Adam Neumann (twitter)
Adam Neumann, the controversial entrepreneur who founded WeWork and was later ousted from his own company, is still working in the real estate industry. His real estate company Flow acquired 30% of Israeli real estate investment company Canada Global for $27 million. Canada Global is owned by Assaf Tuchmair and Barak Rosen who will maintain a 60% stake in the company. The remaining 10% of the firm will be held by Assaf Rappaport, co-founder and CEO of Wiz, and public investors.
Flow sounds a lot like WeWork. The new startup boasts that it plans to “revolutionize” the residential rental real estate market. It will apparently do so using the many properties that Adam Neumann acquired in recent years.
“The investment in Canada Global establishes a strategic collaboration between the company and Flow to create and develop world-class real estate projects outside of Israel, starting in the U.S.,” said Adam Neumann. “Assaf [Tuchmair] and Barak [Rosen] have an incredible track record of developing large scale multi-use real estate projects around the world. We’re extremely excited to be working alongside Canada Global to offer Flow’s exceptional community-driven living experiences to more people around the world.”
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Assaf Touchmair and Barak Rosen said, “We plan to apply our existing capabilities, bring extensive experience gained over 30 years, alongside creativity, planning, marketing and opportunity-finding capabilities, and develop Canada Global as a brand in its own right, which will be the real estate arm of the group outside of Israel.”
Canada Global is a prominent Israeli real estate investment company known for its innovative approach to development and a strong track record of successful projects. The company has been involved in numerous high-profile developments across Israel, focusing on both residential and commercial properties.
WeWork was founded in 2010 by Adam Neumann and Miguel McKelvey. The company quickly grew and became a unicorn, reaching a valuation of over $47 billion in 2019. However, WeWork’s IPO in 2019 was met with controversy due to concerns about its financials and corporate governance. The IPO was eventually withdrawn and WeWork was taken over by SoftBank, its largest investor.
In 2019, 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. WeWork was forced to deal with sexual harassment suits. It delayed its planned IPO and laid off many workers.
But Adam Neumann reportedly walked away with a $1.7 billion deal. And so he used this money to acquire real estate and invest in a few new ventures.
