The Truth About Adam Neumann And WeWork

The way that many people work has shifted in recent years, largely in part to global events forcing millions to work from home. Before 2020, though, there was already a movement to try and change how employees tackle work. In fact, many put this down to companies like WeWork.

Established by Adam Neumann, it provides coworking spaces where a significant emphasis is placed on community. Unfortunately, despite holding great promise in its early years, the company has been on something of a rollercoaster. That's mainly due to Neumann, whose reckless behavior reportedly cost WeWork billions and resulted in him losing his job.

Adam Neuman reportedly dropped out of college to focus on his business ventures

You might think that to succeed in business, you need a college degree. However, plenty of the world's most successful entrepreneurs never went to college or at least never made it to graduation. That apparently includes Bill Gates, Mark Zuckerburg, and Richard Branson. So, the fact that Adam Neumann also gave up on his studies makes a lot of sense.

His motive behind this was apparently to focus more on his business ventures, which he was eager to make successful. These included Krawlers, a baby clothing business that sold outfits with sewn-in knee pads. He later established Green Desk, which was effectively WeWork's predecessor that he and his business partner sold to set up the shared office space company.

Adam Neumann reportedly funded WeWork using a $1 million wedding gift

It's all well and good having an idea that you think will be successful. To get it off the ground, though, you need money. The sale of Green Desk reportedly helped Adam Neumann to make WeWork a reality. However, that alone wasn't enough. Fortunately, it seems that Adam had somewhere to find money much closer to home.

Apparently, one of the true stories about WeWork is that Neumann used a $1 million wedding gift from his in-laws to fund it. The reason why they received so much money when they tied the knot is unclear. However, a TV show about Adam's life has suggested it was because Rebekah Neumann's dad didn't think he could provide for her.

WeWork was supposedly created to "elevate the world's consciousness"

Whenever an entrepreneur sets up a business, they should have a vision for what they want to achieve with it. Without this, the company risks having no direction, making it more likely to fail. So, what did Adam Neumann hope to do with WeWork? Providing affordable office space was one of his aims, but it wasn't the only one.

The truth about WeWork is that it's apparently meant to "elevate the world's consciousness" through the people who work there. This wasn't a vision that Adam had alone, but rather one he shared with his wife, who was once WeWork's chief branding officer. This desire supposedly exceeded any interest in making a ton of money from the company.

WeWork was supposedly going to be the world's first physical social network

Passion might not necessarily pay the bills, but without it, a business has less chance of making a significant impact. After all, it's passion that fuels someone to make a go of things and put their all into succeeding. Fortunately, it seems that Adam Neumann had more than enough of this to go around when he established WeWork.

He was reportedly so passionate about the company that he had big dreams for the future. Adam reportedly believed that he and his business partner were building the world's first physical social network. As the brand grew, the intention was to expand into other areas like education, physical fitness, and accommodation. Some of these Neumann did achieve.

WeWork experienced exponential growth after its first few years of operation

It can take years for a business to make a name for itself. Not WeWork, though. Adam Neumann reportedly sold Green Desk in 2010 and opened up WeWork's first coworking space in Manhattan the following year. Interest in the company was almost immediate, helping the business to achieve exponential growth in the years that followed.

WeWork managed to attract investor interest relatively quickly, particularly from those in real estate. With their funding and Adam's vision, the company reportedly managed to increase its valuation to $10 billion by 2015. That was a significant jump from the previous year, with the business quadrupling the figure in that short timeframe. The company was seemingly a success.

SoftBank invested in WeWork in 2017 and made it easier for the business to expand

When WeWork started, Adam Neumann focused on establishing the company in New York City. However, the truth about WeWork is that Adam always wanted it to become a global phenomenon. To expand outside of NYC and explore the rest of the world, though, Neumann needed funding - more than he was getting already. Luckily, he had a helping hand from SoftBank.

While SoftBank's Vision Fund might be recording losses at the moment, its faith in WeWork in 2017 proved momentum for the company. According to Bloomberg, its valuation rose to $20 billion and made it easier for the business to make its mark overseas. Adam may well have been on cloud nine at this point, but that wouldn't last forever.

