WeWork co-founder Adam Neumann, who stepped down in September as CEO of the shared office space company, is making a personal visit to his native Israel.
Neumann will not be visiting WeWork’s offices there, the Calcalist business journal reports, citing an unnamed source “familiar with the matter.”
Neumann grew up on a kibbutz. His mother, Avivit Neumann, an oncologist at Rambam Hospital in Haifa, told the Israeli radio station 103FM in October that her son had become religious through the Chabad-Lubavitch movement.
Neumann, 40, was forced out as chief executive, but has remained chairman of the WeWork parent firm, We Co. Under the bailout, he remains an observer and holds a minority stake, The Wall Street Journal reported.
WeWork founder Adam Neumann speaks in Shanghai, China, April 12, 2018. (Jackal Pan/Visual China Group via Getty Images/via JTA)
The deal gave SoftBank 80 percent ownership of the company, which at the beginning of the year was valued at $47 billion and heading for an initial public offering. The IPO has been delayed, however, as the company suffered a major devaluation amid investors’ fears over the charismatic but unpredictable Neumann’s control of the firm.
— JTA
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