WeWork Founder Adam Neumann Age 44 Remains Billionaire with $3.1 Billion Fortune, Setup Family Office with Wife Rebekah Neumann in 2019 166 2nd Financial Services to Manage Personal Assets
11th November 2023 | Hong Kong
WeWork founder Adam Neumann (age 44) remains a billionaire with $3.1 billion fortune, setting up his family office with wife (Rebekah Neumann) in 2019 166 2nd Financial Services to manage their personal assets. Adam Neumann left WeWork in 2019, receiving a $185 million non-compete agreement, $106 million settlement and $578 million for shares sold to SoftBank. On 6th November 2023, WeWork (United States & Canada) filed for Chapter 11 Bankruptcy Protection including to reject office leases of locations which are largely non-operational. WeWork ($9 billion IPO SPAC merger in 2021), traded at $44 million to $64 million market value before the bankruptcy filing (6/11/23). Earlier in November 2023, WeWork $9 billion IPO SPAC (Special Purpose Acquisition Company) merger in 2021 was trading at $44 million market value with reports of Chapter 11 bankruptcy possibility. In August 2023, WeWork trading at $0.14 (18/8/23) filed for 1-for-40 reverse stock split ($0.14 to $5.60) to maintain NYSE listing requirement of $1 per share (New York Stock Exchange, trading below $1 for 30 days can trigger delisting). Also in August 2023, WeWork submitted a filing to United States SEC (Securities & Exchange Commission) including a statement on the company ability to continue. A few actions WeWork had submitted to United States including WeWork needs to negotiate better terms on the current leases, increasing membership and issuing debts or selling existing assets. In 2023, WeWork reported $1.69 billion revenue and $696 million net loss. More info below:
“ WeWork Founder Adam Neumann Age 44 Remains Billionaire with $3.1 Billion Fortune, Setup Family Office with Wife Rebekah Neumann in 2019 166 2nd Financial Services to Manage Personal Assets “
WeWork United States & Canada Files for Chapter 11 Bankruptcy Protection Including to Reject Office Leases of Locations Which are Largely Non-Operational, WeWork $9 Billion IPO SPAC Merger in 2021 Traded at $44 Million to $64 Million Market Value Before Bankruptcy Filing
10th November 2023 – WeWork (United States & Canada) has filed for Chapter 11 Bankruptcy Protection including to reject office leases of locations which are largely non-operational. WeWork ($9 billion IPO SPAC merger in 2021), traded at $44 million to $64 million market value before the bankruptcy filing (6/11/23). Earlier in November 2023, WeWork $9 billion IPO SPAC (Special Purpose Acquisition Company) merger in 2021 was trading at $44 million market value with reports of Chapter 11 bankruptcy possibility. In August 2023, WeWork trading at $0.14 (18/8/23) filed for 1-for-40 reverse stock split ($0.14 to $5.60) to maintain NYSE listing requirement of $1 per share (New York Stock Exchange, trading below $1 for 30 days can trigger delisting). Also in August 2023, WeWork submitted a filing to United States SEC (Securities & Exchange Commission) including a statement on the company ability to continue. A few actions WeWork had submitted to United States including WeWork needs to negotiate better terms on the current leases, increasing membership and issuing debts or selling existing assets. In 2023, WeWork reported $1.69 billion revenue and $696 million net loss. More info below:
WeWork $9 Billion IPO SPAC Merger in 2021 Currently Trading at $44 Million Market Value with Reports of Chapter 11 Bankruptcy Possibility
4th November 2023 – WeWork $9 billion IPO SPAC (Special Purpose Acquisition Company) merger in 2021 is currently trading at $44 million market value with reports of Chapter 11 bankruptcy possibility. In August 2023, WeWork trading at $0.14 (18/8/23) filed for 1-for-40 reverse stock split ($0.14 to $5.60) to maintain NYSE listing requirement of $1 per share (New York Stock Exchange, trading below $1 for 30 days can trigger delisting). Also in August 2023, WeWork submitted a filing to United States SEC (Securities & Exchange Commission) including a statement on the company ability to continue. A few actions WeWork had submitted to United States including WeWork needs to negotiate better terms on the current leases, increasing membership and issuing debts or selling existing assets. In 2023, WeWork reported $1.69 billion revenue and $696 million net loss. More info below:
