Adam Newmann is a businessman and investor who is Israeli-American. He and Miguel McKelvey co-founded WeWork in 2010. We will see more about Adam Newmann Net Worth.
Newmann resigned as CEO of WeWork and relinquished majority voting control on September 26, 2019, in response to rising investor criticism based on disclosures made in the company’s S-1 filing. WeWork has also postponed its initial public offering (IPO) until the end of 2019 due to investor worries about the company’s corporate governance, valuation, and prospects.
WeWork formally withdrew its S-1 file and postponed its IPO on September 30, 2019. From 2010 to 2019, he was the CEO of WeWork.
Adam Newmann Bio/Wiki
Date Of Birth
April 25, 1979
Tel Aviv-Yafo, Israel
businessman and investor
Estimated Net Worth in 2022 (Approx)
The Newmann family is of Ashkenazi Jewish heritage and hails from Israel. Newmann’s parents, Avivit and Doron Newmann, both physicians, divorced when he was seven years old. He and his younger sister, Israeli model Adi Newmann, accompanied their mother to the United States for her medical residency.
Newmann could not read or write until third grade due to dyslexia. They returned to Israel in 1990 after four years in the United States and resided in Kibbutz Nir Am. He graduated from the Israeli Naval Academy and served for five years as an officer in the Israeli Navy, retiring with the rank of seven. Later, he attended Baruch College’s Zicklin School of Business in New York City.
Newmann started Krawlers, a children’s clothing company, before starting WeWork. After meeting through a common friend, Newmann and McKelvey started working together on Green Desk in 2008, a shared-workspace company focused on sustainability that was the forerunner to WeWork.
They sold their shares in Green Desk and formed WeWork in 2010 with the proceeds plus a $15 million investment from Brooklyn real estate entrepreneur Joel Schreiber for a 33 per cent stake in the company. Newmann stated that his goal with WeWork was to duplicate the sense of community and belonging he had in Israel, which he believed was lacking in the West.
He hired a Gulfstream G650 for a summer 2018 trip from the United States to Israel, according to the Wall Street Journal. Newmann and his companions used marijuana for the majority of the flight. The flight crew discovered a cereal box loaded with marijuana when the plane arrived in Israel and informed the plane’s owner.
The jet’s owner ordered it to return to the United States, fearing a marijuana trafficking event. Newmann and his companions had to purchase their plane tickets home.
Adam Newmann with his Wife
Adam Newman Education
Before the third grade, Newmann was unable to read or write. He served as an officer in the Israeli Navy for five years before receiving his captain’s commission after completing the academy. Later, he went to Baruch College’s Zicklin School of Business in New York City.
The Wall Street Journal claimed in October 2019 that Newmann would get $1.7 billion from WeWork shareholder SoftBank in exchange for stepping down from the board of directors and eliminating most of his ties to the company.
Minority shareholders sued Newmann and other WeWork executives for breaching the company’s fiduciary duties a few weeks later. After dropping off the Forbes billionaires list in 2020, Forbes listed his net worth at US$750 million on March 5, 2021.
Newmann’s concentration has turned to real estate investments in Miami as of March 2022.
Adam Newmann, who was born on April 25, 1979, is 43 years old as of today’s date, August 2, 2022. Despite his height of 6′ 5′′ in feet and inches and 196 cm in centimetres, he weighs around 170 pounds and 77 kg.
Newmann and his wife, Rebekah Newmann, live in the Greenwich Village section of New York City with their six children, including two sets of twins. Rebekah Paltrow is Gwyneth Paltrow’s cousin. Adi Newmann, Newmann’s sister, is a model and was Miss Teen Israel.
Newmann gave a keynote speech at a UJA-Federation of New York event in 2018, where he discussed how he and his family observe Shabbat every week and how Judaism has influenced his personal and professional growth.
Newmann had ambitions to live forever, become the world’s first trillionaire, expand WeWork to Mars, become Israel’s prime minister, and become “president of the world,” according to the Wall Street Journal in 2019.
According to a September 2019 Vanity Fair article, Newmann claimed to have persuaded Rahm Emanuel to run for President of the United States, used JP Morgan Chase CEO Jamie Dimon as his banker, persuaded Saudi Prince Mohammed bin Salman to improve the status of women in Saudi Arabia, and claimed to be working on the Trump administration’s peace plan for the Israeli–Palestinian conflict with Jared Kushner.
Adam is currently based in Greenwich Village, where he lives with his wife, Rebekah Newmann, who also owns WeWork stock. He also has five children, including Rebekah, who is the cousin of Gwyneth Paltrow, a well-known actress. Miss Teen Israel is Adam’s sister.
According to the Wall Street Journal, Adam has ambitions to become the world’s first billionaire and has stated that he will grow WeWork to the planet Mars. He also aspired to be Prime Minister of Israel and President of the United Nations. We will discuss more Adam Newmann Net Worth later in the article.
It’s important to note that while he was the COE of WeWork, he bought $90 million worth of residences. The 60-acre estate in Westchester County, New York, was also included. He also bought a 6000-square-foot condo in Gramercy Park in New York City.
He also purchased the $21 million California houses.
Adam Newmann House
Adam Newman Net worth
His entire estimated net worth as of 2022 is estimated to be approximately $500 million at the most. Because WeWork’s IPO was still pending, most observers projected that his net worth would rise much further.
Even so, everything came crashing down as a result of the disclosures of his wasteful spending and incompetence.
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