WeWork is an American property developer offering shared workspaces to technology startups as well as services to other businesses. Business owners and entrepreneurs can rent physical and virtual offices from WeWork.
The company was founded in New York City in 2010. WeWork was formerly known as The We Company.
WeWork Net Worth
As of January 2019, the company was valued at $47 billion, but after its IPO was postponed in September, its valuation dropped to $10–12 billion, far below the $12.8 billion the company raised since 2010.
Losses continue to pile up because the company is under profitable and has no specific plan for becoming profitable. The negative cash flow for WeWork in the third quarter of 2019 was $1.2 billion.
Company Overview
Having once been valued at $47 billion and dedicated to “elevating the world’s consciousness,” WeWork went public in October 2021 following its merger with BowX Acquisition Corp., with a valuation of $9 billion. That must be disappointing news to investors who put $12.7 billion into the company as it grew into the most valuable company in the world.
Adam Neumann
Adam Neumann is the co-founder of WeWork. In September 2019, he stepped down from the role of CEO shortly before WeWork canceled its initial public offering.
Neumann now owns a stake of nearly 10% in WeWork, having sold shares worth nearly $1 billion while WeWork was private.
It was Neumann’s behavior as CEO that led to the failure of the company’s initial public offering. Both the public and investors were incensed by his controversial separation from the company.
Adam Neumann Net worth
According to Forbes, Neumann, whose billionaire status was lost after WeWork’s failed public offering in 2019, is estimated to be worth $1.6 billion following the merger of WeWork and BowX Acquisition Corp.
This net worth is nothing compared to the $4.1 billion worth Forbes estimated he had at the height of his company, but it is enough for him to become a billionaire again.