WeWork's dizzying rise and protracted fall into Chapter 11 bankruptcy protection Monday largely hinged on one man: Adam Neumann.
By the time it filed for bankruptcy protection, WeWork was worth a mere $45 million.
"As the co-founder of WeWork who spent a decade building the business with an amazing team of mission-driven people, the company's anticipated bankruptcy filing is disappointing," Neumann said in a statement to CNBC.
In all, despite being removed from a management role years earlier, Neumann reportedly collected around $770 million in cash from the 2021 SPAC process alone.
Neumann also still retained a stake in the company valued at around $722 million when WeWork debuted in 2021, Bloomberg reported.
Persons:
Adam Neumann, WeWork, Neumann, who'd, outsized, SoftBank, it's, Andreesen Horowitz, there's
Organizations:
CNBC, Bloomberg
Locations:
WeWork, U.S