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Former WeWork CEO Adam Neumann speaks out on his regrets

Former WeWork CEO Adam Neumann speaks out on his regrets

 


“I’ve had a lot of time to reflect, and there have been multiple lessons and multiple regrets,” Neumann said, speaking publicly for the first time in two years, at the New York Times DealBook Summit on Tuesday.

Under Neumann’s leadership, WeWork has raised billions of dollars, expanded its coworking operations to hundreds of cities around the world, and was valued at $ 47 billion in an investment cycle, a valuation that , he admitted, went to his head. But also under Neumann, the company dramatically failed in its attempt to go public in large part because its IPO documents revealed its unchecked power and many potential conflicts of interest, as well as the huge losses of WeWork. Last month, WeWork went public on the New York Stock Exchange for a valuation of around $ 9 billion. Despite his forced departure, Neumann ultimately walked away with hundreds of millions of dollars.
WeWork wasn’t just about selling coworking spaces; it aimed to sell a new way of life. Neumann vision included shared apartments with lively common areas so you never feel alone, schools that promised to teach kids about the superpowers of entrepreneurship, a web bank and an airline.
Neumann was ultimately ousted in 2019 following pressure from investors. Soon after, WeWork ended its IPO plans and then laid off thousands of employees. In Tuesday’s interview, Neumann expressed regret for the workers who lost their jobs and saw the value of their equity in the company plummet. He also addressed the criticisms he received for the way he ran the business, including allegations of drug use and overspending.

“We had a fun culture, but let’s start with the fact that we’ve built a brand globally and in over 110 cities in over 40 countries first,” he said. “We became a household name. So this culture had a lot of things that worked really well. …. But there also comes a point where you come out of it and take the next step. I think it could have happened. earlier.”

Neumann said the $ 47 billion valuation was partly responsible for the exacerbation of his management style. As more and more high profile investors joined us and the valuation rose, it “made me feel that the style I was leading was the right style at the time” , did he declare. ” At one point [it went to my head]. I think the moment you lose focus on the core of your business and why that business was what it meant to be. ”

The disgraced founder also recalled a 90-minute meeting with Apple (AAPL) CEO Tim Cook about two and a half years ago. “In that meeting with one of the greatest CEOs on the planet… I talked so much instead of listening,” he said. “I was fortunate enough to sit in front of such a great person and learn, and I was busy talking again.”

Cook had appeared via video chat at the DealBook conference about an hour before Neumann. “I was actually hoping he would be here today,” Neumann said. “I was going to apologize to him and tell him that if I ever get a chance to talk to him again, I will listen to him. I apologize for being an idiot at the time.”

Neumann, who would have sold over $ 700 million worth of shares to set up his own family office, said he was particularly interested in investing in crypto companies at this time. He added that despite some tumultuous years, he continues to remain open to learning.

“I’m not the same,” he said. “There was a time when we thought [the money] it was all gone. [My wife] Rebecca looked me in the eye and said, “It’s okay. If you can have your loved ones, family and friends, things will work out in the future. Take that as a lesson. Enjoy the trip and be there. “

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