WeGrow was announced within months of WeWork's SoftBank investment

Adam Neumann reportedly made some big decisions not long after SoftBank took a chance on his business. This included announcing the establishment of WeGrow, the company's take on education. He revealed that a new private school would be opening the following year, for which his wife would eventually have a role. She was apparently named CEO of WeGrow in 2019.

At the time, the move seemed to receive approval from some, including Rebekah Neumann's cousin Gwyneth Paltrow. As an actress with plenty of influence, her backing had the potential to really help WeGrow succeed. Unfortunately, all might not have been as it seemed. It appears there were stories about WeWork and its other ventures that left much to be desired.

The Neumanns allegedly made a mess of the WeGrow facility several times

Keeping kids under control can be incredibly tough, whether you're a parent or teacher. However, it seems that it might not have been the children that were the biggest headache for those who worked at the WeGrow school. Instead, it was the Neumanns who were allegedly the problem because of what they supposedly did outside of working hours.

Stories about Adam Neumann and his wife from WeGrow employees indicate that they sometimes used the facility for parties. According to the New York Post, teachers would return on a Monday and find the place in disarray because of their antics over the weekend. It was then a frantic effort to clean up after the Neumanns before the students arrived.

Adam Neumann allegedly played his music too loud at work, upsetting customers

Although the Neumanns would apparently apologize for their behavior, this didn't stop them from allegedly repeating their actions later. Unfortunately, this is just one of many reported incidents where the Neumanns caused trouble at the business. The truth about Adam Neumann is that he was responsible for a brilliant business idea, but he's supposedly not the most considerate man around.

For example, it seems that he didn't always think about other people's needs when it came to playing music in the office. It was reportedly so loud that the customers would complain. Unfortunately, the employees couldn't do anything about it. One of them told Business Insider that Adam would yell at them if they turned the music down.

Adam Neumann reportedly had some wild parties on planes while at WeWork

It's not unheard of for entrepreneurs to be party animals. After all, the saying goes that when you work hard, you party harder. Unfortunately, there is such a thing as enjoying yourself too much, as the operators of Adam Neumann's past private flights discovered. It seems some of his wildest parties at WeWork happened hundreds of miles above the ground.

Gama Aviation was the operator used for one of Neumann's flights when he chartered a trip to Mexico City in 2015. From people spilling drinks on one another to someone vomiting all over the place, the plane was reportedly in quite a state by the time it landed. To make matters worse, the passengers didn't even tip the staff.

Several stories about Adam Neumann reveal his use of a certain substance on flights

It seems that one of the recurring problems flight operators had with Adam Neumann's behavior was his use of a certain substance. He and his passengers would allegedly often take this, sometimes to the point that the air in the cabin was thick with fumes. Crew members reportedly had to don oxygen masks one time because it was so bad.

One of the stories about Adam Neumann claims he once got stranded in Israel because this substance was on board. He reportedly borrowed a plane from Gulfstream and got into trouble after the crew discovered the stuff in a box after the flight. Not wanting to be caught transporting illegal substances across borders, Gulfstream canceled his return flight home.

Meetings with Adam Neumann were apparently never a walk in the park

Most people hate waiting. Unfortunately, the truth about Adam Neumann is that he's not afraid to make others wait for hours on his behalf. It apparently happened numerous times when he was at WeWork, although not all the time. Sometimes Adam would do the complete opposite and expect people to drop everything and have a meeting with him immediately.

There were even times when he would make people get on a flight with him to say what they needed to. However, he wouldn't always let them talk once in the air, even if the flight was six hours long. To make matters worse, Adam would sometimes expect those people to make their own way home afterward.

Adam Neuman would reportedly interview people in his car and then force them to get out

It apparently wasn't just on planes that Adam Neumann would apparently engage in this sort of behavior. He allegedly did it in cars too, and not just for meetings. Supposedly, Adam would sometimes interview prospective employees on the road, presumably as a means to fill two needs with one deed. Unfortunately, this didn't always end well for the interviewees.

When Adam was content that the meeting was over, he'd reportedly tell the person to exit the car and get in another vehicle from his convoy following behind. The book 'The Cult of We' claims that one person was made to do this in gridlocked traffic and somehow had to find this car amongst many others.

