After 2 years of silence, disgraced WeWork founder Adam Neumann admits the company failed —but he still isn't apologizing to the thousands who lost their jobs in the process
WeWork cofounder and former CEO Adam Neumann has regrets about his old company's dramatic drop in value, from a pre-IPO valuation of $47 billion to a currentAnd he feels sort of bad about all the WeWork employees who lost out in the process,But, despite repeated opportunities to do so during a roughly 40-minute interview with Andrew Ross Sorkin at the New York Times DealBook conference on Tuesday, Neumann isn't apologizing.
By his own accounting, Neumann walked away from WeWork with about $1,050,000,000. Before the company went public this year, it was— meaning it laid off thousands of people in the wake of its IPO fiasco. The logic was laid out as such: Ahead of its initial-public-offering filing, WeWork reorganized and rebranded as The We Company. To rebrand itself around the word"We," the company paid its own CEO nearly $6 million for trademark rights.
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