Adam Neumann is leaving, but it won’t be on WeWork’s jet plane

The $60M Gulfstream was personalized to fit the co-founder and his family, including a two-bedroom buildout

National /
Sep.September 26, 2019 02:00 PM
The private plane used by Adam Neumann is on sale (Credit: Getty Images, iStock, Wikipedia)

The private plane used by Adam Neumann is on sale (Credit: Getty Images, iStock, Wikipedia)

That was fast.

WeWork is selling the private plane used by Adam Neumann days after the co-founder stepped down from his post as CEO.

The company bought the two-bedroom Gulfstream G650 last year for $60 million for Neumann’s use, but the purchase immediately raised concern among investors and frustrated employees, according to Business Insider. The sale comes on the heels of mounting criticism of the co-founder that led to his removal as CEO on Tuesday.

Internal strife began as staff customized the luxury aircraft for Neumann while multiple employees say they were denied bonuses or salary raises due to a lack of resources.

“The company was spending $60 million on an airplane, and I can’t get a decent raise? It felt like it was ‘We over me,’ unless me was Adam. And We was Adam,” one mid-level employee told Business Insider.

The personal touches added to the plane for Neumann included the build-out of two bedrooms and installation of a central computer system with multiple televisions.

Staff members told BI that they spent “three days straight” downloading thousands of movies and TV shows onto the plane’s media system. Neumann also often hosted meetings with employees as he travelled.

“I know of instances where people got on the plane, flew across the country, and flew commercial home,” according to the report, citing an anonymous executive.

Neumann’s behavior came under scrutiny after the company filed paperwork for an IPO in August, which disclosed the personal loans, credit and other income that We issued to its co-founder.

Former and current WeWork executives told The Real Deal they hold the company’s board, investors and two new CEOs responsible for the company’s troubles of late. They charge that group enabled Neumann but should have implemented corporate governance standards.

“They created the monster,” said one of the executives. [BI] — Erin Hudson


Related Articles

arrow_forward_ios
Warburg Realty's Clelia Warburg, Breather's Brian Murphy and InstaClosing's Peter Zinkovetsky (iStock)

Proptech’s winners and losers in 2020

Proptech’s winners and losers in 2020
Katerra CEO; SoftBank CEO Masayoshi Son and Katerra CEO Paal Kibsgaard (Photos via Katerra; Getty; iStock)

SoftBank bails out Katerra with $200M cash injection

SoftBank bails out Katerra with $200M cash injection
The Covid-19 vaccine is being distributed across the country, but it won’t provide an immediate cure for office landlords. (iStock)

Covid-19 vaccine won’t be immediate cure for office market

Covid-19 vaccine won’t be immediate cure for office market
WeWork CEO Sandeep Mathrani (Getty)

WeWork losses continue but firm sees glimmer of hope

WeWork losses continue but firm sees glimmer of hope
Kimberly Ross (Credit: Chubb)

WeWork taps oil exec as new CFO

WeWork taps oil exec as new CFO
Former WeWork CEO Adam Neumann (Credit: Getty Images, iStock)

WeWork founder scrambled for $100M loan before $1.7B bailout

WeWork founder scrambled for $100M loan before $1.7B bailout
SoftBank to take control of WeWork at less than $8B valuation

SoftBank to take control of WeWork at less than $8B valuation

SoftBank to take control of WeWork at less than $8B valuation
Compass CEO Robert Reffkin and WeWork's Adam Neumann 

Like WeWork, Compass touts tech and culture. Are the companies different enough?

Like WeWork, Compass touts tech and culture. Are the companies different enough?
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...