A company that was valued at $47 billion in January was considered to be the most valuable startup in the U.S, but that has changed recently. WeWork was long preparing to go IPO, but last month the board decided to push back its plans after the estimated market valuation dropped to as low as $10 billion. Neumann came under fire after the company’s prospectus filing for IPO clearly showed massive losses and an imbalanced distribution of power between the company’s shareholders and him.

To add more oil to the fire, Adam Neumann was under increasing pressure from investors and board members for his drug use and the strange announcements that he made such as desires to become Israel’s prime minister and the world’s first trillionaire.

Even Masayoshi Son, Softbank’s CEO supported the decision to remove Neumann. Finally, it happened and Neumann stepped down as CEO; he will serve as non-executive chairman of the board. The company announced that Sebastian Gunningham and Artie Minson will serve as co-CEOs. “As a co-founder of WeWork, I am so proud of this team and the incredible company that we have built over the decade,” Adam Neumann said in a statement. “While our business has never been stronger, in recent weeks, the scrutiny directed toward me has become a significant distraction, and I have decided that it is in the best interest of the company to step down as chief executive. Thank you to my colleagues, our members, our landlord partners, and our investors for continuing to believe in this great business”.

In addition to that, Neuman’s voting power was slashed from 10:1 to 3:1 which means that he won’t have majority voting control over the company. But he stays as a company’s largest individual shareholder with 115 million shares which puts his net worth at $2.2 billion.

To give you a glimpse of the size of WeWork, there are over 527,000 members served each day in 29 countries and 111 cities. It generated $1.54 billion in revenue in the first half of 2019 and posted a net loss of $690 million. From 2016 to 2018, it managed to double its revenue but so did its net loss.