Entertainment

WeCrashed: Where is WeWork founder Adam Neumann now?

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We crashedthe drama about WeWork, starring Anne Hathaway and Jared Leto, was released March 18 on Apple TV.

Leto plays the company’s co-founder, Adam Neumann, while Hathaway portrays his wife, Rebekah.

The eight-episode series chronicles the coworking space start-up’s “metereal rise and equally dramatic decline” and is based on the Wondery podcast of the same name.

The show tells the story of how Neumann and architect Miguel McKelvey founded the shared workspace company in 2010 in response to the growing freelance trend.

WeWork grew rapidly. Shortly after launching in New York, it was officially a “unicorn” – a name investors gave to every start-up valued at over $1bn (about £765m).

The company opened hundreds of new locations in North America, Europe and Israel, and expanded into other industries, with luxury gyms (Rise by We), private schools (WeGrow) and residential communities (WeLive). As of January 2019, WeWork was valued at $47 billion (about £36 billion).

In September 2019 everything collapsed. WeWork was about to transition from private to public ownership and needed to make its messy internal finances public. It was losing $219,000 (£167,000) an hour and couldn’t even afford to lay off employees because it couldn’t pay their severance pay. On September 24, 2019, Neumann had to resign as CEO.

What has he been up to since then?

When Neumann left WeWork, he was negotiating with original investor Softbank. WeWork’s majority owner paid him nearly $200m (£153m) in advisory and other fees and bought $578m (£442m) worth of shares from him, WeWork’s securities filing shows.

(Erik Pendzich/Shutterstock)

Neumann then used that fortune to quietly build a massive network of over 4,000 apartments in Miami, Atlanta, Nashville and other US cities.

Accordingly The Wall Street Journal“Neumann has told friends and acquaintances about his ambitions to build a company that would disrupt the rental housing industry, people familiar with the matter say.”

We crashed is now available on Apple TV.

https://www.independent.co.uk/arts-entertainment/tv/news/wecrashed-adam-neumann-wework-b2038693.html WeCrashed: Where is WeWork founder Adam Neumann now?

Russell Falcon

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