Adam Neumann
Neumann illustrates how concentrated founder control — high-vote stock, a board that approved related-party transactions, and acquisitions paid in the company's own stock — lets an individual convert paper valuation into personal liquidity while later losses fall on outside investors. His case also shows how a controlling shareholder and the company's largest funder can each negotiate cash exits that are documented in regulatory filings.
Adam Neumann (born 1979) is the co-founder and former chief executive of The We Company (WeWork), the shared-office company that SoftBank Group backed with more than $10 billion before its September 2019 initial public offering was withdrawn 1. Within the softbank-caper investigation, Neumann is the central figure of the WeWork thread: a founder who held majority voting control through high-vote stock while his economic stake was smaller than SoftBank's, and whose exit from the company is documented through a series of SoftBank-funded payments in WeWork's SEC filings 2.
The 2019 prospectus disclosed multiple transactions between Neumann and the company, including leases on four buildings he part-owned with about $236.6 million in future minimum rent, below-market company loans, and a $5.9 million stock payment for the "We" trademark that was later unwound 34. In SoftBank's October 2019 rescue, a SoftBank affiliate paid Neumann a $185 million non-compete fee recognized in full that year 5. A February 25, 2021 settlement that ended litigation over a withdrawn tender offer had SoftBank purchase 24,901,342 of Neumann's WeWork shares at $23.23 each (about $578 million, of which WeWork booked $428 million as expense) and pay him a further $106 million in settlement cash 6. The Wall Street Journal and Commercial Observer separately reported a roughly $430 million non-recourse loan from SoftBank refinancing Neumann's personal margin borrowings, a figure that does not appear in any SEC filing 7.
After leaving WeWork, Neumann assembled stakes in more than 4,000 apartment units across the U.S. Sun Belt and launched the residential venture Flow, into which Andreessen Horowitz invested $350 million in August 2022 at a valuation above $1 billion before the product existed 89. His post-WeWork portfolio also includes the carbon-credit venture Flowcarbon, the hospitality company Selina, and a stake connected to Ehud Barak, with outcomes ranging from a doubled Flow valuation to total losses at Selina 1011. No document links Neumann directly to Jeffrey Epstein, and analysis of the corpus indicates the only connection is transitive, running through Barak 12.
Control and Related-Party Transactions at WeWork
WeWork's August 2019 Form S-1 disclosed that Adam Neumann controlled a majority of The We Company's voting power principally through his beneficial ownership of high-vote stock, holding 112,507,371 Class B shares, 2,428,730 Class A shares, and 100% of the Class C class 2. The high-vote shares carried 20 votes each, so Neumann's smaller economic stake produced a controlling voting bloc against SoftBank Group's roughly 114 million single-vote Class A shares held by SoftBank 2.
The prospectus also disclosed transactions between the company and Neumann. WeWork leased four commercial properties from landlord entities in which Neumann held an ownership interest, paying $3.1 million in 2016, $5.6 million in 2017, and $8.0 million in 2018, with future undiscounted minimum lease payments of about $236.6 million as of June 30, 2019, and for three of the four properties the lease was signed the same day Neumann acquired his interest 3. The company extended below-market loans to Neumann or affiliated entities, including $10.4 million and $15.0 million to WE Holdings LLC at 0.2% interest and a $7.0 million loan directly to Neumann at 0.64% 4. WeWork also paid Neumann $5.9 million in stock for the "We" trademark, a payment later unwound under pressure 13. In the July 2019 "UP-C" reorganization, Neumann's performance options were canceled and replaced with profits interests in the We Company Partnership carrying capital-gains tax treatment, and he exercised a time-based option through a $362.1 million full-recourse note before repaying it by surrendering shares 14.
Separate from the company, the S-1 disclosed that Neumann held a personal line of credit of up to $500 million from UBS, JPMorgan Chase, and Credit Suisse — the same banks underwriting the IPO — of which about $380 million was outstanding, secured by his Class B WeWork stock 15. He held a further $97.5 million in JPMorgan credit secured by personal property rather than company stock 15.
SoftBank Rescue and the 2021 Settlement
After the IPO was withdrawn, SoftBank Group moved to take control of WeWork. On October 30, 2019 SoftBank exercised an accelerated "2019 Warrant," injecting $1.5 billion in cash 16. The October 22, 2019 Master Transaction Agreement obligated SoftBank, subject to conditions, to provide $1.5 billion in equity, up to $5.05 billion in debt financing, and to purchase up to $3 billion of WeWork stock from Neumann and other holders at a per-share price no less than $19.19 17. A SoftBank affiliate also entered a non-compete agreement with Neumann for a $185 million payment, which WeWork recorded in full as a 2019 expense and which the company's FY2022 10-K characterizes as a non-compete fee rather than a consulting fee 5.
SoftBank's Vision Fund affiliates launched the tender in November 2019 at $23.23 per share, then terminated and withdrew it in April 2020 asserting that closing conditions had failed 18. WeWork's special committee and Neumann's WE Holdings LLC each sued SoftBank in the Delaware Court of Chancery (Neumann, et al. v. SoftBank Group Corp., C.A. No. 2020-0329-AGB) 18. In the consolidated litigation, the December 14, 2020 motion-to-dismiss opinion let the breach-of-contract claim survive while dismissing the fiduciary-duty claim as duplicative 19.
