Chaos, crazy ideas, and cashing in: 5 things Donald Trump and Adam Neumann have in common
Trump and Neumann are talented marketers
Donald Trump and Adam Neumann have both built billion-dollar brands using a potent mix of charisma and clever marketing.
Trump parlayed his family wealth and reputation as a New York playboy and socialite into a licensing business, real-estate empire, and reality TV fame as the host of "The Apprentice."
His boisterous campaign rallies, catchy slogans such as "Make America Great Again" and "drain the swamp," and childish nicknames for opponents including "Low Energy Jeb" and "Lyin' Ted," helped him to secure the Republican nomination and the White House.
Similarly, Neumann's powerful personality and grand vision of transforming how the world works helped him rally support and raise billions. He turned WeWork into the largest private tenant in New York and London with a $47 billion valuation in less than a decade.
Neumann reportedly referred to JPMorgan's CEO as his "personal banker," Goldman Sachs chief David Solomon visited him to "kiss the ring," and the bosses of the Nasdaq and New York Stock Exchange traveled to the Hamptons to court WeWork's IPO.
Both men are profiting from their positions
Both Trump and Neumann have been accused of putting their personal interests ahead of their country and their company, respectively.
Nearly 200 campaigns and political groups have spent more than $8 million at the president's resorts and other businesses since his election in 2016, according to Politico, citing a new report from consumer-rights group Public Citizen.
Foreign dignitaries, lobbyists, lawmakers, executives, and most of Trump's Cabinet have stayed at or dined in the Trump International Hotel in Washington, directly lining the president's pockets.
Other examples include Vice President Mike Pence's stay at a Trump resort in Doonbeg, Ireland — 180 miles away from his meetings in Dublin — and the president's recent attempt to host next year's G-7 summit at Trump National Doral in Florida, claiming his administration had vetted several locations but settled on his struggling resort as the best option. He backed down under pressure from Republicans and the media.
Meanwhile, Neumann reportedly cashed out about $700 million by selling and borrowing against WeWork stock, made millions by leasing properties to his company — giving him conflicting interests as both tenant and landlord — and sold the rights to the "We" name to WeWork for close to $6 million.
Neumann has reportedly agreed a $1.7 billion golden parachute as part of SoftBank's bailout of WeWork too. The leaving package includes nearly $1 billion for most of his stock, $500 million in credit to help him pay off personal loans, and $185 million in consulting fees.
Meanwhile, WeWork employees have seen the value of their stock options plunge since the company scrapped its plans to go public, and are bracing for thousands of layoffs.
The pair often voice bizarre ideas
Trump and Neumann share a habit of making wild predictions and outlandish claims.
The president wanted to buy Greenland, and suggested the US military nuke hurricanes to disrupt them before they make landfall. He's also spread numerous conspiracies: He claimed President Barack Obama wasn't born in the US and accused him of wire-tapping his phone, suggested Sen. Ted Cruz's father was involved in President John F. Kennedy's assassination, and blamed mass voter fraud for his loss of the popular vote.
Meanwhile, Neumann reportedly floated the idea of a WeWork on water called WeSail, eliminated meat from company events for environmental reasons, and hoped to live forever and become a trillionaire and president of the world.
They love nepotism
Trump and Neumann have no problem mixing business with family.
Trump's daughter Ivanka and her husband Jared Kushner currently serve as advisers to the president, while his sons Don Jr. and Eric are trustees and executive vice presidents of the Trump Organization. Both of Trump's sons have been accused of leveraging his presidency to strike business deals around the world.
Similarly, Neumann's cofounder and wife Rebekah was WeWork's chief brand and impact officer and a member of the succession committee tasked with appointing Adam's successor. WeWork also employed Neumann's brother-in-law as its head of wellness, and paid one of his immediate family members to host eight company-related events last year.
Both men create problems for themselves
Trump and Neumann have sowed chaos and caused mayhem.
Trump's businesses have filed for bankruptcy on six occasions, and his administration has sparked numerous scandals and suffered a steady exodus of senior officials. The president now faces the prospect of impeachment after he allegedly withheld military support to Ukraine in an attempt to dig up dirt on Democratic presidential candidate Joe Biden.
Neumann's personal interests, relentless pursuit of growth, and splurging of company cash reportedly threw WeWork into disarray. The company plunged from a $47 billion valuation in January to less than $8 billion last month after investors railed against its questionable business model, mushrooming losses, limited governance, and Neumann's controversial behavior. Its decision to scrap its IPO left it short of cash, leading to Neumann stepping down as CEO, an overhaul of the company, and a rescue deal from SoftBank.
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