If WeWork’s office-sharing company does not exercise for the business, it has some backup choices. For instance: a start-up that makes synthetic waves, which president Adam Neumann directed WeWork to funnel more than $13 million into.
However back in 2016, when WeWork was still riding a wave, so to speak, of financier buzz, Neumann led the business to invest $138 million in Wavegarden, a Spanish wave swimming pool business. Neumann, a devoted internet user, obviously desired WeWork to embody the spirit of neighborhood he discovered in browsing, the Wall Street Journal reported at the time.
WeWork’s financiers are now presenting brand-new limitations on Neumann’s control of the business in an effort to keep its evaluation afloat, which might suggest in the future Neumann has less power to toss business loan at endeavors that line up with his preferred pastimes.
However for now, here’s a deep dive into the gnarly start-up whose success WeWork has actually wagered millions on.