Adam Neumann on WeWork, Failure, and Starting Again

The central story

Adam Neumann reflects on WeWork’s explosive growth, its failed IPO, and the personal and leadership mistakes he believes contributed to its crisis. He says the company grew faster than he could grow as a leader: after SoftBank offered a major investment, he became distracted by valuation and money and lost sight of WeWork’s mission.

Neumann disputes some public accounts of his departure. He says he chose to step down as CEO after being told that doing so would help secure funding for WeWork. He later says a bank demanded repayment of his personal debt soon after, leaving him feeling betrayed and financially exposed. He describes SoftBank’s later support as helping stabilize the company.

WeWork’s rise and collapse

• Neumann and co-founder Miguel McKelvey first developed their shared-workspace concept through Green Desk, a venture that turned an empty building into small offices and filled quickly.
• WeWork launched in 2010 with a broader ambition than office rentals: to build community and help people “make a life, not just a living.”
• The company expanded rapidly, reaching hundreds of locations and tens of thousands of employees. Neumann says its individual buildings could perform well, even as rapid expansion made company-wide profitability harder to show.
• He argues that WeWork’s systems and technology were not ready to track performance at a sufficiently detailed level, and that the company was pushed toward going public before it was prepared.
• Neumann says a proposed SoftBank buyout in 2018 fell through after months of negotiations. He believes the delay contributed to WeWork’s being forced toward an IPO while its operations and reporting systems were still inadequate.
• WeWork’s 2019 filing disclosed substantial losses, and the IPO was postponed. Neumann rejects the claim that he was fired, saying he stepped down by choice.

What Neumann says went wrong

Neumann identifies several linked failures:

1. Losing sight of the mission: After a major investment offer, he says he became focused on valuation and personal wealth rather than WeWork’s purpose.
2. Growth outpacing leadership: He says the company expanded faster than he developed as a founder and CEO.
3. Insufficient operational systems: WeWork could not reliably measure profitability down to individual buildings and floors.
4. Poor alignment and advice: He says he was surrounded by people pushing for growth and a public listing, rather than those who would challenge his decisions or prioritize the company’s long-term needs.
5. Not being ready to go public: In hindsight, he believes WeWork needed stronger systems, clearer leadership, and more time before an IPO.

He also acknowledges that his strength is creating and launching ideas, while focus and protecting what has already been built are weaknesses. He says founders should surround themselves with trusted partners who can help set priorities and say no.

Personal history and resilience

Neumann describes growing up amid instability, including his parents’ divorce and his mother’s bipolar disorder. He recounts frightening experiences from childhood, including a suicide threat by his mother and sexual abuse by an older teenager.

He says his wife, Rebecca, introduced him to spiritual practice and helped him rethink success. Rather than measuring life by money or status, he defines success by the love and relationships surrounding a person at the end of life. He credits his family and spiritual beliefs with helping him recover after WeWork’s collapse.

Lessons for founders and leaders

• Start with a meaningful mission, then execute practically. Dream ambitiously, but take concrete steps and do the necessary early work.
• Question assumptions. Neumann recommends asking “why,” breaking down costs, and testing whether apparent obstacles are real.
• Build the right partnerships. Choose investors, employees, and business partners for how they will act during difficult times, not just during success.
• Lead through influence, not control. He says talented employees need inspiration, room to learn, and timely, honest feedback.
• Work on yourself as well as the business. He defines hard work as developing as a leader, investing in relationships, and addressing personal weaknesses—not simply spending more hours at work.
• Focus on what supports the mission. Neumann admits that too many ideas and ventures can dilute attention; founders should identify what truly advances their purpose.
• Treat setbacks as chances to learn and rise again. His message is that failure matters less than how a person responds to it.
• Make time for reflection. He recommends taking a regular 24-hour break from screens to reconnect with family, friends, and personal priorities.

Neumann’s closing message

Neumann urges people to understand themselves, acknowledge both strengths and weaknesses, seek supportive relationships, and pursue work that reflects their purpose. His final measure of success is not a company valuation, but a life shaped by meaningful relationships, personal growth, and positive impact.