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- WeWork cofounder Adam Neumann just lost his billionaire status, according to Bloomberg.
- The ousted CEO is now worth between $450 million and $750 billion, based on estimates from Forbes and Bloomberg.
- Before WeWork’s failed IPO, Neumann was worth as much as $14 billion, according to Bloomberg, but his fortune dwindled after WeWork’s botched IPO and his subsequent resignation from the company.
- Neumann has spent over $80 million on at least five homes since he founded WeWork in 2010, but now he’s selling off some of his properties.
- He and his wife, Rebekah, have temporarily moved to Israel.
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Neumann, who was worth as much as $14 billion, has seen his fortune dwindle after the failed IPO of his coworking startup, WeWork, and his resignation from the company. Now, Bloomberg estimates his net worth at $450 million. Forbes pegs it a bit higher, at $750 million.
Neumann and his wife, Rebekah, have been trying to offload their real estate in New York City and the Hamptons in recent months. In March, they sold their house in the Hamptons for $1.25 million after owning it for seven years, Mansion Global reported. They bought the home for $1.7 million in 2012.
They’ve also put multiple units in their Gramercy Park townhouse on the market for a combined $37.5 million.
WeWork, the coworking startup the couple started with Miguel McKelvey in 2010, is under new leadership and has indefinitely delayed going public.
The couple has temporarily moved to Israel, Business Insider’s Dana Schuster reported in February.
Adam Neumann, WeWork’s cofounder and former CEO, has lost his billionaire status, according to Bloomberg.
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The ousted CEO was worth as much as $14 billion before WeWork’s botched IPO, according to Bloomberg.
In the past decade, Neumann became a millionaire and then a billionaire — and then he lost most of his fortune.
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One of the first businesses Neumann 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 in 2016.
After Neumann met his wife Rebekah, they lived in an East Village studio, an “apartment smaller than this office,” Neumann told Business Insider.
Neumann founded his coworking space company WeWork in 2010 with his wife, Rebekah, and Miguel McKelvey.
- Brendan McDermid/Reuters
Nine years later, WeWork grew to 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, which the company now plans to shutter by the end of the current academic year.
After the company filed to go public in 2019, WeWork faced intense scrutiny by investors and the media. There were concerns about WeWork’s path to profitability and the behavior of its leader, Neumann.
WeWork ended up delaying its IPO on September 16, and Neumann stepped down as CEO on September 24.
Since founding WeWork, Neumann and his wife spent over $80 million on at least five homes.
His purchases have included multiple homes in the New York City area and a $21 million house in the Bay Area with a guitar-shaped room, according to The Wall Street Journal.
In 2012, Neumann and his wife bought a house in the Hamptons for over $1.7 million.
In February 2020, he sold the Water Mill farmhouse for $1.25 million to a limited liability company, Mansion Global reported. The sale was an off-market transaction, meaning the home was never publicly listed.
In 2014, Neumann bought a Greenwich Village townhouse in New York City for $10.5 million.
- Google Maps
In 2016, Neumann purchased a farm estate in Westchester, New York, that included a horse stable, a tennis court, and a pool.
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The Linden Farm estate in Pound Ridge spans 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 for $22 million.
In 2017, Neumann bought four units in a townhouse in Manhattan’s exclusive Gramercy Park neighborhood for $34.7 million. Now, he’s selling two of those units — a three-floor penthouse and a duplex apartment on the first floor — for a combined $37.5 million.
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According to The Real Deal, Neumann 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 spanning over 4,400 square feet for $18 million
Neumann also has property in the San Francisco Bay Area. In 2018, he picked up a 13,000-square-foot home for $21 million.
The home featured one room shaped like a guitar.
Besides real estate, Neumann has long been investing in other startups.
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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.
Neumann has also spent over $100 million on donations, a source told the Wall Street Journal.
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The sources declined to name specific recipients of Neumann’s reported charitable giving.
After Neumann was pushed out of WeWork, SoftBank, the company’s biggest investor, had planned to purchase $3 billion worth of WeWork shares from other investors and employees as part of a plan to rescue the coworking company.
- Jackal Pan/Reuters
$970 million of that was to go toward buying back shares from Neumann, but Softbank’s withdrawal from the deal has left the former CEO with a larger portion of WeWork shares that are probably worth much less than SoftBank has planned to offer, according to Bloomberg.
Business Insider’s Dana Schuster reported in February that Neumann and his wife have temporarily moved to Israel, where Neumann was born, to escape media scrutiny.