Adam Neumann is an Israeli-American businessman and investor. In 2010, he co-founded WeWork with Miguel McKelvey, where he served as 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 its S-1 filing, Neumann resigned as CEO of WeWork and gave up majority voting control as of September 26, 2019. WeWork also delayed its initial public offering (IPO) until the end of 2019 amid growing investor concerns over its corporate governance, valuation, and outlook for the business. On September 30, 2019, WeWork formally withdrew its S-1 filing and postponed the IPO. Forbes estimated his net worth to be around US$1.4 billion as of June 2022.
Early life
| Name | Adam Neumann |
| Net Worth | $1.4 billion |
| Salary | $50 million |
| Occupation | Businessman, Investor |
| Age | 43 years |
| Height | 1.96m |
Adam Neumann net worth 2022
Adam Neumann was born on April 25, 1979 (age 43 years) in Tel Aviv-Yafo, Israel. The Neumann family, from Israel, is of Ashkenazi Jewish descent. Neumann’s parents, both physicians, Avivit and Doron Neumann, divorced when he was seven years old. He and his younger sister, Israeli model and former Miss Teen Israel Adi Neumann, moved to the United States with their mother for her medical residency.
Neumann could not read or write until third grade due to his dyslexia. In 1990, after four years in the US, they returned to Israel and settled in kibbutz Nir Am. He graduated from the Israeli Naval Academy and served as an officer in the Israeli Navy for five years and was discharged with the rank of seren (captain). He later attended the Zicklin School of Business at Baruch College in New York City.
Career
Adam Neumann founded a children’s clothing company, Krawlers prior to founding WeWork. 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. According to the Wall Street Journal, Neumann chartered a Gulfstream G650 for a trip from the United States to Israel during the summer of 2018.
He and his friends spent much of the flight smoking marijuana during the flight. After landing in Israel, the flight crew found a cereal box stuffed with marijuana and reported it to the jet owner. Fearing a marijuana trafficking incident, the jet’s owner ordered it to return to the US. Neumann and his friends had to book a separate flight back.
In 2018, WeWork faced a lawsuit from a former employee who identified issues of sexual harassment and other inappropriate behaviors in the workplace. In her statement, she mentioned that Neumann “plied her with tequila shots during her interview with the company.” Shortly after this claim was made, WeWork put an end to its unlimited beer for employees and implemented a policy of only four beers per day in the New York office.
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.
Adam Neumann also repaid $5.9 million that the company had paid him in exchange for his trademark of the word “We”. 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.
On February 24, 2021, the Wall Street Journal reported that Adam Neumann had received about $130 million of the $185 million in consulting fees agreed to be paid by SoftBank before SoftBank ceased making the remainder of the payments to him. On May 27, 2021, the Wall Street Journal reported the terms of a renegotiated severance package between Neumann and SoftBank, replacing that from October 2019.
Among other terms, Neumann received $106 million in cash more than the $92.5 million in consulting fees previously received (in contrast to the $130 million figure reported by the WSJ on February 24, 2021, for previously received consulting fees from SoftBank), with about $50 million of that to pay for his legal fees. The renegotiated settlement package also “let him refinance $432 million in debt on favorable terms and allowed an entity Mr. Neumann controls to sell $578 million in WeWork stock.”
The Wall Street Journal also reported that Neumann received a new WeWork stock award of “roughly $245 million,” but “if the price of WeWork falls below $10 per share, Mr. Neumann is ineligible to receive the stock award.” May 2021, securities disclosure filings were made “as WeWork completes a merger with BowX Acquisition, a special-purpose acquisition company.” The merger enabled WeWork shares to be traded on the New York Stock Exchange, traded under the symbol WE. Neumann raised about $4.7 billion of equity for WeWork.
On 5 March 2021, Forbes listed his net worth at US$750 million, having dropped off the Forbes billionaires list in 2020. As of March 2022, Neumann has shifted focus to property investing in Miami. In August 2022, it was announced that Andreessen Horowitz had invested in Neumann’s new residential real-estate company, Flow.
How Much Is Adam Neumann’s Investments?
Adam Neumann became a partner of InterCure, an Israeli cannabis company in 2018 led by Ehud Barak, former Prime Minister of Israel and invested in EquityBee, a start-up for tech investors, and Selina, a hospitality company. In early 2020, Neumann invested US$10 million into multimodal shared mobility company GOTO Global, taking a 33% equity stake in the company.
Neumann partnered in 2012 with Ken Horn of Alchemy Properties and Joel Schreiber and purchased for US$68 million the top floors of the Woolworth Building, which they then converted into condominiums. As CEO, Neumann on multiple occasions purchased buildings and then leased the space back to WeWork. Observers noted this as a potential conflict of interest and one that would not be allowed if WeWork were a public company.
During his tenure as CEO of WeWork, Neumann also purchased US$90 million worth of residences, including a 60-acre (24 ha) estate in Westchester County, New York, a 6,000-square-foot (560 m2) condominium near Gramercy Park, two homes in The Hamptons, and a US$21 million mansion in Corte Madera, California. Neumann has begun purchasing apartment buildings and, as of early 2022, owned some 4,000 apartments worth about US$1 billion.
The Wall Street Journal reported in 2019 that Neumann had aspirations 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”. 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 personal 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. In the Apple TV+ series WeCrashed (2022), Neumann is portrayed by Jared Leto.
Who Is Adam Neumann’s Wife?
Adam Neumann is married to Rebekah Neumann, they had their wedding in 2008. lives in the Greenwich Village neighborhood of New York City with his wife, Rebekah Neumann, and their six children. Rebekah is a cousin of Gwyneth Paltrow. In 2018, Neumann gave a keynote speech at an event held by the UJA-Federation of New York where he spoke of observing Shabbat with his family every week and the role Judaism has played in his personal and professional growth. As of mid-2022, Adam Neumann and his wife Rebekah Neumann are still married and living a happy life with their six children.
Adam Neumann net worth
How much is Adam Neumann worth? Adam Neumann net worth is estimated at around $1.4 billion. His main source of income is from his career as a businessman and investor. Adam Neumann’s salary per month with other career earnings is over $250 million annually. His successful career has earned him some luxurious lifestyles and some fancy car trips. He is one of the richest and most influential Israeli businessmen in the United States. Adam Neumann stands at an appealing height of 1.96m and has a good body weight which suits his personality.
