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Jackal Pan / Getty Images; Jacqueline Larma / AP Images; Samantha Lee / Business Insider
- WeWork is selling the private plane used by Adam Neumann, Business Insider learned.
- The company bought the luxurious Gulfstream G650 for $ 60 million last year.
- Some employees explained to Business Insider the optics of the upset Gulfstream staff, who could not get promised bonuses or increases despite the company 's millions spent on airplanes and receptions. He also raised red flags with investors.
- WeWork is preparing to divest some of its assets, including other businesses that it has purchased, in order to better position itself for an initial public offering.
- For more stories on WeWork, click here.
WeWork sells the luxurious co-founder of the plane, Adam Neumann, used to travel the world, symbol of the company's corporate governance issues that have partly frustrated its initial public offering.
The company bought the Gulfstream G650 for $ 60 million last year. Some investors have said that the private plane was a red flag of corporate governance in the run-up to the company's IPO, according to a source close to the record.
See more: WeWork details the network of loans, real estate transactions and family involvement in the company of CEO Adam Neumann
On Tuesday, Mr Neumann announced that he was withdrawing from WeWork's leadership, asserting that his scrutiny by the public was a "distraction".
The two new CEOs of the company, Artie Minson and Sebastian Gunningham, are looking to divest themselves of three activities she has acquired in recent years: Managed by Q, Conductor and Meetup.
Several employees told Business Insider in recent weeks that staff were frustrated with the company's excessive spending on the plane and the lavish parties, while executives reported a lack of resources when they refused promised bonuses and salary increases.
"The company spent $ 60 million on a plane and I can not get a decent increase." It felt like it was "We're more than me," unless I'm Adam. And we were Adam, "said a middle-level employee.
See more: Now, WeWork wants to be a manufacturer. The coworking company opens a 200,000-square-foot factory in New Jersey to manufacture its aluminum and glass walls.
Another employee who participated in the refurbishment of the aircraft said that two rooms had been added. The jet has multiple TVs and Apple TV, and a mainframe to run all media. The staff "had to download thousands of TV shows and movies on it for the kids to watch, we literally sat at work for three days in a row to do it."
The other changes were cosmetic, said the employee.
A third employee stated that the aircraft was functioning as a meeting space for Neumann. Because of his busy schedule, employees found it difficult to meet him at the office. He often organized meetings on the jet.
"I know of cases in which people have flown, crossed the country and their commercial home," said the executive.
The Gulfstream G650 is considered one of the most luxurious and popular private jets currently. The aircraft can travel 7,500 km, allowing it to reach New York and Beijing at a speed close to that of London. At a slower rate and more fuel efficient, he can travel to Buenos Aires and Los Angeles.
It is a popular airplane among the rich and the celebrities, as well as the leaders of global companies. Elon Musk, CEO of Tesla, and Howard Schultz, CEO of Starbucks, are among the jet owners, just like Steve Jobs, Apple's CEO. More than 350 of the aircraft have been built.
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