Forbes just revoked Adam Neumann's billionaire status and lowered its estimate of his personal net worth to $600 million - which means his purported net worth has plummeted by $3.5 billion in just 7 months
- Forbes estimates that former WeWork CEO Adam Neumann's net worth has plummeted from $4.1 billion in March to $600 million as of October 10.
- The $3.5 billion fall in Neumann's fortune was caused by a drop in WeWork's evaluation following its botched IPO, Forbes' Samantha Sharf reported.
- WeWork cofounder Miguel McKelvey also lost his membership in the three comma club between March and October, Forbes estimates.
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Adam Neumann is no longer a billionaire, Forbes now estimates.The former WeWork CEO's net worth has plummeted to $600 million, the magazine estimates, paralleling the plunging valuation of his co-working empire following the company's up-and-down IPO adventure that saw the company whipsaw from a $47 billion valuation to talk of bankruptcy in just 6 weeks. Forbes' Samantha Sharf also reported that Neumann's cofounder, Miguel McKelvey, has also lost his billionaire status.Advertisement
A representative for Neumann declined Business Insider's request for comment on whether Neumann's net worth had fallen below $1 billion.The Forbes calculation of Neumann's net worth includes:
- $504 million stake in WeWork, and
- $500 million he profited from stock sales,
- minus $380 million in debt disclosed in WeWork's S1 filing.
Under Neumann's leadership, the company was plagued by a party culture that included alcohol-fueled company retreats and little work-life balance, Business Insider's Meghan Morris and Julie Bort previously reported.
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