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WeWork’s Adam Neumann Is the Most Talented Grifter of Our Time

Derek Thompson, writing for The Atlantic:

By 2016, Neumann was telling friends that he was intent on becoming the first trillionaire. Perhaps, he said, somewhere along the way to eternity, he might become the “president of the world.”

With his ignominious departure from WeWork this week, Neumann’s Earth-emperor ambitions may have taken a blow. But he can find solace in suddenly becoming one of the richest people on the planet. On Tuesday, Softbank offered to pay him a king-size ransom in exchange for wresting control of the company. The Japanese conglomerate offered to buy up to $1 billion worth of Neumann’s WeWork shares in addition to giving him a short-term loan of $500 million to pay off a credit line from several banks. Finally, Neumann will receive $185 million over the next four years in exchange for his advice.

At $46 million a year, Neumann’s annual “consulting” fee alone is higher than the total compensation of all but nine public CEOs in the United States.

Like a legalized ponzi scheme. Meanwhile, the company is so cash-strapped that it delayed laying off thousands of employees because it doesn’t have the money to pay them severance.

Saturday, 26 October 2019