Adam Neumann spotted after signing this deal
Kombucha taps don't pay for themselves... WeWork loses $219K every hour — and last month's IPO was supposed to hook it up with billions of much-needed funding. Since that didn't happen, WeWork's due to run out of money by November. It needed a bailout, and the WeWork board just got one. Here's the Matrix-style situation it faced:
But the most shocking number is $1.7B... That's how much ex-CEO Adam Neumann is getting paid to walk (further) away from the company he built. He'll step down from the board in exchange for the following $1.7B payday from SoftBank:
This isn't fair for employees... Adam's walking away a billionaire. But many of its thousands of concerned WeWorkers have been paid in stock options, which are now worth much less since WeWork's valuation plummeted. The WeWork bubble (aka its $47B valuation) popped because Wall Street noticed that Emperor Adam on his Softbank-funded throne had no clothes.