WeWork cofounder Adam Neumann just stepped down as CEO — here’s how the billionaire mogul spends his money

Adam Neumann, left, and spouse Rebekah Neumann.

Adam Neumann, left, and spouse Rebekah Neumann.
Taylor Hill/Getty Images

WeWork cofounder Adam Neumann is stepping down as CEO, the company announced on Tuesday. Neumann will remain at WeWork as non-executive chairman of the board.

The 9-year-old co-working startup publicly filed for its IPO in August as part of The We Company, which has been in turmoil since. The IPO has since been delayed.

Though the public IPO filing revealed that the company had a valuation of $47 billion at its last private round of funding, WeWork is now considering a valuation as low as $10 billion for its IPO, according to a report from Reuters in September.

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 former-CEO, has a net worth of $2.2 billion.

Adam Neumann (right) with his cofounder Miguel McKelvey (left).
Scott Legato/Getty

Source: Forbes

But he wasn’t always wealthy: Neumann went from broke to billionaire in the past decade.

Adam Neumann (left) with spouse Rebekah Neumann (right).
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.

Sources: Business Insider, Business Insider

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 co-living venture, WeLive, and the “conscious entrepreneurial school” WeGrow.

Source: Business Insider

Since founding WeWork, Neumann has spent over $80 million on at least five homes.

Source: Wall Street Journal

In 2012, Neumann bought a house in the Hamptons for over $1.7 million.

A beach in the Hamptons.

Sources: Bisnow, Vanity Fair

In 2014, Newman bought a Greenwich Village townhouse in New York City for $10.5 million.

Gardiner Anderson/Bauer-Griffin / Contributor, Getty

Located in Greenwich Village, the property is under 23-feet wide. At the time it was bought, the townhouse had six bedrooms and five and a half bathrooms. The townhouse was erected in 1847.

Source: The Real Deal

In 2016, Neumann purchased a farm estate in Westchester, New York.

A horse stable.
Alex Davidson/Getty Images

The Linden Farm estate in Pound Ridge sprawls 60 acres. At the time of purchase, the property included: a more than 13,700 square foot, eight bedroom, eight bathroom house; a horse stable and ring for riding; a tennis court; a waterfall and pool; and nearly 4,500 acres of preserved land nearby. The estate was listed at $22 million when it was on the market.

Sources: Biznow, New York Post

In 2017, Neumann bought four units in a townhouse in New York City for $34.7 million.

A building on Irving Place in the Gramercy Park neighborhood of New York City.
Erika Cross/Shutterstock

According to The Real Deal, Neuman purchased the following in the the seven-story townhouse:

  • Two first-floor units for $7.2 million
  • A fifth floor, 2,210 square foot three bedroom for $9.5 million
  • A duplex penthouse with four bedrooms sprawling over 4,400 square feet for $18 million.

Source: The Real Deal

In 2018, Neumann purchased a 13,000 square foot home in the San Francisco Bay Area for $21 million.

Source: Wall Street Journal, Business Insider

The house has a guitar-shaped room.

Michael Kovac/Getty Images

Source: Wall Street Journal.

Besides real estate, Neumann has been investing in startups.

Theo Wargo/Getty Images

Neumann has invested in seven startups since 2013, according to Crunchbase. They are: Pins, Feature.fm, Tunity, Selina, EquityBee, InterCure, and Hometalk.

On behalf of WeWork, Neuman has invested in wave-pool startup WaveGarden and the big-wave surfer Laird Hamilton’s superfood startup, which sells things like “performance mushrooms,” powdered coconut water infused with beets and turmeric, and highly caffeinated coffee.

Sources: Crunchbase, TechCrunch, Business Insider

Read more: All the unusual investments WeWork’s CEO has made, from a medical marijuana provider to a wave pool maker

Neumann has donated over $100 million.

Adam Neumann (left) with Ashton Kutcher (right).
Terry Wyatt/Getty Images

Source: Wall Street Journal

Neumann stepped down as WeWork’s CEO on September 24.

Jackal Pan/Reuters

In April, Neumann announced that WeWork had confidentially filed IPO paperwork in December as the We Company.

The company filed its public IPO paperwork on Wednesday, August 14, and it has been in turmoil since. The IPO has since been delayed.

Now, Neumann will step down as CEO, but remain at WeWork as non-executive chairman of the board.

WeWork declined to comment for this piece.

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