Adam Neumann
Israeli-American entrepreneur
- Entries
- 13
- On the record
- 3
- Stories
- 1
- Latest entry
- Feb 2024
The record
Adam Neumann co-founded WeWork, which its 2019 registration statement says was founded in 2010, and served as its chief executive officer and board chairman from inception. The company's own filings with the SEC give the clearest view of his record: the August 2019 S-1 for the planned public offering set out his voting control through twenty-vote shares and a series of transactions between the company and entities he controlled.
Those disclosures included partnership interests worth about $5.9 million issued to his vehicle, WE Holdings LLC, for the "we" family of trademarks, and a $362.1 million promissory note to the company that he repaid in August 2019 by surrendering shares. Citing market feedback, the company cut the high-vote shares to ten votes and unwound the trademark issuance in a September 13 amendment, then withdrew the offering on September 30, 2019.
After SoftBank withdrew its 2020 tender offer, Neumann sued SoftBank in the Delaware Court of Chancery in May 2020. A settlement signed on February 25, 2021 resolved that case and a parallel suit brought by a committee of WeWork's board. Under it, SoftBank bought about 24.9 million of his shares for roughly $578.4 million, and from February 26, 2022 he could observe WeWork board meetings without a vote.
Roles and honours on the record
- as of 2019 Co-founder, chief executive officer and board chairman of The We Company (WeWork), in both posts since the company's inception source
- 2020-2021 Plaintiff, Neumann, et al. v. SoftBank Group Corp., et al., Delaware Court of Chancery, C.A. No. 2020-0329-AGB source
- 2022 Non-voting observer of WeWork's board of directors, from February 26, 2022 source
Every entry, newest first
- Filed
2024 [reported] Neumann reportedly offered $500 million to buy back WeWork during its bankruptcy; by late May 2024 he conceded the bid would not move forward. ( SoftBank offered Adam Neumann up to $1.7B to leave WeWork
- Filed
2023-11-06 [filed] WeWork filed for Chapter 11 bankruptcy in New Jersey federal court, reporting total debts of $18.65 billion against total assets of $15.06 bi SoftBank offered Adam Neumann up to $1.7B to leave WeWork
- Reported
2021-05 [reported] A renegotiated settlement replaced the 2019 exit terms; securities filings showed WeWork gave Neumann an enhanced stock award worth roughly $ SoftBank offered Adam Neumann up to $1.7B to leave WeWork
- Reported
2019-10 [reported] SoftBank offered Neumann a package worth up to $1.7 billion: up to $970M for his shares, a $185M consulting fee, and $500M in credit to help SoftBank offered Adam Neumann up to $1.7B to leave WeWork
Stories in this file
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The record, entry by entry
- 2010 Official WeWork was founded. Its 2019 registration statement says Neumann co-founded the company and served as chief executive officer and board chairman since its inception. The We Company, Form S-1 registration statement, SEC EDGAR
- 2019-07 Official WE Holdings LLC assigned residual rights in the "we" family of trademarks to the company, which issued it partnership interests with a fair market value of about $5.9 million instead of paying cash. The We Company, Form S-1 registration statement, SEC EDGAR
- 2019-08 Official Neumann repaid a $362.1 million full-recourse promissory note owed to the company, with interest, by surrendering the shares he had received on exercising a stock option; the company then issued him an equal number of profits interests. The We Company, Form S-1 registration statement, SEC EDGAR
- 2019-08-14 Official The We Company filed its S-1 for an initial public offering. Its high-vote Class B and Class C shares carried twenty votes each, and the filing listed Neumann's control over a majority of the voting power as a risk factor. The We Company, Form S-1 registration statement, SEC EDGAR
- 2019-09-13 Official An amended S-1 cut the high-vote shares to ten votes, promised a lead independent director, limited Neumann's share sales and confirmed the trademark issuance to him had been unwound, changes the company said answered market feedback. The We Company, Form S-1/A, SEC EDGAR
- 2019-09-30 Official The We Company asked the SEC to consent to withdrawing its registration statement, saying it no longer wished to conduct a public offering at this time and that no securities had been sold. The We Company, Form RW withdrawal request, SEC EDGAR
- 2020-05-04 Filed Neumann sued SoftBank Group in the Delaware Court of Chancery over its withdrawal of a $3.0 billion tender offer at $23.23 a share, alongside a suit a special committee of WeWork's board had brought in the company's name. WeWork Inc., Form 10-K for 2021, SEC EDGAR
- 2021-02-25 Official All parties signed a settlement. SoftBank bought 24,901,342 Class B shares from WE Holdings LLC at $23.23 each, about $578.4 million, and the parties filed a stipulation dismissing the action on April 15, 2021. WeWork Inc., Form 10-K for 2021, SEC EDGAR
- 2022-02-26 Official Neumann's right to observe meetings of WeWork's board and certain committees in a non-voting capacity took effect under an agreement with the company. WeWork Inc., Form 10-K for 2021, SEC EDGAR