Adam Neumann, the co-founder and former CEO of WeWork, had initially expressed interest in investing in the struggling company to keep it afloat, but ultimately lost interest in the idea.
WeWork, a company that rents out shared office spaces, was once valued at $47 billion and considered a darling of the tech industry. However, its rapid expansion and lofty valuation led to scrutiny and criticism from investors, eventually resulting in a failed IPO and the resignation of Neumann as CEO.
In an interview with Forbes, Neumann revealed that he had planned to invest a significant amount of his own money into WeWork in order to “save it.” He reportedly had a meeting with SoftBank CEO Masayoshi Son to discuss the potential investment, but ultimately concluded that it was not worth the risk.
Neumann explained that he was concerned about the volatile state of the company’s financials and the potential backlash he could face from other investors if his investment did not produce positive results. He also stated that he was unsure if he was the best person to lead the company going forward.
“I think maybe I could have invested my own money and tried harder to fix it, but at the end of the day, I didn’t want to put my life on the line,” Neumann said in the interview.
While Neumann ultimately decided against investing in WeWork, he has shown an ongoing commitment to entrepreneurship and innovation. He has launched a new venture, WeWork competitor WeLive, which offers co-living spaces for young professionals and students.
WeWork’s future continues to remain uncertain, as it faces financial challenges and the ongoing COVID-19 pandemic. However, the company has recently appointed a new CEO, Sandeep Mathrani, who is working to restructure and refocus the company in hopes of returning it to profitability.
Whether Neumann will have any future involvement with WeWork remains to be seen, but his willingness to invest in the company shows that despite his departure, he still has a strong connection to the brand he helped build.