Adam Neumann is back.
The billionaire businessman who founded office-sharing company WeWork Inc. WE,
See also: Fernando Tatis Jr.’s $340 million contract is shared with a firm that invested in him when he was a teenager
Silicon Valley venture capital firm Andreessen Horowitz announced on Monday that it will be investing in Flow. The New York Times NYT,
“We think it is natural that for his first venture since WeWork, Adam returns to the theme of connecting people through transforming their physical spaces and building communities where people spend the most time: their homes,” Marc Andreessen, co-founder and general partner at Andresson Horowitz, said in a statement. “Residential real estate — the world’s largest asset class — is ready for exactly this change.”
According to court documents compiled by The Wall Street Journal, Neumann has acquired majority stakes in over 4,000 apartments in places like Miami, Nashville, Tennessee and Fort Lauderdale in recent years. These properties are valued at more than $1 billion.
See also: ‘I have committed financial infidelity’: I racked up $50,000 in debt to help my troubled son — and have not told my husband. How do I get out of this mess?
“This kind of mission is a heavy lift. Only through a seismic shift in the way industry relationships are structured and the mechanisms through which value is delivered can we hope to address the underlying problems of the current system and build the solution,” Andreessen’s statement continued.
Flow’s website does give much other information about the company, only that it is scheduled to debut in 2023. Flow did not immediately respond to MarketWatch’s request for comment on this story.
Neumann was ousted as CEO of WeWork in 2019 after SoftBank Group Corp. 9984,
See also: Mark Cuban says buying metaverse real estate is ‘the dumbest shit ever’
WeWork ultimately went public in 2021 through a Special Purpose Acquisition Company (SPAC) and now has a total market capitalization of $4.19 billion as of August 15.
Adam Neumann has a net worth of $1.4 billion, according to Forbes calculations, and still owns 10% of all shares of WeWork.