Adam Neumann allegedly offered prospective employees certain unsuitable beverages

There's a level of professionalism people typically expect at interviews. While some businesses are definitely more laid-back than others, there's a line that most employers wouldn't dare to cross. Judging from the stories about WeWork and Adam Neumann, though, it appears the co-founder might have crossed that line several times when he was still in charge.

Aside from telling interviewees to get out of his car, he also allegedly offered prospective employees certain unsuitable beverages when they applied for that job. That's according to what a former employee told New York magazine anyway. It's unclear whether she said yes or no, but she evidently got the job if she used to be an employee at WeWork.

Employees were allegedly fired from WeWork because they had bad energy

With WeWork growing at an exponential rate, more employees were being hired to keep the company on the up. However, just because the business was bringing more people in, that didn't mean they could always afford to keep everyone around. Employees did get fired, and it seems their reason for getting the boot wasn't always to do with their work.

Allegedly, Rebekah Neumann would go around the office when her husband needed to fire people and get a feel for everyone's energy. If she felt someone had bad energy, they were apparently likely to get the boot. This reportedly sometimes extended to interviews, too, with people being asked about their birth sign more than the position they'd applied for.

Rebekah Neumann reportedly had WeWork employees help try to move a 5G cell tower

There's been plenty of conspiracy surrounding 5G and the supposed problems it can cause. One person who apparently believes in these theories is Rebekah Neumann, given what she reportedly once had several WeWork employees do. It seems there was a 5G antenna near one of the couple's homes, so she tasked members of staff with getting rid of it.

Artie Minson and Maria Comella - who worked as the CFO and Head of Regional Public Affairs and Policy, respectively - reportedly both tried to get the cell tower moved. That's despite having other work they needed to be getting on with, which some would argue was perhaps more pressing. Minson, for instance, was preparing WeWork for an IPO at the time.

WeWork employees reportedly spent days downloading entertainment for Adam Neumann's kids

For the business to succeed, its employees needed to be working hard building the brand and keeping the money coming in. Unfortunately, it seems there are several stories about WeWork that indicate that employees weren't always the most focused on their tasks. However, that supposedly wasn't their fault but rather the fault of the Neumanns.

Along with calling phone companies trying to get a cell tower moved, some employees also had to spend days downloading stuff for Adam Neumann's children to watch. Before the family went on vacation for three weeks to celebrate his 40th birthday, WeWork employees allegedly lost three days downloading entertainment to keep the kids happy during their travels.

The WeWork annual retreat could get exceptionally wild while Adam Neumann was in charge

WeWork employees probably would have loved to be able to disappear for three weeks like Adam Neumann and his family. Unfortunately, they couldn't afford to take so much time off at once. At least, though, they got a break from work during Neumann's company retreats, which allegedly took partying to the next level. These events reportedly got pretty wild.

With great music, plenty of activities, and a lot to drink, it's perhaps easy to see why some employees considered this the best weekend of the year. However, for those not in their early twenties or simply not into the party lifestyle, having Adam going around allegedly spraying them with certain beverages was something of a nightmare.

WeWork employees allegedly had to wear tracking bands at these annual retreats

You'd think that if someone wasn't into the party vibes of these annual retreats, they just wouldn't go. However, it appears they might not have had much say on the matter. According to Vanity Fair, employees had to wear tracking bands during their time away to prove that they were there. It was effectively an ultimatum.

The stories about Adam Neuman and these annual retreats say that he tried to convince people to attend by asking them to be more selfless. Allegedly, the motto of these weekends away was "We before Me." It was seemingly all part of Adam's desire to make WeWork a collective community where other people's needs were the priority.

Rebekah Neumann allegedly forbid WeWork employees from eating meat

The story about Adam Neumann and his wife is that they allegedly abused their power while holding positions in WeWork. From reportedly diverting employees away from tasks and conducting interviews unprofessionally to supposedly firing people based on bad energy, they developed quite the reputation. That wasn't the end of it either, as they also banned certain things from the office.

This apparently included meat, with Rebekah Neumann reportedly responsible for this decision. As a vegetarian, she seemingly didn't like the idea of working somewhere she might be surrounded by people eating this stuff. However, Neumann herself allegedly still eats meat once a week because she was supposedly advised to by her doctor. She does it with her eyes closed, though.

