Tech

Cases of Don Julio 1942 and a signature Range Rover: Here’s an inside look at Adam Neumann’s wild list of must-haves for WeWork’s rowdy all-staff summer sleepaway party

Reeves Wiedeman is a business journalist whose work has been featured in New York Magazine, the New Yorker, Rolling Stone and other major publications. The following is an excerpt from his new book, “Billion Dollar Loser: The Epic Rise and Spectacular Fall of Adam Neumann and WeWork.” In it, Wiedeman […]
Cases of Don Julio 1942 and a signature Range Rover: Here’s an inside look at Adam Neumann’s wild list of must-haves for WeWork’s rowdy all-staff summer sleepaway party
Tech

WeWork’s chairman said Adam Neumann ‘may have violated’ the terms of his $185 million consulting contract with his former company, and that it’s is no longer in effect

Ousted WeWork co-founder Adam Neumann’s $US185 million consulting deal with his former company is no longer in place, executive chairman Marcelo Claure said during a Wall Street Journal event Monday. Claure told the audience that Neumann “may have violated some of the parts of the consulting agreement, so that’s no […]
WeWork’s chairman said Adam Neumann ‘may have violated’ the terms of his $185 million consulting contract with his former company, and that it’s is no longer in effect
Tech

The We Company is changing its name back to WeWork

The We Company said Wednesday it is rebranding back to WeWork, nearly two years after it first made the name change. In January 2019, the company opted for a new brand name to reflect its venture beyond its core product, coworking areas, into residential and educational spaces. WeWork has been […]
The We Company is changing its name back to WeWork
Lifestyle

WeWork cofounder Adam Neumann is selling his San Francisco Bay Area compound for $27.5 million — look inside the ‘Guitar House’

WeWork cofounder Adam Neumann’s San Francisco Bay Area home has officially hit the market for $US27.5 million, Mansion Global reported. The 10-acre compound includes a 10,000-square-foot main house, a separate guest house, a swimming pool, a greenhouse, gardens, a chicken coop, and solar and geothermal systems. Neumann and his wife, […]
WeWork cofounder Adam Neumann is selling his San Francisco Bay Area compound for $27.5 million — look inside the ‘Guitar House’
Lifestyle

From the Juul founders to Nordstrom heirs, here are the 15 most notable people who dropped off the Forbes billionaires list this year

Forbes knocked over 260 people off its iconic Billionaires List in 2020. Members of several retail dynasties – including the families behind Forever 21, Gap, Urban Outfitters, and Nordstrom – are no longer billionaires, according to Forbes. While some of the drop-offs lost their fortunes before the coronavirus pandemic, others […]
From the Juul founders to Nordstrom heirs, here are the 15 most notable people who dropped off the Forbes billionaires list this year
Tech

SoftBank’s CEO now says its $9 billion bet on WeWork and Adam Neumann was a mistake — but he still thinks WeWork will end up making money

WeWork, the office-coworking company, received over $US9 billion from SoftBank’s $US100 billion “Vision Fund.” Across the past year, WeWork has gone from the verge of going public to barely hanging on – a notorious misstep in SoftBank’s ambitious investment portfolio. WeWork co-founder and former CEO, Adam Neumann, was ousted from […]
SoftBank’s CEO now says its $9 billion bet on WeWork and Adam Neumann was a mistake — but he still thinks WeWork will end up making money
Tech

SoftBank confirms abandoning its plan to buy $3 billion worth of WeWork shares, citing ‘significant’ criminal and civil investigations

SoftBank confirmed on Thursday it will back away from a $US3 billion tender offer to WeWork shareholders. SoftBank said it would be “irresponsible” to continue with the deal, citing multiple, significant criminal and civil investigations into WeWork and its finances among other factors. The deal would have profited ex-CEO Adam […]
SoftBank confirms abandoning its plan to buy $3 billion worth of WeWork shares, citing ‘significant’ criminal and civil investigations
Tech

T. Rowe Price calls WeWork a ‘terrible investment’

In an unusually frank letter, fund managers at T. Rowe Price derided WeWork as a “terrible investment.” T. Rowe Price led WeWork’s Series D financing round in 2014, which valued the company at $US4.65 billion. The fund managers said they invested with the understanding that WeWork would curb its losses […]
T. Rowe Price calls WeWork a ‘terrible investment’
Tech

