Threatened to Bankruptcy, WeWork Startup Will Sell Its Founder's Luxury Aircraft
Given nearly $10 billion in cash by Softbank, one of the things that startup WeWork is seen buying is a Gulfstream G650 luxury private plane. The plane, which cost $60 million, was purchased last year and is now being resold by WeWork after the business was threatened with bankruptcy.
Although it does not have ownership rights, but practically the plane is controlled by the founder and CEO who has just been demoted, Adam Neumann. It is said that Adam uses it exclusively for traveling with his family.
Some investors said that the purchase of the plane was considered a negative thing because it was ahead of WeWork’s IPO and it was eventually cancelled. Employees actually do not agree that the CEO prefers to buy luxury planes and often throws parties, while talks about salary increases and bonuses are never discussed.
“The company bought for USD 60 million for an airplane and I didn’t get a proper raise,” vented one employee.
Another employee also stated that apart from being for his family, the plane was also used as a meeting room for Adam and other employees because of his busy schedule. Employees who are invited to meetings on the plane usually go home by commercial plane.
The Gulfstream G650 is billed as the most luxurious and most popular aircraft for high-end businessmen. Due to losses of up to USD 900 million in the first half of this year, WeWork assessed the aircraft as a burden. So WeWork immediately decided to sell it.
