Embattled office space startup founder Adam Neumann has been forced out of his position as the chief executive of WeWork (We Co), WSJ reports.
The company is about to go public, and a nasty exposé in the press about drugs, drinking, and nutty behavior preceded his ouster.
The Wall Street Journal (paywalled) broke the news just now.
WeWork co-founder and Chief Executive Adam Neumann on Tuesday was forced to step down and cede control of the shared-office startup after its much-anticipated initial public offering was derailed, capping a swift fall from grace for the leader of one of the country’s most valuable startups.
Mr. Neumann and his advisers have agreed that the best path forward is for him to relinquish the CEO role following a period of intense commotion inside the office-sharing startup, people familiar with the matter said.
According the previous Wall Street Journal profile, Neumann has told people
• He'd like to be Israel's Prime Minister
• Interested in being “president of the world”
• Wants to be the world's first trillionaire
• He hopes to live forever.
Good luck with that, bro.
Previously: WeWork sounds like a real piece of work
PHOTO, SHUTTERSTOCK - In this Jan. 16, 2018 file photo, Adam Neumann, center, co-founder and CEO of WeWork, attends the opening bell ceremony at Nasdaq in New York. WeWork's parent company is revealing more of its initial public offering plans, saying it expects to list shares on the Nasdaq. The company also announced corporate governance changes in response to market feedback, including limiting the role of the founder's family on its board of directors. The We Co. disclosed the information in a regulatory filing on Friday, Sept. 13, 2019.
SoftBank is paying WeWork founder and former CEO Adam Neummann nearly $1.7 billion to go away. Business Insider: “It’s stone-cold crazy,” said Eric Schiffer, CEO of the Patriarch Organization, a technology and media private-equity firm. “I think SoftBank blinked, and Neumann walks away with one of the biggest hauls in modern history when he should […]
Wework is definitely a piece of work, a money-hemorrhaging bezzle whose recently ousted founder siphoned a reported $700m out of the company while self-dealing and presiding over a series of bizarre missteps (from serving tequila shots and hosting a dance party with Darryl from Run DMC at the same meeting where he announced mass layoffs […]
Financial disclosures from Wework in support of its IPO reveal that the company loses almost $5,200/customer, and that it hemorrhaged $1.3B in the first half of 2019.
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