WeWork CEO Adam Neumann has reportedly cashed out of over $700 million ahead of its IPO
WeWork is an American company that offers shared workspaces for subculture communities of new technologies and services for entrepreneurs, freelancers, new companies, small businesses, and large companies. Founded in 2010, it is headquartered in New York City. At the beginning of January 2019, WeWork had an appraisal of approximately US $ 47 billion and managed 10,000,000 square feet (930,000m2) of office space.
Adam Neumann is an Israeli-American multimillionaire businessman. In 2010, he co-founded WeWork, along with Miguel McKelvey. After having met previously through a mutual friend. A shared interest in education and community design led them to create Green Desk in 2008, a shared workspace business focused on sustainability, which served as a forerunner of WeWork.
Now, CEO Adam Neumann has cashed more than $ 700 million before his IPO.
Neumann charges more than $ 700 million from his company before its initial public offering
Adam Neumann, the co-founder, and CEO of the new international real estate company, WeWork, has cashed more than $ 700 million from his company before its initial public offering.
It should be noted that the size and timing of the payments, made through a combination of stock sales and loans guaranteed by their capital in the company, is unusual, considering that the founders usually wait until a company maintains its public offering for liquidating their shares.
Even so, despite the loans and stock sales, reported for the first time by The Wall Street Journal, Neumann remains the largest individual shareholder of the company. And is that according to reports, Neumann has already established a family office to invest the income and has begun to hire financial professionals to administer it.
Similarly, he made significant investments in real estate in New York and San Francisco, including four houses in the New York metropolitan area and a $ 21 million and 13,000 square foot house in the Bay Area, complete with a room with guitar shape In this way, it is estimated that in total, Neumann spent $ 80 million on real estate.
Likewise, the executive director of WeWork has expanded his horizon and in this way, has also invested in new companies in recent years. It has a shareholding in seven companies: Hometalk, According to CrunchBase, Intercure, EquityBee, Selina, Tunity, Feature.fm and Pins.
Source: Jonathan Shieber | TechCrunch