WeWork shares, which were worth $1 billion at the time (Financial Times reports they are currently worth half of that, but it’s still a lot of money). Also, according to reports, he has been selling some million-dollar properties for a few years.
He and Rebekah are currently believed to be living in New York and in February 2022 bought space in a building in Fort Lauderdale, Florida, where he is reportedly planning to start a new business, although what it is has not been revealed. How much money did Adam Neumann and WeWork lose? According to CNBC, the company went from being worth $47 billion to just $9 billion and the number kept going down, which was what led to the decision to ask him to resign.
