Adam Neumann is now a major landlord. The Wall Street Journal has reported that the WeWork founder has acquired a majority stake in more than 4,400 apartments that have a combined value of $1 billion.
According to the report, the apartments, were acquired by entities tied to Neumann over the previous year. They are spread out all over the U.S., in cities like, Atlanta, Fort Lauderdale, Miami a 268-unit apartment block Nashville. The Journal said, citing court, corporate, and property records and people familiar with the transactions. The majority of the investments were made over the past year,
This would be an interesting change for the man who singlehandedly created a multi-billion dollar bubble that burst just before it was ready for its IPO. And it remains to be seen who his investors are and if Neumann can be trusted.
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In 2019, Adam Neumann was forced out of WeWork, the company which he founded in 2010. After a meteoric rise the entrepreneur was brought down after allegations of serious drug use and sexual improprieties were made.
And Neumann reportedly walked away with a $1.7 billion deal. So he does has plenty of his own money to pursue other ventures.