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How Much Did Adam Neumann Make Before WeWork Went Bankrupt?
Despite WeWork?s struggle with bankruptcy, co-founder Adam Neumann still remains wealthy. When Neumann left the company in 2019, he collected tens of millions of dollars. He also received large amounts of money when WeWork went public via SPAC.
As per sources, Neumann received around $770 million as a part of the SPAC proceedings. He also retained stock of $722 million, which is now worthless.
The former CEO of WeWork founded the company in 2010. He then created a real estate juggernaut with the use of his communication skills and personality and made the company worth $47 billion by January 2019. By the time WeWork filed for bankruptcy, it was merely worth $45 million.
Neumann told CNBC,
?As the co-founder of WeWork who spent a decade building the business with an amazing team of mission-driven people, the company?s anticipated bankruptcy filing is disappointing. It has been challenging for me to watch from the sidelines since 2019 as WeWork has failed to take advantage of a product that is more relevant today than ever before.?
However, he still believes that with some reorganization, the right team, and the right strategy, WeWork will be able to bounce back successfully in the real estate market.
Despite the company?s evaporating worth, Neumann still remains a wealthy person. When he stepped away from the company, he accumulated a sizable portion of his wealth.
Neumann collected $480 million from WeWork?s SPAC process. He also accumulated another $185 million as a part of a non-compete agreement and $106 million more as a part of the settlement.
After the market cap of WeWork spiraled downward, Neumann got associated with Flow, another real-estate tech venture, which is valued at $1 billion.
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