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20-7-2019 12:40:34

How Adam Neumann, the cofounder of $47 billion WeWork, spends his money

WeWork CEO Adam Neumann has a net worth of $4.1 billion, according to Forbes. Neumann sold and borrowed $700 million in transactions involving his shares in WeWork, which has a $47 billion valuation and is planning an IPO, The Wall Street Journal reported on Thursday. Neumann has spent $80 million on at least five homes since founding WeWork in 2010, according to the Wall Street Journal. Visit Business Insider’s homepage for more stories. WeWork CEO Adam Neumann sold and borrowed $700 million in transactions involving his shares in WeWork, The Wall Street Journal reported on Thursday. WeWork, the coworking-space company with a $47 billion valuation, confidentially filed initial-public-offering paperwork in December as the We Company. Besides exercising his stock options and buying more WeWork shares, Neumann has also spent his money buying real estate and investing in startups, according to the Wall Street Journal. Here’s what Neumann has been investing in since the success of WeWork: Adam Neumann, WeWork’s cofounder and CEO, has a net worth of $4.1 billion. Foto: Adam Neumann (right) with his cofounder Miguel McKelvey (left).sourceScott Legato/GettySource: ForbesBut he wasn’t always wealthy: Neumann went from broke to billionaire in the past decade.Foto: Adam Neumann (left) and spouse Rebekah Neumann (right).sourceTaylor Hill/Getty Images One of the first businesses he started was Krawlers, which sold baby clothes with knee pads. “At the time, I was misguided and putting my energy into all the wrong places,” Neumann told Business Insider. After Neumann met his wife Rebekah, they lived an East Village studio “apartment smaller than this office,” Neumann told Business Insider. Neuman would go on to set his sights on bigger and better real estate once WeWork became successful.Sources: Business Insider, Business InsiderNeumann founded his coworking-space company WeWork in 2010.Foto: sourceBrendan McDermid/Reuters Nine years later, WeWork has a $47 billion valuation. The company is under the We Company umbrella, which also includes Neumann’s coliving venture, WeLive, and the “conscious entrepreneurial school” WeGrow.Source: Business InsiderSince founding WeWork, Neumann has spent over $80 million on at least five homes.Foto: sourceAP Photo/Mark LennihanSource: Wall Street JournalIn 2012, Neumann bought a house in the Hamptons for over $1.7 millionFoto: A beach in the Hamptons.sourceMontenegroStock/ShutterstockSources: Bisnow, Vanity FairIn 2014, Newman bought a Greenwich Village townhouse in New York City for $10.5 million.Foto: Exterior of the red brick townhouse in 2013, before Neumann’s purchase.sourceGoogle Maps Located at 41 West 11th Street, the property is under 23-feet wide. At the time it was bought, the townhouse had six bedrooms and five and a half bathrooms. The townhouse was erected in 1847.Source: The Real DealIn 2016, Neumann purchased a farm estate in Westchester, New YorkFoto: A horse stable.sourceAlex Davidson/Getty Images The Linden Farm estate on 34 Boutonville Road in Pound Ridge sprawls 60 acres. At the time of purchase, the property included: a more than 13,700 square foot, eight bedroom, eight bathroom house; a horse stable and ring for riding; a tennis court; a waterfall and pool; and nearly 4,500 acres of preserved land nearby. The estate was listed at $22 million when it was on the market.Sources: Biznow, New York PostIn 2017, Neumann bought four units in a Gramercy Park townhouse in New York City for $34.7 million.Foto: A building on Irving Place in the Gramercy Park neighborhood of New York City.sourceGoogle Maps According to The Real Deal, Neuman purchased the following in the the seven-story townhouse on Irving Place:Two first-floor units for $7.2 million A fifth floor, 2,210 square foot three bedroom for $9.5 million A duplex penthouse with four bedrooms sprawling over 4,400 square feet for $18 million. Source: The Real DealIn 2018, Neumann purchased a 13,000 square foot home in the San Francisco Bay Area for $21 million.Foto: View of San Francisco.sourceEric Risberg/AP ImagesSource: Wall Street Journal, Business InsiderThe house has a guitar-shaped room.Foto: sourceMichael Kovac/Getty ImagesSource: Wall Street Journal. Besides real estate, Neumann has been investing in startups.Foto: sourceTheo Wargo/Getty Images Neumann has invested in seven startups since 2013, according to Crunchbase. They are: Pins, Feature.fm, Tunity, Selina, EquityBee, InterCure, and Hometalk. On behalf of WeWork, Neuman has invested in wave-pool startup WaveGarden and the big-wave surfer Laird Hamilton’s superfood startup, which sells things like “performance mushrooms,” powdered coconut water infused with beets and turmeric, and highly caffeinated coffee.Sources: Crunchbase, TechCrunch, Business InsiderAnd, Neumann has donated over $100 million.Foto: Adam Neumann (left) with Ashton Kutcher (right).sourceTerry Wyatt/Getty ImagesSource: Wall Street JournalWe’ll see where Neumann’s investments turn, and his net worth heads, after WeWork goes public.Foto: sourceJackal Pan/Reuters In April, Neumann announced that WeWork had confidentially filed initial-public-offering paperwork in December as the We Company.WeWork declined to comment for this pieceRead more: WeWork cofounder and CEO Adam Neumann reportedly sold shares he owned in the company and took loans worth $700 million.The post How Adam Neumann, the cofounder of $47 billion WeWork, spends his money appeared first on Business Insider Nederland.
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