This is everything we know about WeWork’s new CEO Sandeep Mathrani, a former real estate executive who has been called a ‘corporate turnaround artist’

WeWork announced on Saturday that Sandeep Mathrani would be its new CEO. Adam Neumann, WeWork’s cofounder, was reportedly ousted from the chief executive role in 2019 after SoftBank took control of the company, and Artie Minson and Sebastian Gunningham have served as co-CEOs since. Mathrani was previously an executive at […]
This is everything we know about WeWork’s new CEO Sandeep Mathrani, a former real estate executive who has been called a ‘corporate turnaround artist’
Strategy

Looking at 2020: 3 lessons leaders can learn from the fall of former WeWork CEO Adam Neumann, according to a millennial success coach

Arika Pierce is a Gen Z and millennial success coach who helps younger generations succeed in business, leadership, and life. She is the author of “The Millennial’s Playbook to Adulting,” a one-stop resource on everything from personal branding and networking to job hunting, finances, and health. Follow her on Instagram. […]
Looking at 2020: 3 lessons leaders can learn from the fall of former WeWork CEO Adam Neumann, according to a millennial success coach
Lifestyle

Billionaires of the 2010s: From Facebook execs to heiresses, here’s a look at some of the biggest names to join the 3-comma club in the past decade

The world’s billionaire population has more than doubled over the past decade, Forbes’2010 and 2019Billionaires lists show. The wealthiest woman in the world, Francoise Bettencourt Meyers, only joined the three-comma club in 2018, Business Insider previously reported. Not everyone who became a billionaire in the past decade stayed one, however. […]
Billionaires of the 2010s: From Facebook execs to heiresses, here’s a look at some of the biggest names to join the 3-comma club in the past decade
News

The producer of hits like ‘Get Out’ is making a movie about WeWork’s dramatic rise and fall, with the writer of ‘The Big Short’

Jason Blum, the producer behind horror hits like “Get Out” and Oscar winners like “BlacKkKlansman,” is developing a movie about the rise and fall of WeWork. “The Big Short” and “Bombshell” writer Charles Randolph will write the script. Visit Business Insider’s homepage for more stories. Superstar producer Jason Blum, who […]
The producer of hits like ‘Get Out’ is making a movie about WeWork’s dramatic rise and fall, with the writer of ‘The Big Short’
Markets

‘Rigged and corrupt’ — Elizabeth Warren blasted Adam Neumann’s $1.7 billion golden parachute after WeWork announced job cuts

Sen. Elizabeth Warren blasted Adam Neumann’s $US1.7 billion golden parachute. “WeWork is laying off 2,400 employees – while its founder walks away with a massive $US1.7 billion golden parachute,” the Democratic presidential candidate tweeted on Friday. “This is another example of a rigged and corrupt system.” Neumann is poised to […]
‘Rigged and corrupt’ — Elizabeth Warren blasted Adam Neumann’s $1.7 billion golden parachute after WeWork announced job cuts
Markets

‘The last person I felt this with was Jack Ma’ — SoftBank’s Masayoshi Son reportedly compared WeWork’s Adam Neumann to Alibaba’s founder

SoftBank CEO Masayoshi Son reportedly told WeWork’s cofounder and former boss Adam Neumann that he reminded him of Alibaba’s founder, the driving force behind Son’s most successful investment ever. “The last person I felt this with was Jack Ma,” Neumann recalled Son saying to him before WeWork’s IPO collapsed, Neumann […]
‘The last person I felt this with was Jack Ma’ — SoftBank’s Masayoshi Son reportedly compared WeWork’s Adam Neumann to Alibaba’s founder
Markets

A Manhattan real estate tycoon predicted WeWork would run into problems

The boss of a billion-dollar real estate group predicted WeWork would run into problems. “We studied WeWork and we’re not comfortable with their business model and credit,” Paramount CEO Albert Behler said on the group’s earnings call this week, adding the coworking startup’s fall from grace “occurred a lot sooner […]
A Manhattan real estate tycoon predicted WeWork would run into problems
Markets

‘We created a monster,’ SoftBank CEO Masayoshi Son reportedly said of WeWork

Masayoshi Son, CEO of Japanese mega-investor SoftBank, told colleagues that “we created a monster” in WeWork, the Financial Times reported. SoftBank will on Wednesday impose stricter governance standards on dual-class share structures after the WeWork fiasco, the FT said. SoftBank is expected to take a multibillion dollar writedown on WeWork, […]
‘We created a monster,’ SoftBank CEO Masayoshi Son reportedly said of WeWork
Markets