WeWork Trading at $0.14 Files for 1-for-40 Reverse Stock Split to Maintain NYSE Listing Requirement of $1 Per Share, Market Value at $298 Million after $9 Billion IPO SPAC Merger in 2021
18th August 2023 – WeWork trading at $0.14 (18/8/23) has filed for 1-for-40 reverse stock split ($0.14 to $5.60) to maintain NYSE listing requirement of $1 per share (New York Stock Exchange, trading below $1 for 30 days can trigger delisting), with WeWork current market value at $298 million (18/8/23) after a $9 billion IPO SPAC Merger in 2021 (Special Purpose Acquisition Company). Earlier in August 2023, WeWork had submitted a filing to United States SEC (Securities & Exchange Commission) including a statement on the company ability to continue. A few actions WeWork had submitted to United States including WeWork needs to negotiate better terms on the current leases, increasing membership and issuing debts or selling existing assets. In 2023, WeWork reported $1.69 billion revenue and $696 million net loss.
WeWork $9 Billion IPO SPAC Merger in 2021 Currently Trading at $431 Million Market Value & Facing Restructuring Possibility, Submits Filing to United States SEC Including Statement on Company Ability to Continue
11th August 2023 – WeWork $9 billion IPO SPAC (Special Purpose Acquisition Company) merger in 2021 is currently trading at $431 million market value & facing restructuring possibility. WeWork had submitted a filing to United States SEC (Securities & Exchange Commission) including a statement on the company ability to continue. A few actions WeWork had submitted to United States including WeWork needs to negotiate better terms on the current leases, increasing membership and issuing debts or selling existing assets. In 2023, WeWork reported $1.69 billion revenue and $696 million net loss.
WeWork Goes Public at $9 Billion Valuation with SPAC Merger
26th March 2021 – company based in New York, is going public at a $9 billion valuation in a merger with Special Purpose Acquisition Company (SPAC), BowX Acquisition Corp. The SPAC merger will raise $1.3 billion for WeWork with the merger expecting to close by Q3 2021.
SPAC (Special Purpose Acquisition Company) is also popularly referred to as a blank cheque company, that allows the listed company without any existing businesses to raise capital through an IPO (initial public offering), and thereafter use the capital to invest into companies.
WeWork to Receive $1.3 Billion
With the merger, WeWork will receive approximately $1.3 billion, with $483 million of cash from BowX and a fully committed $800 million private placement investment with key investors including Insight Partners, funds managed by Starwood Capital Group, Fidelity Centaurus Capital, and funds and accounts managed by BlackRock
In October 2020, BowX Acquisition Corp had gone public on NASDAQ and raised $420 million.
The merger is expected to be completed by Q3 2021. The combined company will have approximately $1.9 billion of cash on the balance sheet and total liquidity of $2.4 billion, including a $550 million senior secured notes facility provided by SoftBank Group.
WeWork
WeWork was co-founded by Adam Neumann in 2010 in New York, United States. The flexible office space company was later backed by one of the largest and prominent investor in the world, SoftBank Group. In 2019, the proposed and later aborted IPO had valued WeWork at more than $40 billion. Shortly after the aborted IPO, co-founder Adam Neumann stepped down as CEO.
Today, WeWork is led by CEO Sandeep Mathrani and WeWork is in 851 locations in 152 cities with more than 1 million workstations worldwide. In 2020, excluding China, WeWork recorded revenue of $3.2 billion.
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Video – CNBC: WeWork CEO
Video – Bloomberg: Rise & Fall of WeWork
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