Ex-WeWork CEO Adam Neumann no longer on Forbes billionaires list

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October 11, 20195:31pmUpdatedOctober 13, 2019 2:22pm

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Adam Neumann has been kicked out of the billionaires club.

Forbes has slashed the estimated net worth of WeWorks long-haired cofounder to $600 million from $4.1 billion, following a botched IPO attempt that saw Neumannousted as chief executiveof the struggling office-sharing company.

Forbes calculated the steep discount by adding up his $500 million stake in WeWork with the $500 million he has profited from stock sales, and subtracting the nearly $400 million in debt he disclosed in the IPO filing of WeWorks parent We Co.

We Co., in which Neumann holds an 18% stake, reportedly slashed its valuation to between $10 billion and $20 billion ahead of the fizzled IPO. But Forbes estimates that We Co. is worth at most $2.8 billion.

The rock-bottom assessment is based on a multiple of the companys revenues consistent with publicly traded competitor IWG, and takes into account recent asset sales and potential cash flow crunch, Forbes said.

The 40-year-old Neumann, who first appeared on the list in 2016 with a net worth of $1.5 billion, had famously bragged of his ambition of becoming the worlds first trillionaire.

That now looks like an iffy prospect at best, as Neumann recently made headlines for alleged self-dealing, erratic behavior and drug use including a report of a trans-Atlantic private jet trip last summer after which the crew found a sizable chunk of marijuana hidden in a cereal box on board.

Neumann, who remains Wes chairman, has a habit of spending lavishly. He and his wife, Rebekah, have spent close to $90 million on properties, according to the Wall Street Journal, including a sprawling Hamptons estate, a 60-acre compound in Westchester and a four-condo mega-residence off Gramercy Park.

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