WeWork has cut Adam Neumann's wings.
Just days after the former CEO and co-founder of the trendy start-up with shared workspace resigned amid investor concerns, WeWork decided to sell the $ 65 million Gulfstream G650 private jet Neumann that was used for work meetings and opulent parties.
Some investors said the private plane was a red flag of corporate governance, a source familiar with the case reports Business insider.
WeWork CEO Adam Neumann used a $ 65 million Gulfstream G650 private jet, purchased through the shared workplace space, as shown above, for work meetings and generous parties and for traveling with his family
Adam Neumann, pictured above, stepped down as WeWork CEO amid concerns about investor management. A few days later, the company decided to sell the $ 65 million Gulfstream G650 private jet Neumann that is used for work meetings and lavish parties
Neumann agreed to remain on the board of directors as a non-executive chairman.
Artie Minson and Sebastian Gunningham, who replaced Neumann as co-chiefs, also want to sell three companies that WeWork had purchased: Managed by Q, Conductor and Meetup.
A WeWork spokesperson did not respond immediately when DailyMail.com contacted.
The interior of a Gulfstream G650 is shown above. Neumann had modified the WeWork aircraft after it was purchased last year, with two bathrooms, multiple television screens and a main computer that operated all media on board
The Gulfstream G650, pictured above, is preferred by CEO & # 39; s, including Apple Jobs Steve Jobs, Elon Musk from Tesla and Howard Schultz, formerly from Starbucks. Neumann used the plane purchased by WeWork as his office in the sky for meetings with employees and parties
Investor concerns, frustrated by losses and the delayed initial public offering of the start-up, were also not in line with Neuamann's unorthodox approach to Management.
He just wasn't the typical CEO of public companies, and was known for wearing T-shirts, walking barefoot through the office, and throwing parties.
The Gulfstream – preferred by CEOs including Steve Jobs from Apple, Elon Musk from Tesla and Howard Schultz, formerly from Starbucks – was the office of Neumann in the air for meetings with employees.
The former CEO, who has a preference for excess, also kept parties on the plane and used it to commute his wife Rebekah and their five children around the world.
Neumann had modified the aircraft after WeWork had purchased it last year with two bathrooms, multiple television screens and a main computer that controlled all the media used on board, Business Insider reported.
Spending millions on the plane did not go well with WeWork employees, including some who complained that the company had not received an increase.
& # 39; The company spent $ 60 million on an aircraft and I can't get a decent pay raise? It felt like it was "We over me" unless I was Adam. And we were Adam & # 39 ;, a middle-level employee told Business Insider.
Some employees who tried to follow Neumann & # 39; s world had no choice but to meet him during the flight.
& # 39; I know of cases where people boarded the plane, flew through the country and flew home commercially & # 39 ;, a business manager told Business Insider.
Neumann had also flown in privately contracted aircraft, including one where he reportedly smoked marijuana on a flight with friends from New York, where he lives, back to his native Israel, according to the Wall Street Journal.
WeWork, a trendy, shared workplace in New York (pictured above), was co-founded nine years ago by Neumann and with Miguel McKelvey
The aircraft operator, after discovering the pot hidden in a grain box for the return flight, was so upset that Neumann was dumped and had to find another flight, the Journal reports.
Supporters supported Neumann for his striking style after he founded together with Miguel McKelvey together with WeWork nine years ago. Neumann was also praised for his energy and ability to inspire others.
Combined with his entrepreneurial skills and his willingness to take risks, Neumann WeWork helped generate more than $ 2 billion in annual income to become the most valuable startups in the country.
His style, however, came under fire due to mounting problems at WeWork. Investor was worried about the special voting shares that Neumann had, allowing him to fire dissident board members and shoot down challenges for his authority.
His hold on the company ended with his resignation on Tuesday.
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