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Adam Neumann planned for his children and grandchildren to control WeWork

WeWork cofounder Adam Neumann didn’t plan for his family’s control of WeWork to end at his death but he expected it be controlled by future generations of Neumanns, too, says Business Insider. The outlet reports that in a speech Neumann gave to employees in January of this year, footage of which it says it has viewed, Neumann is seen saying that WeWork isn’t “just controlled — we’re generationally controlled.” He reportedly goes on to say that while the five children he shares with wife Rebek...
Tags: TC, Adam Neumann, Perpetual Dual-class Shares, WeWork


Leaked video reveals Adam Neumann told staff earlier this year that his family had 100% control of WeWork and that even in 300 years his descendants would be in control

Adam Neumann told staff at an all-hands meeting in January that he planned to have his family control WeWork indefinitely, according to a video leaked to Business Insider. The founder, who was ousted last month, said he and his family controlled the company "100%." He contrasted his situation with Google and Facebook, where he said founders had lost control. He said his five young children would "stay the moral compass of the company" and that even in 300 years his descendants could control We...


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 situation with Google and Facebook, where he said founders have lost control. He said his five young children would "stay the moral compass of the company" and that even in 300 ye...


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 $47 billion coworking giant, the couple relied on the teachings of the Kabbalah Centre, a spiritual organization 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 at WeWork offices, where former employees said he helped put together at least one deal, met with company executives, and in at least one instance spoke to the ...
Tags: New York, Saudi Arabia, Softbank, New York City, Israel, Los Angeles, Trends, Karen, Brooklyn, Egypt, Judaism, Italy, Mexico City, Moscow, Manhattan, Madonna


SoftBank reportedly plans to offer $5 billion in financing to WeWork without majority control, offering an alternative to JPMorgan's high-interest option

SoftBank is preparing to offer WeWork a $5 billion financing deal with less restrictive terms than an earlier version under consideration, Nikkei Asian Review reported on Wednesday. JPMorgan is also working with 100 potential investors on a refinancing package with a high interest rate.  WeWork needs to make a decision soon, since the embattled office company could run out of money by the end of next month. For more WeWork stories, click here.  As WeWork faces a cash crunch, its biggest inves...
Tags: Amazon, New York, Wall Street, Softbank, Trends, Sprint, WeWork, Wall Street Journal, Signal, Business Insider, University Of Michigan, Jpmorgan, Neumann, Adam Neumann, Masayoshi Son, Claure


'The plumbing isn't broken': Goldman Sachs' CEO says WeWork's failed IPO could improve private markets

WeWork's collapsed initial public offering isn't proof that private markets are broken, and it could even change them for the better, Goldman Sachs CEO David Solomon said on the bank's third-quarter earnings call. "I don't think the plumbing is broken," Solomon said. "I think the IPO process is alive and well in the United States." Solomon predicted the WeWork fiasco could fuel a shift towards smaller investments, faster flotations, and greater transparency in private markets. Read more of Bus...
Tags: Trends, United States, Goldman Sachs, WeWork, Jeff Bezos, Neumann, Adam Neumann, Solomon, David Solomon, Howard Marks, Goldman Sachs CEO


WeWork used massive discounts — in some cases, essentially giving away space for 2 years — to try to poach customers from rivals

WeWork used steep discounts and other price-related promotions to try to poach customers from rival coworking companies, multiple sources in the coworking and commercial-real-estate industry told Business Insider. The company would frequently offer customers a year's worth of free rent on a two-year deal to relocate. Though it reportedly discontinued such deals in 2017, it actually offered them through at least last year, the sources said. In some cases, according to the sources, WeWork would ...
Tags: Mexico, Softbank, Trends, Bloomberg, Manhattan, WeWork, Financial Times, Business Insider, Neumann, Bennett, Adam Neumann, Bill Bennett, Jamie Hodari, Hodari, Business Insider the company, REINSTEIN


The most outrageous splurges of tech billionaires, from Richard Branson's private island to Jeff Bezos' $65 million private jet

Tech billionaires have been known to make extravagant purchases from time to time.  Amazon founder Jeff Bezos spent $65 million dollars on an eight-seater private jet, while Elon Musk splurged on the submarine car from the James Bond film "The Spy Who Loved Me."  Check out 23 of the most outrageous purchases made by tech billionaires.  The richest people in tech are some of the world's biggest billionaires — and have plenty of money to spare for extravagant purchases. While many of these tech...
Tags: Google, Amazon, Facebook, Mark Zuckerberg, Japan, Spacex, Elon Musk, New York, Texas, London, Microsoft, Washington, Jay Z, Boston, San Francisco, Trends


Goldman Sachs quietly unloaded some of its WeWork shares while its investment bankers were pitching the company a $60 billion-plus IPO (GS)

