Neumann ousted from billionaire ranks as SoftBank scraps deal to pick WeWork stock

Neumann ousted from billionaire ranks as SoftBank scraps deal to pick WeWork stock

Adam Neumann. Photo: Bloomberg

WeWork co-founder Adam Neumann has a new title: ex-billionaire.

SoftBank Group Corp.’s decision to scrap an October agreement to buy $3 billion of WeWork stock means the former chief executive officer’s fortune has plummeted 97% to $450 million in less than a year — wiping away $13.5 billion of his estimated net worth, according to the Bloomberg Billionaires Index.

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