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Business

WeWork puts Neumann's $ 60 million jet for sale




WeWork sells the luxurious aircraft that its founder Adam Neumann used to travel around the world – a symbol of the company's corporate governance question, which has partly derailed the original offer.

The company purchased the Gulfstream G650 for $ 60 million last year. Some investors said the private plane was a red flag for corporate governance ahead of the company's stock exchange listing, according to a source familiar with the matter.

See more: WeWork details CEO Adam Neumann's network of loans, real estate offers and family involvement with the company

On Tuesday, Neumann said he would resign as WeWork CEO and said intense public scrutiny of him was a "distraction."

The company's two new CEOs, Artie Minson and Sebastian Gunningham, are looking to relieve three businesses it has purchased in recent years: Managed by Q, Conductor and Meetup.

Several employees told Business Insider in recent weeks that employees were frustrated that the company was spending so much on the plane and costly parties while executives cited a lack of resources when they refused promised bonuses and salary increases.

"The company spent $ 60 million on an airplane and I can't get a decent raise? It felt like it was & # 39; We Above Me & # 39; unless I was Adam. And we were Adam, "said one of the middle level employees.

See more: Now WeWork wants to be a manufacturer. The partnership opens a 200,000-square-foot facility in New Jersey to create their signature aluminum and glass walls.

Another employee working on the aircraft refurbishment said two bedrooms were added. Jet has multiple TVs and Apple TVs, as well as a central computer to run all media. Employees "had to download thousands of TV shows and movies on it for the kids to watch," the employee said. "We literally sat at work for three days straight and did this."

The other modifications were cosmetic, the employee said.

A third employee said the aircraft served as a meeting place for Neumann. Due to Neumann's busy schedule, employees struggled to meet him in the office, so he often hosted meetings on the jet.

"I know of cases where people got on the plane, flew across the country and flew home commercially," said the executive.

The Gulfstream G650 is considered one of the most luxurious and popular private jets available. The aircraft has a range of more than 8,000 miles ̵[ads1]1; at top speeds it can fly from London to New York or Beijing, while at a slower, more fuel efficient speed it can reach Buenos Aires or Los Angeles, Business Insider previously reported.

It is a popular jet among the rich and famous as well as leaders of global corporations. Tesla CEO Elon Musk and Starbucks CEO Howard Schultz are among the jet's owners, as was Apple CEO Steve Jobs. More than 350 G650 aircraft have been built.

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