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Home / Business / WeWorks CEO Adam Neumann allegedly redeemed more than $ 700 million ahead of IPO TechCrunch

WeWorks CEO Adam Neumann allegedly redeemed more than $ 700 million ahead of IPO TechCrunch



Adam Neumann, co-founder and CEO of the International Real Estate Cooperation Start-up, WeWork, has reportedly paid more than $ 700 million from his firm before his original public offering.

The size and timing of the payments, made through a mix of share sales and loans secured by equity in the company, is unusual in view of the fact that the founders usually wait until after a company holds its public offer to liquidate its holdings.

Despite loans and sale of shares, first reported by Wall Street Journal Neumann is still the largest shareholder in the company.

According to the journal's reporting, Neumann has already created a family office to invest continues and began hiring financial professionals to run it.

He has also made substantial investments in real estate in New York and San Francisco, including four homes in the larger New York metropolitan area, and a $ 21

million 13,000-square-foot Bay Area property complete with a guitar-shaped room (I guess violin will also be on the nose). All in all, Neumann spent $ 80 million on properties.

Neumann has also invested in commercial property (the type that WeWork rents to provide workplaces with more flexible leases for businesses and entrepreneurs), including properties in San Joes, California. and New York. In fact, four of Neumann's properties are leased to WeWork – several million dollars in rent. According to Journal, Neumann will transfer the property portfolio to a WeWork-controlled fund.

WeWorks CEO has also invested in startup in recent years. He has a stake in seven companies, including: Hometalk, Intercure, EquityBee, Selina, Tunity, Feature.fm and Pins, according to CrunchBase.

The rewards that Neumann derives from loans and stock sales are among the highest recorded by a private corporate manager. In recent years, Evan Spiegel sold $ 8 million in stock and borrowed $ 20 million from Snap prior to his announced offer in 2017 and Stewart Butterfieldsold's chief Stewart Butterfieldsold $ 3.2 million before Slack's public offering in June.

The only liquidation of shares and other payouts that have been revealed close to Neumann's payments is $ 300 million that GroupOn founder Eric Lefkofksy sold before the company's IPO and over $ 100 million that Mark Pincus took to the table. Zynga's offer.

WeWork refused to comment on this article.


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