WeWork’s CEO was paid nothing in 2018, the company said in its initial public offering filing on Wednesday.
Adam Neumann is worth an estimated $4.1 billion after founding the company a decade ago.
WeWork, the $47 billion co-working company, is going public. Here’s everything we know about what’s going on.
Adam Neumann, the billionaire Israeli businessman and founder of WeWork, didn’t take a salary in 2018, the company said Wednesday.
The revelation comes as The We Company, as 10-year-old WeWork is now known, filed for an initial public offering.
While the company’s chief financial and legal officers were paid $51,000 and $871,154 in salaries (and another $625,000 and 7,731 in equity compensation), respectively, Neumann received nothing. In 2017, the company said, he received $1.
Read more: WeWork is about to go public — Here’s how its CEO, Adam Neumann, spends his billions
Neumann, 40, likely isn’t feeling too much of a hit from the lack of salary though. He’s worth an estimated $4.1 billion now, a far cry from the shoe-box sized New York City apartment where he was living in the early 2000’s.
Many CEOs receive most of their compensation in the form of shares or stock options to buy shares at a given price and time. Often, those stock or option grants don’t vest or become available to the chief executive until some amount of time has passed. Tesla’s Elon Musk, for example, tied his compensation to the company’s performance.
Neumann also owns a significant majority of the company’s voting stock, including 100% of its Class C shares, on top of 2.3 million Class A shares and 112.5 million Class B shares. That means, like many other tech firms which have gone public recently, Neumann will maintain significant control, while other investors who buy stock in …read more
Source:: Business Insider