Adam Neumann's Flow Valued at 5x Former WeWork Sale Price
Aakash Gupta details Adam Neumann's career, including over $700 million in cashed-out stock before WeWork's IPO collapse, and a 2022 $350 million a16z investment in his residential startup Flow, now valued at $2.5 billion. He notes WeWork sold to Yardi for $450 million.
Original post · 1 min read
Adam Neumann ran a $47 billion company barefoot, got fired, watched it go bankrupt, and his new startup is now worth 5x what all of WeWork sold for. The shoes joke is a victory lap.
He cashed out over $700 million in stock sales and loans before WeWork ever filed to go public. When the IPO imploded, employee equity got crushed. His money was already out.
Then came the round nobody could believe. In 2022, a16z handed him $350 million for Flow, a residential real estate startup that hadn't even launched, at a $1 billion valuation. It was the largest single check the firm had ever written. Marc Andreessen's logic was that almost nobody alive has built a real estate brand from nothing, and Neumann had.
Last year Flow raised another $100 million and change at $2.5 billion.
WeWork, meanwhile, filed for bankruptcy in 2023 and got picked up by Yardi for $450 million. Neumann's new apartment company is worth five and a half times what the entire old one sold for.
The lesson buried in a five-word shitpost is what venture actually prices. Neumann vaporized $47 billion of paper value and kept the only skill the money cares about, the ability to make people believe. Three years later the market repriced him at $2.5 billion.
He cashed out over $700 million in stock sales and loans before WeWork ever filed to go public. When the IPO imploded, employee equity got crushed. His money was already out.
Then came the round nobody could believe. In 2022, a16z handed him $350 million for Flow, a residential real estate startup that hadn't even launched, at a $1 billion valuation. It was the largest single check the firm had ever written. Marc Andreessen's logic was that almost nobody alive has built a real estate brand from nothing, and Neumann had.
Last year Flow raised another $100 million and change at $2.5 billion.
WeWork, meanwhile, filed for bankruptcy in 2023 and got picked up by Yardi for $450 million. Neumann's new apartment company is worth five and a half times what the entire old one sold for.
The lesson buried in a five-word shitpost is what venture actually prices. Neumann vaporized $47 billion of paper value and kept the only skill the money cares about, the ability to make people believe. Three years later the market repriced him at $2.5 billion.
Adam Neumann @AdamNeumannhas anyone seen my shoes
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