Adam Neumann is a businessman and investor who is Israeli-American. He co-founded WeWork in 2010 with Miguel McKelvey and served as its CEO from 2010 to 2019. Together with his wife Rebekah Neumann, he co-founded 166 2nd Financial Services in 2019 to manage their personal fortune, investing over a billion dollars in real estate and venture firms.
Neumann resigned as CEO of WeWork and handed up majority voting power as of September 26, 2019, in response to rising pressure from investors based on the company’s S-1 filing. WeWork has postponed its initial public offering (IPO) until the end of 2019 in response to mounting investor worries about its corporate governance, valuation, and commercial future. WeWork officially withdrew its S-1 file and postponed its IPO on September 30, 2019. As of June 2022, Forbes projected his net worth to be about $1.4 billion.
Early years of Adam Neumann
Worth $1.4 billion dollars
Salary $50,000,000
Occupation Entrepreneur and Investor Age 43
1.96 m tall Adam Neumann’s net worth in 2022
Adam Neumann was born in Tel Aviv-Yafo, Israel on April 25, 1979 (he is 43 years old). The Israeli Neumann family is of Ashkenazi Jewish heritage. Avivit and Doron Neumann, both doctors, divorced when Neumann was seven years old. With his mother’s medical residency, he and his younger sister, Israeli model and former Miss Teen Israel Adi Neumann, relocated to the United States.
Due to dyslexia, Neumann could not read or write until the third grade. After four years in the United States, they returned to Israel in 1990 and resided in the kibbutz Nir Am. He graduated from the Israeli Naval Academy, served as an officer for five years in the Israeli Navy, and was dismissed with the rank of sergeant (captain). He then attended Baruch College’s Zicklin School of Business in New York City.
Career
Before starting WeWork, Adam Neumann launched the children’s apparel firm Krawlers. Neumann and Miguel McKelvey started collaborating on Green Desk in 2008, the predecessor of WeWork, after meeting via a mutual acquaintance. Green Desk was a shared office space firm with an emphasis on sustainability. They formed WeWork in 2010 using the proceeds from the sale of their Green Desk stake and a $15 million investment from Brooklyn real estate entrepreneur Joel Schreiber for a 33 percent stake in the firm.
Neumann explained that with WeWork, he sought to duplicate the sense of community and belonging he had in Israel, which he believed was absent in the West. Neumann booked a Gulfstream G650 for a journey from the United States to Israel in the summer of 2018, according to the Wall Street Journal.
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He and his companions spent the most of the flight smoking marijuana. After landing in Israel, the flight crew discovered a cereal box full with marijuana and notified the owner of the aircraft. Fearing a marijuana smuggling incident, the jet’s owner had it returned to the United States. Neumann and his companions were had to arrange a separate trip home.
In 2018, a former employee filed a lawsuit against WeWork, alleging sexual harassment and other unethical workplace activities. She said in her complaint that Neumann “plied her with tequila shots during her business interview.” WeWork discontinued limitless beer for workers and instituted a restriction of four drinks per day in the New York headquarters shortly after this claim was made.
The Wall Street Journal reported on September 22, 2019, that multiple WeWork boards were likely to urge Neumann to resign down as CEO after “a turbulent week in which his erratic behavior and drug usage came to light” before to an IPO. The Wall Street Journal alleged, among other facts, that he “undermined his position” at the firm by withdrawing $700 million from WeWork before to its first public offering.
Additionally, Adam Neumann returned the $5.9 million that the corporation had given him in exchange for the “We” trademark. He resigned on September 24, 2019, and Artie Minson and Sebastian Gunningham were selected as his replacements. Wall Street Journal claimed in October 2019 that Neumann will get close to $1.7 billion from SoftBank for leaving WeWork’s board and eliminating most of his links to the firm. Several weeks later, minority shareholders launched a complaint for violation of fiduciary responsibilities against Neumann and other WeWork executives.
The Wall Street Journal reported on February 24, 2021 that Adam Neumann had received around $130 million of the $185 million in advisory fees that SoftBank had pledged to pay him before SoftBank halted paying the remaining payments. The Wall Street Journal revealed on May 27, 2021, the conditions of a renegotiated separation agreement between Neumann and SoftBank, replacing the one from October 2019.
