The idea would have been unthinkable with the WeWork brand strongly tied to the flamboyant entrepreneur.
When WeWork's directors voted to oust Adam Neumann as CEO after a failed attempt to take the office-sharing startup public, Neumann cast his vote against himself, according to three people familiar with the situation.
The vote by Neumann, who remains non-executive chairman but gave up majority control of the company he co-founded, was the culmination of a stunning coup to remove him led by his biggest backer, Masayoshi Son, the billionaire CEO of SoftBank these sources said. The falling estimates came as a shock to Son, who had ploughed in more than $10 billion to WeWork, the last investment at a $47 billion valuation, according to three people familiar with the matter. At that level, WeWork was the world's fourth-most valuable private startup, according to data firm CB Insights. By the time the IPO was pulled, estimates of WeWork's value had come down as low as $10 billion.
The notion would have been unthinkable only a few months ago, with the WeWork brand strongly tied to the flamboyant, freewheeling Israel-born entrepreneur who has said that his company's mission was to "elevate the world's consciousness."
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
WeWork CEO Adam Neumann steps downThe executive has been under pressure since WeWork released its pre-IPO S-1 filing amid concerns about its corporate governance and valuation.
Read more »
Embattled WeWork Founder Adam Neumann Steps Down as CEOThe controversial cofounder is stepping down amid increasing pressure.
Read more »
Adam Neumann Is Officially Out as WeWork’s CEOThe CEO’s fall from grace comes after WeWork’s planned IPO crashed and burned—and resulted in a slew of damaging revelations about Neumann’s leadership.
Read more »
Here’s Everything WeWork is Selling to Save its Business Post-NeumannWeWork is cutting costs in a bid to restore investor confidence.
Read more »
WeWork’s Adam Neumann Is Out, As Reality Catches Up To A High-Flying StartupWeWork cofounder and CEO Adam Neumann stepped down under pressure Tuesday.
Read more »
WeWork’s Adam Neumann Joins Exclusive Club: Billionaire Founders Ousted By Their Own CompaniesFrom Steve Jobs to Sean Parker, these ultra-wealthy entrepreneurs learned a lesson the hard way: Just because you start a company—and grow ten-figures rich from it—doesn't mean it won't eventually get rid of you.
Read more »