Goldman Sachs had sold some of its stake in WeWork even as the investment bank was pitching the coworking company for a highly lucrative IPO mandate.  The bank unloaded shares at two earlier fundraising rounds when the WeWork mega-investor SoftBank gave employees and earlier investors a chance to sell their stake, according to a person with knowledge of Goldman's actions. The bank assigned a "much more modest" valuation to the company than the $47 billion value set earlier this year, or the $6...
Tags: Ipo, Softbank, Trends, Goldman Sachs, WeWork, Morgan Stanley, Goldman, Wall Street Journal, Financial Times, Stewart Butterfield, Jpmorgan, Neumann, Adam Neumann, Betsy Graseck, Graseck


Ousted WeWork CEO Adam Neumann 'is a great entrepreneur,' says Salesforce CEO Marc Benioff (CRM)

Salesforce CEO Marc Benioff has been saying for years that so-called unicorns — tech startups valued at $1 billion or more — are a bad idea, allowed to grow too big without proper governance. But when asked by Business Insider if WeWork represents all that's wrong with unicorns in the wake of its IPO fiasco, Benioff gave a surprising response. Instead he praised WeWork's former CEO Adam Neumann as 'one of the greatest entrepreneurs I've ever met." Visit Business Insider's homepage for mo...
Tags: Lyft, Ipo, San Francisco, Trends, WeWork, Salesforce, West Coast, Stewart Butterfield, Marc Benioff, Business Insider, Neumann, Architectural Digest, Adam, Adam Neumann, Benioff, Salesforce Tower


WeWork Warns Tenants That 2,300 Phone Booths May Be a Hazard

The booths could have high levels of formaldehyde, said the company, which is coping with a failed I.P.O. and a corporate shake-up.
Tags: News, Canada, United States, Environmental Protection Agency, Co-working, Formaldehyde, Neumann, Adam, SOFTBANK Corporation, Real Estate (Commercial, WeLive (WeWork Companies Inc, WeGrow (WeWork Companies Inc


16 wild details that reveal the lavish life of WeWork founders Adam and Rebekah Neumann

Adam and Rebekah Neumann, the founding couple behind WeWork, left the coworking company after its disastrous IPO.  In March, Forbes estimated that Adam Neumann was worth $4.1 billion. Since then, Forbes has downgraded the ousted WeWork CEO, estimating that he is no longer a billionaire. Reports of the Neumanns' real estate purchases, philanthropic pursuits, and lifestyle indicate a lavish, high-rolling existence. Read all of Business Insider's WeWork coverage here. Adam Neumann is no longer a...
Tags: San Francisco, Trends, Manhattan, WeWork, Vanity Fair, Business Insider, Forbes, San Francisco Bay Area, Neumann, Adam, Adam Neumann, Westchester County, Rebekah, Don Julio, Rebekah Neumann, Neumanns


WeWork says thousands of its phone booths could have dangerous levels of formaldehyde after people complained about odor and eye irritation

WeWork warned tenants that it found "potentially elevated levels of formaldehyde" in phone booths throughout its locations in the US and Canada. The office-sharing company is pulling thousands of phone booths out of service, it said in an email to tenants Monday morning. WeWork made the announcement in response to complaints about "odor and eye irritation." Visit Business Insider's homepage for more stories. WeWork tenants received an email Monday morning informing them of "potentially eleva...
Tags: Softbank, US, Trends, Canada, WeWork, Business Insider, Neumann, Adam Neumann, Barry Graubart, EPA WeWork


SoftBank could reportedly take control of WeWork at a valuation below $10 billion as the embattled office rental company seeks bailout options

WeWork's options to avoid running out of cash could include a SoftBank financing deal that would give the Japanese company — WeWork's largest investor — control of the office rental startup, The Wall Street Journal reported on Sunday. SoftBank's deal could value the startup below $10 billion. The Japanese investment group valued WeWork at $47 billion in its January funding round. WeWork is also working with JPMorgan on another option, lining up billions for a debt deal. WeWork could run out of...
Tags: New York, Wall Street, Ipo, Softbank, US, Trends, Sprint, WeWork, Wall Street Journal, Financial Times, Signal, Journal, Business Insider, Jpmorgan, Neumann, Adam Neumann


SoftBank reportedly preps a package to take control of WeWork parent company

SoftBank Group, the multi-billion dollar Japanese technology conglomerate and investment firm, has put together a  bid that would save WeWork parent company We Co., just weeks before the co-working real estate company’s imminent collapse, The Wall Street Journal reports. With the collapse of the company’s planned initial public offering, We Co. is facing a cash crunch. The company was planning to raise billions of dollars in debt on the heels of its public offering to finance its continued opera...
Tags: TC, Uber, Business, Wall Street, Softbank, Funding, Tech, Economy, Companies, Vodafone, The Wall Street Journal, WeWork, Wall Street Journal, Carsharing, WSJ, Slack


WeWork Planned a Residential Utopia. It Hasn’t Turned Out That Way.

