Adam Neumann , the co - founder of irregular billet outer space unicorn WeWork , is stepping down as chief executive officer . Let ’s remember the good metre .
TheWall Street JournalandNew York Timesboth report that Neumann is expected to stay on as a chairman of We Company but is vacating his role as head of the house follow the public plethora ofWe ’s delayed IPO . As the company made moves to go public , investor began oppugn whether what was effectively a real estate venture had earned a valuation reminiscent of a technical school firm . ( “ No , ” they decided . ) consequently , the $ 47 billion estimate evaluation We had shopped around reportedly plummeted to between$15 billionand$30 billion .
While the failure to lend WeWork to grocery store at this wildly inflated price might be the catalyzing event to Neumann ’s ouster , more than a few narration over his tenure have portrayed him as temperamental and come off from world . study of him place off 300 employees only to pass around shots of Tequila and hosta concert for DMC(of Run - DMC fame ) , saying things like “ my superpower is alteration , ” and his alleged refutable mingling ofpersonal and occupation financeshave lead to an image of him as part CEO , part cult leader .
Photo: Kelly Sullivan (Getty)
Of course , there was also the time he was reportedly caught on a plane with a huge weed nug , or when he allegedly mused about becoming either choice parson of Israel ( a real job ) or “ president of the earth ” ( a fake one ) . Who could forget his wife , who reportedly “ order multiple employee fired after adjoin them for just minutes , separate staff she did n’t like their vigor , ” according to theJournal . It really is the remnant of an earned run average for WeWork , a antic business operating , in more elbow room than one , on the power of wizard thinking .
From the outside , almost anyone could secernate that WeWork ’s plan to buy up tenacious - condition leases and fundamentally resell them made for an overextended mass of a business model , and it ’s unclear what new leaders can do to relieve the $ 12.8 billion investor have already go under into the venture .
Benchmark , one of the investor firms believed to have nudged Neumann off the throne along with We Co. ’s biggest investor , Softbank , also lead the coup of former Uber CEO Travis Kalanick . Uber has since gone public in a disastrously speculative initial offering and its stock has underachieve since .
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