Matt Levine, Columnist

We’s Banks Are Still Worried

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October 7, 2019 at 4:00 PM UTC

Matt Levine is a Bloomberg Opinion columnist. A former investment banker at Goldman Sachs, he was a mergers and acquisitions lawyer at Wachtell, Lipton, Rosen & Katz; a clerk for the U.S. Court of Appeals for the 3rd Circuit; and an editor of Dealbreaker.

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Programming note: Money Stuff will be off tomorrow and Wednesday, Oct. 8 and 9, back on Thursday.

How much is Adam Neumann’s WeWork stock worth? He owns about 116 million shares, or about 30% of the company that he founded, according to the prospectus for the We Co.’s aborted initial public offering. If WeWork was worth the $60+ billion that its investment bankers once pitched, that stake would be worth something like $20 billion. By the time the IPO was withdrawn, numbers like $10 billion—for the whole company—were being thrown around, suggesting that Neumann’s stake might only be worth $3 billion.