Cash-strapped WeWork got an early SoftBank payment of $1.5 billion — and the board now controls Neumann’s shares

On Wednesday SoftBank paid WeWork $US1.5 billion, an earlier-than-expected financing boost for the cash-strapped company. “This financing package enables the company to accelerate the path to profitability and free cash flow generation,” new Chairman Marcelo Claure said in a statement. Adam Neumann meanwhile has been moved to a “board observer” […]
Cash-strapped WeWork got an early SoftBank payment of $1.5 billion — and the board now controls Neumann’s shares
Tech

Adam Neumann told staff earlier this year his family had 100% control of WeWork and even in 300 years, his descendants would be in control as ‘the moral compass of the company’

Adam Neumann told staff he planned to have his family control WeWork indefinitely at the company’s all-staff meeting in January, according to a video leaked to Business Insider. The now-ousted founder said at the company’s January all-hands meeting that he and his family control the company “100%.” He contrasted his […]
Adam Neumann told staff earlier this year his family had 100% control of WeWork and even in 300 years, his descendants would be in control as ‘the moral compass of the company’
Markets

The Kabbalah Connection: Insiders say a celebrity-centered religious sect deeply influenced how Adam Neumann ran WeWork before its spectacular collapse

As Adam and Rebekah Neumann built WeWork into a $US47 billion coworking giant, the couple relied on the teachings of the Kabbalah Centre, a spiritual organisation whose high-pressure donation tactics have drained multiple former members’ bank accounts, sources told Business Insider. Kabbalah Centre Rabbi Eitan Yardeni was a regular sight […]
The Kabbalah Connection: Insiders say a celebrity-centered religious sect deeply influenced how Adam Neumann ran WeWork before its spectacular collapse
Lifestyle

Forbes just revoked Adam Neumann’s billionaire status and lowered its estimate of his personal net worth to $600 million — which means his purported net worth has plummeted by $3.5 billion in just 7 months

Forbes estimates that former WeWorkCEO Adam Neumann‘s net worth has plummeted from $US4.1 billion in March to $US600 million as of October 10. The $US3.5 billion fall in Neumann’s fortune was caused by a drop in WeWork’s evaluation following its botched IPO, Forbes’ Samantha Sharf reported. WeWork cofounder Miguel McKelvey […]
Forbes just revoked Adam Neumann’s billionaire status and lowered its estimate of his personal net worth to $600 million — which means his purported net worth has plummeted by $3.5 billion in just 7 months
News

WeWork cofounder Adam Neumann personally invested $30 million in a startup and loaned money to its CEO. Then the CEO got fired for alleged gross misconduct.

WeWork’s former CEO Adam Neumann loaned money to a British startup boss who was later fired from his company for alleged gross misconduct, documents obtained by Business Insider show. Neumann initially invested $US30 million in UK energy technology startup Faraday Grid in January 2019, while still chief exec of the […]
WeWork cofounder Adam Neumann personally invested $30 million in a startup and loaned money to its CEO. Then the CEO got fired for alleged gross misconduct.
Tech

SoftBank’s founder is ’embarrassed and impatient’ with his investments after troubles with WeWork and Uber, and now he’s telling founders to ‘know your limit’

SoftBank founder Masayoshi Son told Nikkei Business that he is embarrassed of his investment record. Two of SoftBank’s investments, Uber and WeWork, have seen their valuations drop recently, and WeWork cancelled its planned IPO. Son says he now has been telling founders to “know your limit,” to prevent issues like […]
SoftBank’s founder is ’embarrassed and impatient’ with his investments after troubles with WeWork and Uber, and now he’s telling founders to ‘know your limit’
Tech

Adam Neumann gives his first statement on WeWork’s culture and leadership changes since stepping down as CEO and admits ‘growing pains’

With the IPO paused for now, WeWork and Adam Neumann gave their first public statements about the company’s culture and leadership changes to Business Insider. The statements were issued in response to Business Insider’s investigation into Adam Neumann’s leadership of the company, in which employees recounted their experiences ranging from […]
Adam Neumann gives his first statement on WeWork’s culture and leadership changes since stepping down as CEO and admits ‘growing pains’