{"id":177427,"date":"2019-09-25T19:15:00","date_gmt":"2019-09-26T00:15:00","guid":{"rendered":"https:\/\/www.panix.com\/~msaroff\/40years\/2019\/09\/25\/bye-adam\/"},"modified":"2019-09-25T19:15:00","modified_gmt":"2019-09-26T00:15:00","slug":"bye-adam","status":"publish","type":"post","link":"https:\/\/www.panix.com\/~msaroff\/40years\/2019\/09\/25\/bye-adam\/","title":{"rendered":"Bye Adam"},"content":{"rendered":"
In the next stage of the implosion of “tech” unicorn WeWork, the nut-job CEO of the office rental firm, Adam Neumann, has resigned as CEO<\/a>:<\/div>\n

WeWork’s wildman CEO and co-founder Adam Neumann has been pushed out as chief exec of his post-profit property management biz. <\/p>\n

The board of directors today confirmed<\/a> rampant speculation that Neumann, who started the global-spanning office subletting shop in 2010 with Miguel McKelvey, was about be kicked out of the top job. <\/p>\n

The Softbank-backed WeWork will now be headed by co-CEOs Artie Minson, formerly co-president and chief financial officer, and Sebastian Gunningham, formerly the board’s vice-chairman. <\/p>\n

Neumann, known for his party-animal lifestyle<\/a> and dreams of becoming the immortal trillionaire president of the world<\/a>, will stay on as non-executive chairman of the board. However, he will cede majority control<\/a> by reducing the voting power of his shares from 10 votes per share to three.<\/p>\n

\u2026\u2026\u2026<\/p>\n

“While our business has never been stronger, in recent weeks, the scrutiny directed toward me has become a significant distraction and I have decided that it is in the best interest of the company to step down as chief executive.”<\/p>\n

We presume that when Neumann talks of the “significant distraction” he is referring to the recent reports around his handling of the finances at a business that over the first half of this year lost almost $700m<\/a>, from revenues of $1.5bn, and warned prospective IPO investors that it may never be profitable. Funnily enough, in July, Neumann apparently cashed out<\/a> for $700m. <\/p>\n

Things only got worse from there, as the upstart’s estimated value took a nosedive<\/a> and the IPO was postponed in order to give Neumann and his team time to figure things out. The biz, once touted as being worth $47bn, is now watching its value erode daily.<\/span><\/p><\/blockquote>\n

First, this company is not a tech company, it’s a landlord, who managed to sell themselves as high tech because there is Kampuchea at the snack bar.<\/p>\n

Secondly, the company is a morass of corrupt self-dealing. <\/p>\n

It really is remarkable what qualifies as a hot stock in the United States.<\/p>\n","protected":false},"excerpt":{"rendered":"

In the next stage of the implosion of “tech” unicorn WeWork, the nut-job CEO of the office rental firm, Adam Neumann, has resigned as CEO: WeWork’s wildman CEO and co-founder Adam Neumann has been pushed out as chief exec of his post-profit property management biz. The board of directors today confirmed rampant speculation that Neumann, …<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[365,450,588],"class_list":["post-177427","post","type-post","status-publish","format-standard","hentry","tag-business","tag-employment","tag-fail"],"_links":{"self":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/177427"}],"collection":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/comments?post=177427"}],"version-history":[{"count":0,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/177427\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/media?parent=177427"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/categories?post=177427"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/tags?post=177427"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}