, the billionaire Israeli businessman and founder of WeWork, didn't take a salary in 2018, the company said Wednesday.While the company's chief financial and legal officers were paid $51,000 and $871,154 in salaries , respectively, Neumann received nothing.Neumann, 40, likely isn't feeling too much of a hit from the lack of salary though. He's worth an estimated $4.
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 the IPO, will have very little say.
"Because Adam will control a majority of our outstanding voting power, we will be a"controlled company" under the corporate governance rules for -listed companies," the"Therefore, we may elect not to comply with certain corporate governance standards, such as the requirement that our board of directors have a compensation committee and nominating and corporate governance committee composed entirely of independent directors.
WSJ reports that Adam Neumann has cashed out some of his stake in the company in recent years, while also borrowing money against his holdings...totalled $700 million, comes as the office-space giant prepares for a highly anticipated IPO.'
I wouldn't take a salary if I was able to take millions from dopey hedge funds . Tbf trump doesn't take a salary either and we know why.
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Source: BusinessInsider - 🏆 729. / 51 Read more »
Source: BusinessInsider - 🏆 729. / 51 Read more »