WeWork that once valued more than Rs 330000 crore has filed for bankruptcy.
WeWork is the most talked about company across the globe right now as the co-working space company, which was once valued more than Rs 330000 crore, has filed for bankruptcy in the US. This is one the biggest turnaround for a popular and widely spread business in the past few years. Although business experts saw it coming, for the general public who knew WeWork as a publicly listed company present in more than 35 countries, it has been a shocker. There are many reasons behind Rs 330000 crore valuation going to dust but one of them is also believed to be its founder Adam Neumann, who made a fortune before he was asked to leave the company. As per Forbes, Neumann’s net worth currently stands at Rs 18,318 crore.
Born and brought up in Israel, Adam Neumann wasn’t able to read or write until he was in third grade due to his dyslexia. His parents divorced when he was just 7 and he had to change several homes while growing up. After completing his basic education, he served as an officer in the Israeli Navy. Later he moved to New York to attend business school. Neumann has been a serial entrepreneur and before WeWork, the billionaire founded a children's clothing company called Krawlers. After spending some time on Krawlers, he went on to found WeWork.
Before WeWork was about to hit the IPO, Neumann was asked to resign from the position of CEO by the board of directors due to alleged drug use and eccentric behavior. Although Neumann received a hefty amount for severing ties with WeWork, he was dropped off the Forbes's billionaires list in 2020.
But he managed to enter the list again as he acquired majority stakes in apartment buildings worth nearly $1 billion before debt. Andreessen Horowitz valued his new residential real estate startup Flow more than $1 billion in 2022. Adam is married to Rebekah Neumann and the couple has six children.
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