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The CEO of start-up WeWork reportedly bragged that he sold more than $100M worth of company shares

  • Co-founder and Chief Executive Adam Neumann has reportedly bragged that he's sold more than $100 million of WeWork's shares, according to four unnamed sources who spoke to the Wall Street Journal.
  • A CEO selling large amounts of shares in a company is sometimes viewed as a lack of confidence by investors.

CEO of WeWork Adam Neumann
Getty Images
CEO of WeWork Adam Neumann

WeWork's CEO was in the spotlight this week after reports from The Wall Street Journal and The Information highlighted some unusual aspects of his leadership style.

Co-founder and Chief Executive Adam Neumann has reportedly bragged that he's sold more than $100 million of WeWork's shares, according to four unnamed sources who spoke to the Journal.

WeWork, a start-up that offers flexible shared workspaces for entrepreneurs, is privately held, making insider stock sales hard to track. But a CEO selling large amounts of shares in a company is sometimes viewed as a lack of confidence by investors.

Neumann is considered a charismatic, upbeat leader who is known to work through the night, sources told the Journal. But his mettlesome negotiating style — combined with the high valuation of WeWork's shares — has proven problematic to potential acquirees, The Information reported.

The company is backed by investors such as Goldman Sachs and T. Rowe Price, according to third-party data from EquityZen and Crunchbase. It raised $760 million this summer at a valuation of $20 billion and turned around to raise another $4.4 billion from SoftBank a few months later.

Neumann has said WeWork is on pace for $1 billion a year in revenue and plans to go public at some point.

WeWork declined to comment.

For more, see the WSJ.com profile and The Information's piece.

— Reuters contributed to this report.