WeWork’s Adam Neumann Joins Exclusive Club: Billionaire Founders Ousted By Their Own Companies

. Parker’s first exiling came at Napster, shortly before the lawsuit brought by the music industry shuttered it in 2001. Then from Plaxo, the online address book startup he helped found, in 2004. One Plaxo cofounder remembers Parker’s: “It was the sort of thing where he doesn’t come to work, but then maybe if he does it’s at 11 p.m., but it’s not to do a bunch of work, it’s because he’s bringing a bunch of girls back to the office because he can show them he’s a startup founder.

And the most infamous, Facebook. In a little more than 12 months, he discovered Facebook, befriended Mark Zuckerberg, helped secure its initial funding, became its first president and then—poof!—resigned from the startup after North Carolina cops found cocaine in a beach house rented under his name. He moved to New York, where he found solace by crashing with Grateful Dead“When someone asks you to take an extended vacation, that’s basically a pre­lude to firing you.

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Here’s Everything WeWork Is Selling To Save Its Business Post-NeumannWeWork is cutting costs in a bid to restore investor confidence. What? Cut back on the inventory of Cocaine? I never understood the hype...especially when building owners and landlords can replicate the business model easily....really low barrier to entry if you have the real estate. They are clearly ruined. I’ve never seen a business running on 2 CEOs who made it to success. WeWork is playing it’s last songs on the market. If they do not change this behaviour, IPO will be less than 1000 dollars by bankrupcy.
Source: Forbes - 🏆 394. / 53 Read more »