Adam Neumann, the company’s ousted founder, once said there would be WeLive apartments around the globe. But now, it has only two sites and is under investigation.
Tags: News, Ny, Co-working, Neumann, Adam, Hotels and Travel Lodgings, Real Estate and Housing (Residential, Financial District (Manhattan, WeLive (WeWork Companies Inc, WeWork Companies Inc, Rebekah Neumann, WeGrow, Cohousing Communities


Benchmark was the poster boy for 'founder-friendly' VCs, but after WeWork and Uber its reputation is looking tarnished

Benchmark Capital, one of the most respected venture capital firms in Silicon Valley, has a reputation of supporting, and understanding, entrepreneurs. This reputation is now under scrutiny for its role helping to remove WeWork's cofounder Adam Neumann, as well as Travis Kalanick of Uber and other founders from the helm. The firm's reputation with startups could determine Benchmark's future ability to land the hottest deals. Check out Business Insider's special series — Founder Frenemies — for...
Tags: Softbank, Los Angeles, San Francisco, Trends, Peter Thiel, Silicon Valley, Travis Kalanick, WeWork, Bill, Sequoia Capital, Kalanick, Upfront Ventures, Menlo Ventures, Benchmark, Bill Gurley, Lightspeed


Inside WeWork's troubled $850 million Lord & Taylor building: A tale of outsize ambition, audacious renovations, and now financial worries

The Lord & Taylor building in midtown Manhattan, owned by a real-estate fund linked to WeWork, is a symbol of the coworking company's grand ambitions gone unchecked. Purchased in 2017 for $850 million, the building was an ambitious bet for WeWork's brash and charismatic founder Adam Neumann. WeWork planned to lease the space and turn it into a global headquarters. The landmark property is still under construction, but as WeWork slashes thousands of jobs — eliminating the need for a new headqua...
Tags: Amazon, New York, Navy, Softbank, New York City, Toronto, Trends, Bloomberg, Chelsea, New York Times, Manhattan, WeWork, North America, Taylor, Wall Street Journal, Baker


Inside WeWork’s troubled $850 million Lord & Taylor building: A tale of outsized ambition, audacious renovations, and now financial worries

The Lord and Taylor building in midtown Manhattan, owned by a real estate fund linked to WeWork, is a symbol of the co-working company's grand ambitions gone unchecked. Purchased in late 2017 for $850 million, the building was an ambitious bet for WeWork's brash and charismatic founder Adam Neumann. WeWork planned to lease the space and turn it into a global headquarters.  The landmark property is still under construction, but as WeWork slashes thousands of jobs – eliminating the need for a ne...
Tags: Amazon, New York, Navy, Ipo, Softbank, Toronto, Trends, Bloomberg, Frankfurt, Chelsea, New York Times, Manhattan, Vancouver, WeWork, Fifth Avenue, North America


WeWork cofounder Rebekah Paltrow Neumann's in-house school is closing. Meet the former actress, who is former CEO Adam Neumann's 'strategic thought partner.'

Rebekah Paltrow Neumann cofounded WeWork in 2010 alongside her husband, Adam Neumann, and Miguel McKelvey. WeGrow, the private primary school run by Paltrow Neumann inside WeWork's headquarters, will close after the 2018-2019 school year, The Huffington Post's Rebecca Klein reported October 11. Investor pushback led both Paltrow Neumann and Adam Neumann to give up their posts at the company, Bloomberg reported on September 24.  Adam Neumann said in a press release on September 24 that he is st...
Tags: New York, New York City, US, San Francisco, Trends, Bloomberg, WeWork, Dalai Lama, Fast Company, Huffington Post, Signal, Cnbc, Cornell University, Securities And Exchange Commission, Forbes, Barney


WeWork's Neumann kicked out of billionaires club. Can he get back in?

Neumann’s seemingly swift fall comes as his company struggles to drum up investor enthusiasm for an enterprise once valued at $47 billion
Tags: Finance, Article, Neumann, FBN, Fbn/markets, FOXBusiness, Fox-business/business-leaders, Fox-business/money, Daniella Genovese, 12f1e7d3-9aff-547f-b4be-75e42da07fa7


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 WeWork CEO Adam Neumann's net worth has plummeted from $4.1 billion in March to $600 million as of October 10. The $3.5 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 also lost his membership in the three comma club between March and October, Forbes estimates. Visit Business Insider's homepage for more stories. Adam Neumann is no longer a bil...
Tags: Ipo, Softbank, Trends, WeWork, Signal, Forbes, El Chapo, Don, Neumann, Adam Neumann, Masayoshi Son, McKelvey, Julie Bort, Samantha Sharf, Miguel McKelvey, Rebekah Neumann