Adam Neumann was so powerful at WeWork that employees changed narratives to suit him

During his time at WeWork, Adam Neumann was a powerful man, so much so that when he once reportedly mistook a drink as his own, his employee didn't correct his mistake. Instead, they apparently crafted a narrative that suggested his actions were actually intentional. It all happened when Alex Konrad of Forbes met with Neumann at WeWork headquarters.

While Alex ordered a cappuccino, Adam went for a latte. However, when the drinks arrived, the WeWork CEO grabbed the cappuccino. When the journalist brought the mistake to his attention, Neumann allegedly "looked really confused and upset." That's when an employee jumped in to say that they call cappuccinos lattes at the office and vice versa.

Some people referred to WeWork as a cult while Adam Neumann was CEO

Most people in Adam Neumann's position probably would have been a little embarrassed by this mistake but not been that bothered by it. Most people also wouldn't think to claim that cappuccinos were lattes in the office and vice versa. However, most people weren't part of WeWork during Adam's reign as the company's CEO, which some considered a cult.

Calling a company achieving as much success as WeWork appeared to a cult might seem overdramatic. However, it's perhaps not hard to see how people reached that opinion. The Neumanns were very big on turning the company into a collective of people who shared the same purpose and energy. Is the truth about WeWork really that it was a cult?

Adam Neumann reportedly had some wild aspirations while he was at WeWork

WeWork was hardly demanding that employees give them all their money or drink the Kool-Aid when Adam Neumann was in charge. However, there's perhaps no denying that his alleged behavior made the company seem more like a cult than most other businesses. It probably didn't help that Adam reportedly had some wild aspirations, including the desire to achieve immortality.

According to the Wall Street Journal, numerous people had stories about Adam Neumann wanting to defy the aging process. The publication also reportedly revealed his desires to become the world's first trillionaire, to be elected as Israel's prime minister, and to eventually hold the title of president of the world. These alleged aspirations did nothing to change views about WeWork.

Elon Musk allegedly put Adam Neumann in his place when he said getting to Mars would be easy

These stories about Adam Neumann wanting to achieve immortality or become president of the world make him seem incredibly eccentric. However, he's hardly the first entrepreneur to have wild dreams for the future. Besides, dreaming big is often necessary to make significant change happen. Unfortunately, while other entrepreneurs might understand Adam's aspirations, that doesn't mean they always agree with him.

One person who's apparently disagreed with him in the past is Elon Musk. The billionaire is well-known as an eccentric man himself. However, when Neumann told him that getting to Mars would be easier than building a community there, Musk supposedly put him in his place. It was apparently a moment of humility for Adam, one he reportedly needed.

WeWork recorded a $47 billion valuation in January 2019 that plummeted within months

Given the alleged truth about WeWork, it's maybe not hard to see why everything eventually fell apart for Adam Neumann. However, before his world came crashing down, he and his company were riding higher than ever. At the start of 2019, WeWork's valuation rose as high as $47 billion following a further investment of $2 billion from SoftBank.

With such a significant valuation, it might have seemed like WeWork was destined for greatness. However, everything changed for the company within less than a year. By September of 2019, WeWork's valuation was apparently down to somewhere around $10 billion. To drop so significantly within a matter of months suggested that something was seriously wrong with the company.

Adam Neumann seemed to spend money recklessly on questionable investments

By this point, WeWork reportedly had 500,000 customers, which should have been a positive for the company. Unfortunately, even with that many people using their services, WeWork wasn't able to escape its problems. That's because the main issue was the way that they were hemorrhaging money, primarily due to Adam Neumann's reckless spending as CEO.

This reportedly included what some considered to be strange investments on Neumann's behalf. He apparently put money into a variety of businesses, including one that made wave pools and another that specialized in superfoods. Given WeWork's focus, it seemed strange for Adam to put his money into these companies, especially when the priority was growing his own company.

Adam Neumann spent a ton of money on properties, which he then renovated

Something many have noticed about Adam Neumann is that he's a man who likes to spend money. That's certainly what these investments indicate, especially when you consider what else he's done with his finances. For instance, while at WeWork, Adam reportedly had around half a dozen different properties, for which he allegedly did a fair amount of renovation work.

