WeWork CEO Adam Neumann has a $4.1 billion net worth — Here's how he spends his money
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- WeWork CEO Adam Neumann has a net worth of $4.1 billion, according to Forbes.
- WeWork's parent company, The We Company, filed its public IPO paperwork in August.
- Ahead of the IPO, Neumann sold and borrowed $700 million in transactions involving his shares in WeWork, which was last valued at $47 billion, The Wall Street Journal reported.
- The Wall Street Journal and Bloomberg reported on Thursday that The We Company is now considering a valuation of around $20 billion for its IPO, and may delay the IPO to 2020.
- Neumann has spent $80 million on at least five homes since founding WeWork in 2010, according to the Wall Street Journal.
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Under the helm of CEO Adam Neumann, the company confidentially filed initial-public-offering paperwork in December as The We Company, a parent company encompassing WeWork and its other ventures, like WeLive.
Neumann sold and borrowed $700 million in transactions involving his shares in WeWork, The Wall Street Journal reported in July. Besides exercising his stock options and buying more WeWork shares, Neumann has also spent his money buying real estate and investing in startups, also according to the Wall Street Journal.
WeWork's public IPO filing discloses that Neumann did not take a salary in 2018 and was only paid $1 in 2017.
Here's what Neumann has been investing in:
Adam Neumann, WeWork's cofounder and CEO, has a net worth of $4.1 billion.Scott Legato/Getty
But he wasn't always wealthy: Neumann went from broke to billionaire in the past decade.Theo Wargo/Getty Images
One of the first businesses he started was Krawlers, which sold baby clothes with knee pads.
"At the time, I was misguided and putting my energy into all the wrong places," Neumann told Business Insider.
After Neumann met his wife Rebekah, they lived an East Village studio "apartment smaller than this office," Neumann told Business Insider.
Neuman would go on to set his sights on bigger and better real estate once WeWork became successful.
Neumann founded his coworking-space company WeWork in 2010.Brendan McDermid/Reuters
Nine years later, WeWork has a $47 billion valuation. The company is under the We Company umbrella, which also includes Neumann's coliving venture, WeLive, and the "conscious entrepreneurial school" WeGrow.
Source: Business Insider
See the rest of the story at Business Insider
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- WeWork cofounder and CEO Adam Neumann reportedly sold shares he owned in the company and took loans worth $700 million
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