The idea would have been unthinkable with the WeWork brand strongly tied to the flamboyant entrepreneur.
When WeWork's directors voted to oust Adam Neumann as CEO after a failed attempt to take the office-sharing startup public, Neumann cast his vote against himself, according to three people familiar with the situation.
The vote by Neumann, who remains non-executive chairman but gave up majority control of the company he co-founded, was the culmination of a stunning coup to remove him led by his biggest backer, Masayoshi Son, the billionaire CEO of SoftBank these sources said. The falling estimates came as a shock to Son, who had ploughed in more than $10 billion to WeWork, the last investment at a $47 billion valuation, according to three people familiar with the matter. At that level, WeWork was the world's fourth-most valuable private startup, according to data firm CB Insights. By the time the IPO was pulled, estimates of WeWork's value had come down as low as $10 billion.
The notion would have been unthinkable only a few months ago, with the WeWork brand strongly tied to the flamboyant, freewheeling Israel-born entrepreneur who has said that his company's mission was to "elevate the world's consciousness."
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