These properties included a $15 million home in Pound Ridge, New York, to which the Neumanns supposedly added 2,000 square feet. They also had a $34 million compound of apartments on Irving Place that occupied the fifth, sixth, and seventh floors. Another of their homes was a compound in Corte Madera, California, which later sold for $22.4 million.

Adam Neumann allegedly spent a lot of money on stuff for the office

Having spent so much money on properties and renovations, it's safe to say that Adam Neumann had quite a comfortable lifestyle at home. As an entrepreneur with a growing business, though, he couldn't always afford to spend much time away from work. So, it's perhaps no great surprise that his WeWork office also boasted some expensive furnishings.

Apparently, some of the items Adam bought for his WeWork headquarters included an ice plunge and a smoke eater. The latter was seemingly something the plane could have used the time he and his employees used so many substances that the crew needed oxygen masks. Neumann also allegedly installed a secret exit into the office, although it's unclear why.

Adam Neumann allegedly trademarked the word "we" and sold it to WeWork for nearly $6 million

There's been plenty of weird trademark cases over the years, like when Kylie Jenner tried to trademark her first name. Easily one of the strangest, though, is when Adam Neumann decided that he wanted to trademark the word "we." You'd think that wouldn't be possible, but publications like CNBC and Business Insider claim that's what he did.

What makes this whole scenario even more bizarre is that Adam reportedly charged his company $5.9 million to buy the trademark off of him. He reportedly needed to do this before WeWork could go public to ensure that everything was "above board." However, Adam allegedly later "gifted" the money to the company, so his actions didn't cause more problems.

It spelled the beginning of the end for Adam Neumann when WeWork decided to go public

Going public was a major aim for WeWork, with the company looking to finally make the leap in 2019. It's understandable why, given how strong their valuation was at the start of the year. However, as the reality of this decision started to sink in, some people questioned whether the business was genuinely ready to make this move.

In August 2019, WeWork reportedly filed its Form S-1, which gave investors their greatest insight into the company so far. Unfortunately, this ended up tipping the scales greatly against the business. The filing revealed just how much money the company was losing, thanks to expensive lease agreements and the reckless spending habits of CEO Adam Neumann.

Adam Neumann's other ventures were supposedly more about making money than doing good

Money is evidently something Adam Neumann made great use of while at WeWork, given all the spending he did. However, the former CEO supposedly claimed that he wasn't all about the money. His wife even said in interviews that they believe in an asset-light lifestyle. Unfortunately, that wasn't evident in the reports of how Adam had been spending his money.

Even Adam's ventures outside of WeWork were accused of being all about making money rather than doing any good in the world. Neumann allegedly branched out into things like WeGrow and WeLive to "change the world." He supposedly wanted to bring the idea of a collective community into areas outside of the office. However, some former employees questioned this.

Adam Neumann's ethically questionable decisions allegedly scared investors

As the CEO of WeWork, what Adam Neumann did mattered. His actions had a significant impact on the company, which was both a blessing and a curse. While he'd helped the business find early success, his reckless spending began to scare the investors. They didn't particularly want to put money into a company that wasn't making a profit.

It didn't help that there were stories about Adam Neumann allegedly making some ethically questionable decisions, along with all this spending. These included him apparently selling $870 million of his shares before the company's efforts to go public fell through. There were questions over whether he could be trusted behind the wheel of WeWork moving forward.

Not everyone believes Adam Neumann was to blame for WeWork's decline

Going from a $47 billion valuation to one of around $10 billion was a significant cause for concern. If WeWork was going to stand the test of time, something needed to change after the failed IPO. In the investor's eyes, that reportedly meant getting rid of the CEO. The truth about Adam Neumann was that they couldn't trust him anymore.

However, not everyone supported this narrative. In the book 'Billion Dollar Loser,' one executive said that Neumann shouldn't be blamed entirely for WeWork's sudden decline. Investors supposedly knew what they were getting into with him and had allegedly told him: "Be you, but be ten times you." In the executive's opinion, they got what they asked for.

