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Adam Neumann
Adam Neumann (Hebrew: אדם נוימן) is an Israeli and American businessman, investor, and billionaire. In 2010, he co-founded WeWork with Miguel McKelvey, where he was CEO from 2010 to 2019. In 2019, he co-founded a family office dubbed 166 2nd Financial Services with his wife, Rebekah Neumann, to manage their personal wealth, investing over a billion dollars in real estate and venture startups.
Following mounting pressure from investors based on disclosures made in a public offering filing, Neumann was asked to step down as CEO of WeWork and gave up majority voting control as of September 26, 2019[update]. Forbes estimated his net worth to be around US$2.2 billion as of February 2024[update].
Neumann was born and raised in Beersheba, Israel. His parents divorced when he was seven, and he had lived in 13 different homes by the time he was 22. His younger sister Adi Neumann is a model and former Miss Teen Israel. He has dyslexia and could not read or write until he was in third grade.
In his teens, he lived on a kibbutz in southern Israel. He served as a junior officer in the Israeli Navy. He attended the Zicklin School of Business at Baruch College in New York City, where he dropped out shortly before completing his Bachelor of Arts in business in 2002, but returned to finish his degree in 2017.
Before founding WeWork, Neumann founded a children's clothing company, Krawlers. Neumann and Miguel McKelvey began working together, having met through a mutual friend, on Green Desk in 2008, a shared-workspace business focusing on sustainability, the precursor to WeWork. The pair sold their interest in Green Desk and using the funds along with a $15 million investment from Brooklyn real estate developer Joel Schreiber for a 33% interest in the company, they founded WeWork in 2010. Neumann stated that with WeWork, he intended to replicate the feeling of togetherness and belonging he felt in Israel and that he thought was lacking in the West.
Neuman was awarded the EY Entrepreneur of the Year in 2015.
On September 22, 2019, there were reports, from outlets such as The Wall Street Journal, that various WeWork directors were planning on asking Neumann to step down as CEO, after "a tumultuous week in which his eccentric behavior and drug use came to light" before a planned IPO. The Wall Street Journal reported that he had taken $700 million out of WeWork before the IPO, among other details, and "undermined his position" at the company. Neumann also directed We Holdings LLC (a company managed by Neumann and McKelvey) to unwind the transaction of $5.9 million in stock that the company paid in exchange for the "We" trademarks. On September 24, 2019, he resigned and Artie Minson and Sebastian Gunningham were named as successors.
In October 2019, The Wall Street Journal reported that Neumann would receive close to $1.7 billion from stakeholder SoftBank for stepping down from WeWork's board and severing most of his ties to the company. Weeks later, minority shareholders filed a lawsuit against Neumann and other WeWork officials for breach of its fiduciary duties.
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Adam Neumann
Adam Neumann (Hebrew: אדם נוימן) is an Israeli and American businessman, investor, and billionaire. In 2010, he co-founded WeWork with Miguel McKelvey, where he was CEO from 2010 to 2019. In 2019, he co-founded a family office dubbed 166 2nd Financial Services with his wife, Rebekah Neumann, to manage their personal wealth, investing over a billion dollars in real estate and venture startups.
Following mounting pressure from investors based on disclosures made in a public offering filing, Neumann was asked to step down as CEO of WeWork and gave up majority voting control as of September 26, 2019[update]. Forbes estimated his net worth to be around US$2.2 billion as of February 2024[update].
Neumann was born and raised in Beersheba, Israel. His parents divorced when he was seven, and he had lived in 13 different homes by the time he was 22. His younger sister Adi Neumann is a model and former Miss Teen Israel. He has dyslexia and could not read or write until he was in third grade.
In his teens, he lived on a kibbutz in southern Israel. He served as a junior officer in the Israeli Navy. He attended the Zicklin School of Business at Baruch College in New York City, where he dropped out shortly before completing his Bachelor of Arts in business in 2002, but returned to finish his degree in 2017.
Before founding WeWork, Neumann founded a children's clothing company, Krawlers. Neumann and Miguel McKelvey began working together, having met through a mutual friend, on Green Desk in 2008, a shared-workspace business focusing on sustainability, the precursor to WeWork. The pair sold their interest in Green Desk and using the funds along with a $15 million investment from Brooklyn real estate developer Joel Schreiber for a 33% interest in the company, they founded WeWork in 2010. Neumann stated that with WeWork, he intended to replicate the feeling of togetherness and belonging he felt in Israel and that he thought was lacking in the West.
Neuman was awarded the EY Entrepreneur of the Year in 2015.
On September 22, 2019, there were reports, from outlets such as The Wall Street Journal, that various WeWork directors were planning on asking Neumann to step down as CEO, after "a tumultuous week in which his eccentric behavior and drug use came to light" before a planned IPO. The Wall Street Journal reported that he had taken $700 million out of WeWork before the IPO, among other details, and "undermined his position" at the company. Neumann also directed We Holdings LLC (a company managed by Neumann and McKelvey) to unwind the transaction of $5.9 million in stock that the company paid in exchange for the "We" trademarks. On September 24, 2019, he resigned and Artie Minson and Sebastian Gunningham were named as successors.
In October 2019, The Wall Street Journal reported that Neumann would receive close to $1.7 billion from stakeholder SoftBank for stepping down from WeWork's board and severing most of his ties to the company. Weeks later, minority shareholders filed a lawsuit against Neumann and other WeWork officials for breach of its fiduciary duties.