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In addition to the ticky tack scams he managed on his way out, his golden parachute was historic. Neumann may have lost his company, but he didn’t leave empty-
by kingTug 3y ago
In addition to the ticky tack scams he managed on his way out, his golden parachute was historic.
Neumann may have lost his company, but he didn’t leave empty-handed. He walked away with what many called a “golden parachute,” a package that was valued at nearly $2 billion. “Adam Neumann will essentially get a king’s ransom for grossly mismanaging the company on his way out,” Amy Borrus, deputy director of the Council of Institutional Investors, told the Washington Post. The New York Times called Neumann’s deal one of the greatest examples of someone failing upwards.
https://time.com/6158804/wecrashed-true-story/ https://time.com/6158804/wecrashed-true-story/
- AlexandrB 3y agoThe punchline is he got funding to do it again - this time in residential real-estate[1]. Hard to reconcile stuff like this with the idea that SV is somehow meritocratic. [1] https://en.wikipedia.org/wiki/Flow_(real_estate_company) https://en.wikipedia.org/wiki/Flow_(real_estate_company)
- fakedang 3y agoFunnily enough, with the exact same play book. We used to joke back in investment banking and private equity that Softbank investments are steaming piles of shit we should stay away from. Perhaps a16z should be added to the gang too.