WeWork founder Adam Neumann sees his fortune drop by more than US$10 billion.
WeWork founder Adam Neumann, meanwhile, has seen his fortune drop by more than US$10 billion, at least on paper, as estimated Wall Street valuations for the company have tumbled as low as US$15 billion amid scrutiny of Neumann’s unorthodox financial dealings with the firm. He first became a billionaire in 2000 after the IPO of Regus, the IWG predecessor he founded about a decade earlier.Even last year, shares of IWG slumped 21% in a single day as profits declined and the company ended potential takeover talks with private equity firms.He now lives in Monaco, where residents pay no capital gains taxes, and counts vineyards among his other investments.
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