The Twilight of the Tech Idols

Technology executives like WeWork’s Adam Neumann are the new bankers.
Tags: News, WeWork, Start-ups, Neumann, Adam, Adam Neumann, Banking and Financial Institutions, Computers and the Internet, Regulation and Deregulation of Industry, WeLive (WeWork Companies Inc, WeWork Companies Inc


Adam Neumann lent money to phone distributor PCS Wireless this spring, showing how his family office is investing beyond startups

WeWork founders Adam and Rebekah Neumann's family office has loaned money to PCS Wireless, the phone distributor company, Business Insider has learned. Family office activities are often kept under wraps. The short-term PCS loan marks the second instance of lending Business Insider has found this week.  The other loan went to a British startup boss who was later fired from his company over allegations of gross misconduct.  For more stories about WeWork, click here. Family offices are notoriou...
Tags: Florida, UK, New York, Trends, WeWork, Signal, Kfc, Business Insider, Neumann, Stern, Adam, Adam Neumann, Hometalk, Rebekah Neumann, Neumanns, Florham Park New Jersey


10 things in tech you need to know today

Good morning! This is the tech news you need to know this Wednesday. WeWork cofounder Adam Neumann personally invested $30 million in a startup and loaned money to its CEO — who was then fired for alleged gross misconduct. Neumann personally loaned $110,000 to Andrew Scobie, who was later dismissed from his role as CEO of energy tech company Faraday Grid. California-based game company Blizzard has banned a pro esports player and revoked his prize money after he voiced support for Hong Kong pro...
Tags: Google, Hong Kong, Elon Musk, London, Instagram, Washington Post, White House, US, Trends, BBC News, Sony, Alexa, Musk, Neumann, Adam Neumann, Sony Interactive Entertainment


Report: WeWork expected to cut 500 tech roles

The WeWork saga continues this week with new reports the company may slash as many as 500 tech roles. The co-working business, who’s eccentric co-founder and chief executive officer Adam Neumann stepped down two weeks ago, is expected to let go of 350 employees within its corporate division, The Information reports. Initial cuts will be within the software engineering, product management and data science teams. Another 150 roles may be dissolved as the company looks to sell several assets, in...
Tags: Startups, New York, Workplace, Finance, Ipo, Tech, Venture Capital, The Wall Street Journal, WeWork, Financial Services, Meetup, Software Engineering, Product Management, Conductor, Jpmorgan, Neumann


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 $30 million in UK energy technology startup Faraday Grid in January 2019, while still chief exec of the office rental business. According sources and documents obtained by Business Insider, Neumann also personally loaned $110,000 to Faraday Grid's CEO Andrew Scobie through his family of...
Tags: Amazon, UK, New York, New York City, Trends, WeWork, AMP, General Catalyst, Faraday, Business Insider, Neumann, Adam Neumann, Rebekah, Hometalk, Dave Rogers, Scobie


The WeWork IPO fiasco of 2019, explained in 30 seconds

WeWork has been in turmoil since it filed its public-offering paperwork in August. In one month, the coworking company cut its valuation down to as low as $10 billion from $47 billion, removed Adam Neumann as CEO, and delayed its initial public offering indefinitely. Visit Business Insider's homepage for more stories. What just happened to WeWork? Attempting to go public this month stirred up a lot of drama — in finances and leadership — for the nine-year-old coworking company. Here's a 30-se...
Tags: New York, London, Ipo, Softbank, Israel, Trends, United States, Larry Ellison, Italy, Travis Kalanick, WeWork, New York Stock Exchange, Morgan Stanley, Jefferies, Gwyneth Paltrow, Bernstein


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 this in the future. Visit Business Insider's homepage for more stories. Masayoshi Son, founder of SoftBank Group, told Nikkei Business in an interview that he embarrassed and impati...
Tags: Ipo, Softbank, Trends, Travis Kalanick, WeWork, Son, Neumann, Adam Neumann, Masayoshi Son, SoftBank Group, Vision Fund, Nikkei Business, IPO Son


What's next at WeWork, a secret superpower in the cloud wars, and inside Refinery29

Hello! We're still picking through the wreckage left behind from WeWork's IPO debacle here at Business Insider.  First off, Julie Bort and Meghan Morris talked to 20 current and former WeWork employees, executives, and business partners, and unveiled fresh details on life at the company under former CEO Adam Neumann. They reported on an atmosphere in which boundaries between work and play did not exist. You can read their story here: Sex, tequila, and a tiger: Employees inside Adam Neumann's W...
Tags: Wall Street, US, San Francisco, Trends, Bank Of America, Netflix, Merrill Lynch, Warren Buffett, Silicon Valley, Fireeye, Goldman Sachs, WeWork, Morgan Stanley, Amazon Web Services, Fred Wilson, Bill Gurley