The board voted to end Adam Neumann's reign as the CEO of WeWork

Regardless of whether the investors knew what they were getting with Adam Neumann or not, the truth about WeWork is that something had to change. The company couldn't simply overlook the valuation drop and the failed IPO, especially when they were so reliant on money from investors. So, they took a vote, one that would decide Adam's future.

The vote would determine whether Neumann would remain as WeWork's CEO or walk away. Although he was the company's co-founder and had helped get it off the ground, his risky antics raised serious questions over whether he was a help or a hindrance. Unfortunately, the board didn't have faith in Adam, with the man himself even voting against him.

Adam Neumann had to sell several properties after stepping down as CEO

Many of these stories about Adam Neumann suggest that he wasn't always living in the real world or aware of the recklessness of his actions. However, by voting against himself, he showed he knew he'd gone too far. Adam accepted that it was time to move on and let someone else take control while he focused on other endeavors.

Unfortunately, losing WeWork meant a significant lifestyle change, one that involved selling off a lot of properties to keep the Neumanns' bank account full. Some of the properties they sold included a Hamptons home, which went for $1.25 million, and the Corte Madera property mentioned earlier. The family wasn't living on food stamps, but their wealth definitely declined.

WeWork made some notable changes after Adam Neumann left

With Adam Neumann gone, WeWork had the potential to fix the mistakes of its past. However, getting rid of the CEO wasn't like pressing some magical button that would fix everything. He might not have been able to spend more money, but the company still had to resolve the issues that Adam's spending had left them with.

To try and recoup some of their losses, the company - which now boasted Artie Minson and Sebastian Gunnigham as joint CEOs - closed down ventures like WeLive and WeGrow. They also made various WeWork acquisitions for sale and got rid of Neumann's $60 million private jet. These changes helped, but they weren't enough to fix everything that was wrong.

WeWork needed to fire thousands of employees but couldn't afford to without SoftBank

The truth about WeWork is that too much damage had been done for the company to continue in its current capacity. Job losses were essential for the business to stay afloat, with thousands of people getting the chop. The problem was that the company apparently couldn't even afford to get rid of these employees because of their money troubles.

Unable to pay for severance packages, it looked like WeWork was caught in a lose-lose situation. Luckily for them, SoftBank came to their rescue once again. Thanks to a reported $9.2 billion investment from the investor, WeWork was able to lay off around 20% of its global workforce. A significant cull but one that was seemingly unavoidable.

Adam Neumann reportedly plans to address the US housing crisis with his next venture

Some might say that all this has tarnished the former WeWork CEO's reputation forever. The truth about Adam Neumann, though, is that he's resilient, just like many other entrepreneurs. Rather than disappear into the shadows since being ousted from his company, he's thrown himself into new ventures. Apparently, he has his sights fixed firmly on real estate.

In the few years since leaving WeWork, Adam has been buying thousands of residential units across America. Although little is currently known about his plans, he reportedly intends to help address the US housing crisis by providing community-centric services in these properties. He'll do so with the help of Andreessen Horowitz, who recently pledged $350 million to the project.

Adam Neumann also has various other ventures, including one focused on the climate

It seems that the US housing crisis isn't the only problem he's looking to resolve moving forward. Apparently, Adam Neumann is intent on helping the climate, too, with reports claiming that he's been purchasing swathes of forest land. He's supposedly looking to offset the carbon emissions of companies using blockchain credits, doing so through the company Flow Carbon.

According to what Adam told the Financial Times, this business made $10 million in 2021 and holds great potential for the future. Other ventures he's invested time and money into reportedly include a mortgage company, a retail concierge business, and various companies based in Israel. So, it's safe to say he isn't just relaxing since his departure from WeWork.

Adam Neumann supposedly isn't bothered about the view the world now has of him

Given that some would say Adam Neumann left WeWork in disgrace, it's pretty clear that he's now doing okay for himself. It probably helps that he allegedly received millions when he stepped down as CEO, along with the shares he still had in the company. It was far more than the workers who got fired in his wake received.

Of course, while he might be doing okay business-wise, the truth about Adam Neumann is that no one will ever see him the same again. His time with WeWork has become the topic of several books, as well as a TV show starring Jared Leto and Anne Hathaway as Adam and Rebekah. Still, Neumann supposedly isn't bothered by these.