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Adam Neumann Net Worth : Is Adam Neumann Still a Billionaire?

Adam Neumann (Hebrew: אדם נוימן; born April 25, 1979) is an Israeli-American businessman and investor. He and Miguel McKelvey co-founded WeWork in 2010. Following rising pressure from investors based on disclosures made in its S-1 filing, Neumann resigned as CEO of WeWork and handed up majority voting authority as of September 26, 2019. As investor concerns about WeWork’s corporate governance, valuation, and commercial future have grown, the company has also postponed its IPO until the end of 2019. WeWork officially withdrew its S-1 file and delayed its IPO on September 30, 2019. He served as WeWork’s CEO from 2010–to 2019. By the year 2021, his estimated net worth will be $1.5 billion.

Adolescence and Schooling

In Israel, the Neumanns are of Ashkenazi Jewish heritage. When he was seven years old, Avivit and Doron Neumann, Neumann’s parents, both doctors, got divorced. He and his younger sister, Israeli model Adi Neumann, followed their mother to the United States, where their mother was completing her residency in medicine. Due to his dyslexia, Neumann could not read or write until third grade.

Adam Neumann Net Worth

In 1990, after four years in the US, they returned to Israel and resided in Kibbutz Nir Am. After completing his training at the Israeli Naval Academy, he entered the Israeli Navy and served for five years before being honourably discharged with the rank of sergeant (captain). [1] He later attended the Zicklin School of Business at Baruch College in New York City.

Career

Neumann had previously started a children’s clothing firm called Krawlers before starting WeWork. It was at Green Desk, the forerunner of WeWork, where Neumann and McKelvey first worked together after they were introduced by a mutual acquaintance in 2008.  The couple sold their shares in Green Desk and utilising the proceeds combined with a $15 million investment from Brooklyn real estate entrepreneur Joel Schreiber for a 33 per cent interest in the company, they formed WeWork in 2010.  Neumann explained that with WeWork, he intended to duplicate the feeling of unity and connection he felt in Israel and that he thought was absent in the West.

The Wall Street Journal reports that Neumann flew from the United States to Israel in the summer of 2018 on a Gulfstream G650 chartered by him. During the flight, Neumann and his friends spent much of the flight using marijuana. After the flight landed in Israel, the flight crew found a cereal box loaded with marijuana and reported it to the plane owner. The jet’s owner requested that it return to the United States because he was concerned about a possible marijuana trafficking event. Neumann and his pals had to book a separate trip back.

The Wall Street Journal reported on September 22, 2019, that several WeWork directors were considering asking Neumann to resign as CEO following “a rocky week in which his erratic conduct and drug usage came to light” before the company’s anticipated initial public offering (IPO).

The Wall Street Journal stated that he had withdrawn $700 million out of WeWork before the IPO, among other data, and “undermined his position” at the company. As a result of Neumann’s trademark of “We,” the corporation had to repay him $5.9 million. On September 24, 2019, he resigned and Artie Minson and Sebastian Gunningham were named as successors.

For Neumann’s resignation from WeWork’s board of directors and the dissolution of most of his ties to the company, SoftBank agreed to pay him $1.7 billion, according to the Wall Street Journal in October 2019. Weeks later, minority shareholders launched a lawsuit against Neumann and other WeWork officials for breach of its fiduciary duty. Forbes estimated his net worth at $750 million on March 5th, 2021, after removing him from the list of billionaires in 2020.

Investments

In 2018, Neumann joined a partner of InterCure, an Israeli cannabis firm managed by Ehud Barak, former Prime Minister of Israel and invested in EquityBee, a start-up for tech investors, and Selina, a hospitality company.

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In early 2020, Neumann invested US$10 million into multimodal shared mobility business GOTO Global, taking a 33 per cent equity position in the company.

Property

In 2012, Neumann joined Ken Horn of Alchemy Properties and Joel Schreiber and purchased for US$68 million the top floors of the Woolworth Building, which they then turned into condominiums.

As Ceo, Neumann Bought Properties and Leased Them Back to Work Several Times.

Observers recognised this as a potential conflict of interest and one that would not be allowed if WeWork were a public corporation.

Adam Neumann Net Worth

In addition to the 60-acre estate in Westchester County, New York, the 6,000-square-foot (560 m2) condo in Gramercy Park, the two Hamptons properties, and the US$21 million mansions in Corte Madera, California, Neumann purchased for $90 million during his time as CEO of WeWork.

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The Neumann Company has begun purchasing residential buildings and will have roughly 4,000 units for $1 billion in early 2022.

Personal life

Adam Neumann speaks at TechCrunch, 2015 Neumann resides in the Greenwich Village district of New York City with his wife, Rebekah Neumann, and their six children, including two sets of twins. Rebekah is a cousin of Gwyneth Paltrow.  Adi Neumann, Neumann’s sister and former Miss Teen Israel, is a model.

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As a keynote speaker at a UJA-Federation of New York event in 2018, Neumann discussed the importance of Shabbat for his family and the influence of Judaism on his professional and personal development.

Is Adam Neumann Still One of the Wealthiest People in the World?

According to The Wall Street Journal, Neumann has bought more than 4,000 flats valued more than US$1 billion

Conclusion

The Wall Street Journal reported in 2019 that Neumann has dreams to live forever, become the world’s first trillionaire, expand WeWork to the planet Mars, become Israel’s prime minister, and become “president of the world”.

Adam Neumann Net Worth

A September 2019 Vanity Fair article reported that Neumann made claims that he convinced Rahm Emanuel to run for the presidency of the United States, used JPMorgan Chase’s CEO Jamie Dimon as his banker, convinced Saudi prince Mohammed bin Salman to improve the standing of women in Saudi Arabia, and claimed to be working with Jared Kushner on the Trump administration’s peace plan for the Israeli–Palestinian conflict

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