WeWork was valued at $47 billion in early 2019, the most valuable startup in the United States, built on Adam Neumann’s magnetic ability to sell the idea that shared office space could be a technology company with a mission to ‘elevate the world’s consciousness.’ When WeWork filed for an IPO, investors finally got to read the prospectus — and discovered billions in losses, eye-watering related-party transactions including leases on buildings Neumann personally owned, and governance structures that gave him near-total voting control for life. The IPO was pulled, Neumann was ousted with a $1.7 billion exit package, the company’s valuation collapsed by more than 90%, and WeWork ultimately filed for bankruptcy in November 2023.
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