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Neumann received, among other terms, $106 million in cash in addition to the $92.5 million in consulting fees previously received (contrary to the $130 million figure reported by the WSJ on February 24, 2021 for previously received consulting fees from SoftBank), with approximately $50 million of that amount used to cover his legal fees. Additionally, the renegotiated settlement plan “enabled him to refinance $432 million in debt on advantageous terms and let a company controlled by Mr. Neumann to sell $578 million in WeWork shares.”
The Wall Street Journal also stated that Neumann earned a new WeWork stock award worth around $245 million, but “if the share price of WeWork falls below $10, Mr. Neumann will no longer be entitled to collect the stock reward.” As WeWork completes its merger with BowX Acquisition, a special-purpose acquisition company, in May 2021, securities disclosure filings will be submitted. The merger made it possible for WeWork shares to be listed on the New York Stock Exchange under the symbol WE. Neumann secured around $4.7 billion for WeWork’s shares.
Forbes reported his net worth as $750 million on 5 March 2021, having eliminated him from their list of billionaires in 2020. Neumann has turned his concentration to property investment in Miami as of March 2022. Andreessen Horowitz announced an investment in Neumann’s new residential real estate startup, Flow, in August 2022.
Investments
In 2018, Adam Neumann joined InterCure, an Israeli cannabis firm managed by former Israeli Prime Minister Ehud Barak. Neumann also invested in EquityBee, a startup for tech investors, and Selina, a hotel company. Neumann invested $10 million in multimodal shared transportation firm GOTO Global in early 2020, acquiring a 33 percent ownership investment in the business.
In 2012, Neumann joined with Ken Horn of Alchemy Properties and Joel Schreiber to acquire the top floors of the Woolworth Building for $68 million, which they later transformed into condos. As CEO, Neumann acquired properties and leased them back to WeWork on many times. This possible conflict of interest would not be permitted if WeWork were a public corporation, according to observers.
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During his stint as CEO of WeWork, Neumann acquired houses totaling US$90 million, including a 60-acre (24 ha) estate in Westchester County, New York, a 6,000-square-foot (560 m2) apartment near Gramercy Park, two homes in The Hamptons, and a US$21 million mansion in Corte Madera, California. Neumann has began acquiring apartment complexes and, as of early 2022, owns over 4,000 flats valued at approximately $1 billion.
The Wall Street Journal said in 2019 that Neumann desired to live forever, become the first trillionaire in the world, extend WeWork to Mars, become Israel’s prime minister, and become “president of the world.” Neumann asserted in a September 2019 Vanity Fair article that he convinced Rahm Emanuel to run for president, used JPMorgan Chase CEO Jamie Dimon as his personal banker, convinced Saudi prince Mohammed bin Salman to improve the status of women in Saudi Arabia, and claimed to be working with Jared Kushner on the Trump administration’s peace plan for the Israeli–Palestinian conflict. In the 2022 Apple TV+ series WeCrashed, Jared Leto portrays Neumann.
Adam Neumann is married to Rebekah Neumann; their wedding took place in 2008. He resides in New York City’s Greenwich Village district with his wife, Rebekah Neumann, and their six children. Rebekah is Gwyneth Paltrow’s cousin. Neumann delivered the keynote address at a 2018 UJA-Federation of New York event, where he discussed his weekly Shabbat observance with his family and the importance Judaism has had in his personal and professional development. Midway through 2022, Adam Neumann and his wife Rebekah Neumann are still happily married and raising six children.
Adam Neumann fortune
What is Adam Neumann’s net worth? The estimated net worth of Adam Neumann is around $1.4 billion. His primary source of income is his work as an entrepreneur and investor. Annually, Adam Neumann’s salary and other professional earnings exceed $250 million. His prosperous job has afforded him a luxury lifestyle and exotic automobile excursions. He is one of the wealthiest and most powerful Israeli businessman in America. Adam Neumann has an attractive height of 1.96 meters and a healthy weight that complements his personality.