WeWork cofounder and CEO Adam Neumann stepped down under pressure Tuesday.
Share to twitterAdam Neumann is no longer WeWork's CEO, but his fortune is still tied up with the company.WeWork cofounder Adam Neumann stepped down as chief executive Tuesday, capping more than a month of turmoil for the once high-flying shared-office company.
After the hotly anticipated filing was released in mid-August, however, the backlash was swift. The document confirmed that in 2018 WeWork lost $1.9 billion on revenue of $1.8 billion and showed that losses continued expanding rapidly in the first half of 2019. While not totally unexpected, this was unwelcome news for public market investors, who had started to sour on highly valued startups without a clear path to profitability.
According to the latest filling, Neumann and McKelvey collectively held over 114 million shares of the company through WE Holdings LLC and Neumann had another 2.4 million shares individually. By stepping down it appears he gives up an incentive pay package that would have granted him an additional 42.5 million shares over the next decade. Thethat his voting shares are being reduced to 3-to-1 from 10-to-1, which would mean he no longer has majority control.
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