WeWork CEO Andy Neumann has cashed out of his company before the initial public offering goes live.
The real estate startup — which has a global presence — and its boss are undergoing a transformation process, and the latter has reportedly cashed out. This means that he will garner more than $700 million from his company as he gears up for the IPO.
The payout is a matter of sales of multiple assets, which include stocks and loans. These were carried forth thanks to his equity in WeWork. It remains unclear why Neumann chose to make this decision when taking into account the upcoming IPO for the company he created.
Most founders would remain with their business through the public offering, cashing out immediately afterwards at the soonest. Neumann is still the single largest shareholder within WeWork, even after you consider the aforementioned sales.
The boss added that he set up a family office to invest the proceeds, while also beginning the process of hiring financial professionals to run it. He has made considerable investments in other places as well, including real estate in the greater New York area, as well as in San Francisco.
Other investments for the real estate magnate including equity with Selina, Intercure and Pins, according to data that was compiled by CrunchBase.