WeWork Founder’s Fortune Plunges as Angst Spreads Ahead of IPO
- Adam Neumann’s stake, on paper, drops by more than $10 billion
- The value of his holding dwindles with market debut in doubt
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Adam Neumann was poised to become one of the world’s richest entrepreneurs.
This year, more than a decade after launching WeWork, the space-sharing real estate firm planned to go public with some bankers saying its valuation as a listed company could soon reach $65 billion. That would have pegged Neumann’s current 22% stake in the unprofitable business at $14 billion, at least on paper, catapulting him into the ranks of the world’s 150 richest people.