He’s at it once more…
The Wall Road Journal reported yesterday that Adam Neumann — founder and former CEO of WeWork — is attempting to take management of the bankrupt firm…
Lower than 5 years after the board pressured him out.
Neumann shared his plans this week to workforce up with Dan Loeb’s Third Level and different buyers to make a bid for the corporate.
However from what I’m listening to, the talks are nonetheless within the very early levels.
Neumann constructed WeWork from an concept into a worldwide coworking empire, that’s true.
However are his potential backers forgetting what occurred subsequent?
WeWork crashed and burned.
At its peak, the corporate was valued at $47 billion. By the point it filed for chapter safety WeWork was price solely $45 million.
When WeWork filed for its IPO in 2019, the submitting had questionable self-dealings that had been outrageous even by Wall Road’s requirements.
For instance, Neumann trademarked the phrase “We” for $6 million in inventory. He was additionally shopping for up business actual property on his personal behalf and leasing it again to WeWork!
He additionally wasn’t a great steward of shareholder capital, and that’s being variety. He charted a Gulfstream G650 for journeys aboard on the corporate’s tab.
I’ve solely given you the tip of the iceberg. Writer Reeves Wiedeman did a deep dive into WeWork and Adam Neumann.
After I sat down with Reeves, I assumed I had heard every thing. Boy, was I stunned.
Adam Neumann is likely one of the causes I spend appreciable time researching an organization’s CEO.
As a result of on the finish of the day, the CEO is the one spending the corporate’s cash.
I’ll share extra on that under. However first, watch this:
You’ll be able to see the affect a CEO can have on a enterprise.
Now, let me present you the flip aspect…
How a little-known firm can launch into billion-dollar standing… All on the ability of 1 resolution by the CEO.
That’s “The Billion-Greenback Transfer.”
And I’ve uncovered the subsequent one…
That is no WeWork … It’s the true deal. I’ve personally talked to this CEO and if it had been as much as me, he’d make the CEO Corridor of Fame.
It’s a small firm nobody’s heard of but — and the CEO has made the one resolution that he believes will likely be THE game-changer for this firm and its shareholders.
As a result of this one resolution lets this tiny firm generate as much as 5 occasions more cash for its product than others can get for theirs.