Talk about Teflon coated. Adam Neumann, the WeWork co-founder who made hundreds of millions from his train wreck of a company, is building a new real estate empire, according to The Wall Street Journal. Just imagine how the shareholders and (mostly former) employees of WeWork are feeling about that news!
According to The Journal’s report, Neumann has bought “majority stakes in more than 4,000 apartments valued at more than $1 billion” in several cities across the U.S. Here’s a guy who so mismanaged WeWork that its biggest shareholder, SoftBank, is currently sitting on a loss of $7 billion on its investment. Neumann, though, walked away with plenty of money and the confidence to try again. This time he wants to “shake up the rental housing industry,” The Journal said. So far he is doing it with his own funds. It seems unlikely that someone would be silly enough to give Neumann money, but you never know.