Adam Neumann is no longer a billionaire, according to Forbes.
The former WeWork CEO's fortune has fallen to $ 600 million, according to the magazine's magazine-down IPO adventure, in which the company went bankrupt in just six weeks from $ 47 billion. Forbes & # 39; Samantha Sharf also reported that Neumann's co-founder Miguel McKelvey has also lost his billionaire status.
Neumann's $ 3.5 billion decrease in Neumann's personal net assets was the result of the decline in value of Neumann's 18% stake in WeWork, Forbes reported. The value of WeWork was $ 47 billion in January after an investment by the Japanese investment firm Softbank. However, the company reportedly sought a valuation of just $ 1
A representative of Neumann declined Business Insider's request to comment on whether Neumann's net assets had fallen below $ 1 billion.
The Forbes calculation of Neumann's net assets includes:
- $ 504 million of WeWork and [$1965million] of $ 500 million of stock profit, [$ 380 million] of debt repossessed declared in WeWork's S1 application 2019, explained in 30 seconds
Forbes does not believe that Neumann or McKelvey – who is now worth $ 400 million, according to the release – re-enters the three-decimal club join.
In 2010 Neumann founded together with him WeWork now wife Rebekah Neumann and Miguel McKelvey. The concerns of potential investors about the company's finances and corporate governance prompted Neumann to step down as WeWork CEO on September 24.
Under Neumann's leadership, the company was plagued by a party culture involving alcohol-related corporate retreats and little work-life balance, Meghan Morris of Business Insider and Julie Bort have already reported.
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