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Adam Neumann, the co-founder and chief executive of the international real estate co-working startup, WeWork, has reportedly cashed out of more than $700 million from his company ahead of its initial public offering.
The size and timing of the payouts, made through a mix of stock sales and loans secured by his equity in the company, is unusual considering that founders typically wait until after a company holds its public offering to liquidate their holdings.
Loans - Sales - Stock - Wall - Street
Despite the loans and sales of stock, first reported by The Wall Street Journal, Neumann remains the single largest shareholder in the company.
According to the Journal’s reporting, Neumann has already set up a family office to invest the proceeds and begun to hire financial professionals to run it.
Investments - Estate - New - York - San
He’s also made significant investments in real estate in New York and San Francisco, including four homes in the greater New York metropolitan area, and a $21 million 13,000 square-foot house in the Bay Area complete with a guitar shaped room (I guess a fiddle would be too on the nose). In all, Neumann reportedly spent $80 million on real estate.
Neumann has also invested in commercial real estate (the kind that WeWork leases to...
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