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Adam Neumann, The co-founder and CEO of the international real estate start-up WeWork, who allegedly collaborated with real estate, reportedly returned more than $ 700 million to his company prior to its IPO.
The size and timing of payments, made through a combination of equity sales and loans secured by its shares in the company, are unusual, given that the founders typically wait for the completion of the investment. public offer by the company to liquidate their badets.
Despite loans and share sales, reported for the first time by The Wall Street JournalNeumann remains the largest shareholder of the company.
According to the information in the Review, Neumann has already created a family office to invest the proceeds of the sale and hired financial professionals to manage it.
He has also made significant investments in real estate in New York and San Francisco, including four homes in the greater New York metropolitan area and a $ 21 million home in the Greater Toronto Area. the bay endowed with a guitar-shaped room (I suppose a violin would be too much on the nose). In total, Neumann would have spent $ 80 million in real estate.
Neumann has also invested in commercial real estate (like the one WeWork leases to provide a workspace with more flexible leases to businesses and entrepreneurs), including properties in San Joes, California and New York. . In fact, four of Neumann's properties are leased to WeWork for a multi-million dollar rent. According to the Journal, Neumann will transfer these real estate holdings into a fund controlled by WeWork.
The CEO of WeWork has also invested in startups in recent years. It holds stakes 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 company executive. In recent years, Evan Spiegel sold $ 8 million of shares and borrowed $ 20 million from Snap before its public offering in 2017 and Slack Technologies general manager, Stewart Butterfieldsold, sold for $ 3.2 million of stock before Slack's public offering in June.
The only liquidations of shares and other payments that have been disclosed and which are close to Neumann's payments are the $ 300 million sold by GroupOn's co-founder, Eric Lefkofksy, before his company's IPO and $ 100 million that Mark Pincus left the table before Zynga's offer.
WeWork declined to comment on this article.
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