The Amazon founder and third-richest person in the world agreed to pay $68 million for an estate in Indian Creek, a man-made barrier island near Miami, Florida. (The Mega Agency)
As WeWork tries to pick up the pieces after filing for bankruptcy protection last week, its co-founder and former CEO, who left the office-sharing company four years ago with a big payout, appears to be doing well.
The New York Post reported Monday that Adam Nuemann, who was ousted from WeWork in 2019, is now living in a “lavish” new home in Florida as he builds his new company while the old one falters.
Israeli-American businessman Adam Neumann speaks during the 8th Annual Israeli American Council (IAC) National Summit on January 19, 2023 in Austin, Texas. (Shahar Azran/Getty Images / Getty Images)
Sources told the outlet that Neumann, his wife Rebekah and their six children are living in a private neighborhood in Miami, two years after the American-Israeli entrepreneur bought two properties there for $44 million and began building a 13,000-square-foot property Villa planned.
“Adam and Rebekah are a big part of the Jewish community,” a friend from the couple’s gated community told The Post. Another source told the outlet, “Adam skateboards all the time, all over town, taking work calls. Everyone meets him – he is very friendly. He stops and kibitzes with people.”
A possible winner from WeWork’s woes? ADAM NEUMANN
Meanwhile, a former WeWork employee told The Post that morale at the company is “horrible,” adding, “There’s no culture and everyone just watches the stock keep going down.”
| ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| WEWKQ | WE WORK | 1.62 | +0.07 | +4.52% |
Neumann had been CEO of WeWork since its founding in 2010 and oversaw the office-sharing company’s rise to an estimated value of $47 billion in 2019, when it first attempted to go public. However, those efforts were scrapped after investors balked at the company’s high debt and massive losses.
WEWORK co-founder Adam Neumann describes the company’s bankruptcy as “disappointing”
WeWork’s biggest backer, Japanese conglomerate SoftBank, took control of the company with a rescue package and offered Neumann a golden parachute worth nearly $1.7 billion that gave him significant stock control.
A WeWork logo is seen outside its offices in San Francisco, California, USA on September 30, 2019. The company filed for Chapter 11 bankruptcy last week. (Portal/Kate Munsch / Portal Photos)
SoftBank later tried to claw back its offer to Neumann, who then sued, leading to a renegotiation of the deal, which was eventually negotiated to clear the way for WeWork’s public debut in 2021.
Last year, Neumann founded a new company called Flow, which will operate in the residential real estate sector and is expected to officially begin operations later this year.
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According to the Wall Street Journal, Flow received an initial investment of $350 million from Andreessen Horowitz, which received a stake in its real estate portfolio.
Eric Revell of FOX Business contributed to this report.