Adam Neumann Stepped Down as WeWork CEO After Failed IPO and Investor Pressure
Adam Neumann cofounded WeWork with Miguel McKelvey in 2010 and served as CEO until he was forced out in September 2019, days before a planned IPO that was withdrawn after regulators questioned the company's governance and financial health Forbes. Neumann received a reported $1.7 billion exit package including cash, stock, and a consulting fee, while SoftBank took control of the company through a bailout that valued WeWork below $9 billion SEC. After leaving WeWork, Neumann founded a new venture capital firm called 166 2nd LLC, which has invested in companies focused on real estate, technology, and wellness, and he has remained a public figure through social media and media appearances.
Miguel McKelvey Remained Involved in Real Estate and Co-Founded New Ventures After WeWork
Miguel McKelvey, the other cofounder of WeWork, stayed with the company as chief culture officer after Neumann's departure and later left to focus on real estate and new businesses, including the modular construction company Green Desk and the design firm WeGrow Forbes. McKelvey has not taken a leading public role at WeWork since the SoftBank takeover, and his current ventures focus on sustainable building and flexible workspace concepts that echo some of the original WeWork ideas but operate at smaller scale.
WeWork's Financial Collapse, Bankruptcy Filing, and Current Status Under New Ownership
WeWork filed for Chapter 11 bankruptcy protection in November 2023 after years of heavy losses, rising debt, and a shrinking office market that reduced demand for coworking space SEC. The company, now controlled by creditors and former SoftBank-backed investors, continues to operate hundreds of locations worldwide while restructuring its balance sheet and cutting costs, with Neumann and McKelvey no longer involved in daily operations or strategic decisions.