One week before trial, the parties settled on February 25, 2021 19. Under the settlement, SoftBank purchased 24,901,342 of Neumann's WeWork Class B shares at $23.23 per share — about $578 million — of which WeWork recorded $428 million as an expense representing the excess of price paid over fair value 6. SoftBank separately paid Neumann a $106 million settlement payment that did not benefit the company 6. Reporting by The Wall Street Journal and Commercial Observer describes a roughly $430 million non-recourse loan — SoftBank's refinancing of Neumann's earlier bank margin line, with the pledged WeWork shares as SoftBank's only remedy on default — that received a five-year extension in the settlement, a loan and structure that appear in press reporting and in no SEC filing 719.
Litigation
Beyond the Delaware contract litigation, Neumann has been named in shareholder and securities actions arising from WeWork. In Sojka v. Neumann (San Francisco Superior Court No. CGC-19-580474, filed November 4, 2019, and refiled as Carter v. Neumann in January 2020), minority shareholders brought a derivative and class action alleging breach of fiduciary duty and corporate waste, claiming Neumann used his control to extract $1.7 billion to the detriment of minority shareholders and naming counsel Bottini & Bottini 20. The investigation describes this matter as a judicial articulation of the extraction thesis rather than an adjudicated finding 20.
In Emamian v. Neumann (D. Del. No. 1:21-cv-00414, filed March 22, 2021), sellers of the company Prolific Interactive brought claims under Section 10(b) and Rule 10b-5 against Neumann, WeWork chief financial officer Arthur Minson, and head of mergers Rohit Dave 21. The plaintiffs allege that during 2018–2019 acquisition negotiations Neumann represented that WeWork was a $47 billion company with shares valued at $110, leading them to take most of their consideration in WeWork stock, allegations that were not adjudicated 22. The case was terminated on November 27, 2023, with a related arbitration appearing in 2024 21. A New York action over WeWork's roughly $98 million stock-funded acquisition of Conductor — whose founder, Seth Besmertnik, was Neumann's Baruch College classmate — survived a May 2021 motion to dismiss, and analysis of the filings indicates the Conductor purchase fits the pattern of related-party transactions that WeWork's S-1 did not disclose 13. The investigation notes the action would likely be stayed by WeWork's November 2023 Chapter 11 13.
Post-WeWork Ventures
Beginning in 2020, Neumann and entities tied to him acquired stakes in more than 4,000 apartment units valued in excess of $1 billion across Miami, Fort Lauderdale, Nashville, and metropolitan Atlanta, according to reporting by The Wall Street Journal and Bloomberg 8. Named buildings include Caoba in downtown Miami, Society Las Olas in Fort Lauderdale, and Stacks on Main and 2010 West End in Nashville, and the Miami site entities Block G Phase 1 LLC and Block G Phase 2 LLC are managed by Mark Lapidus, WeWork's former head of global real estate and a cousin of Rebekah Neumann 2324. These buildings were financed with mortgages from lenders including CIM Group and Rialto Capital 24.
In August 2022, Andreessen Horowitz invested $350 million in Neumann's residential venture Flow, valuing it above $1 billion with the product scheduled to launch in 2023, in a deal that co-founder Marc Andreessen described in a public post and that reporting characterized as the firm's largest single investment 9. Flow raised more than $100 million in April 2025 at a valuation near $2.5 billion 9. The portfolio's outcomes have varied, as the Nashville buildings ran cash-flow deficits and the Stacks on Main property was sold in November 2025, wiping out equity investors entirely and member-loan holders by up to 60% 25. Flowcarbon, a carbon-credit venture co-founded by Adam and Rebekah Neumann that raised $70 million in May 2022, never launched its planned token and began refunding investors 10.
Neumann's family office, 166 2nd Financial Services, holds stakes across roughly 49 startups in fintech, proptech, crypto, and health technology 26. Realized exits have been limited, with the mortgage-servicing company Valon acquired by Carrington Holding Company in 2026 and the home-buying startup Doorsey exiting in 2023 27. The hospitality company Selina, which Neumann backed and which traded on Nasdaq after a 2022 SPAC merger, was delisted in September 2024, declared insolvent, and sold out of administration, leaving equity holders with near-zero recovery 11.
Israeli Investments and the Epstein Question
Several of Neumann's investments run through the Israeli technology sector. In November 2018 he invested $5 million for a roughly 4.5% stake in the Tel Aviv-listed cannabis firm InterCure, where Ehud Barak had been appointed chairman in September 2018, with reporting identifying financier Gary Fegel as the documented intermediary rather than Barak personally 28. Because the 4.5% stake fell below the 5% Section 13 threshold, no Schedule 13D or 13G was required, and the only InterCure 13D on file as of December 2025 was filed by Alexander Rabinovich, who replaced Barak as chairman around January 2025 29. Neumann's other Israeli-linked bets include $10 million for a 33% stake in the shared-mobility firm GoTo Global in July 2020 and a $1.5 million seed round in the option-financing startup EquityBee in 2018 3031. He was also among the backers of the hospitality company Selina alongside Dubai's Abraaj Group 32.
The investigation tested whether Neumann and Jeffrey Epstein ever shared a vehicle or co-investment, and analysis of the corpus indicates the result is negative and transitive only 12. According to that analysis, the single bridge is Barak, who separately partnered with Epstein on the Carbyne/Reporty venture documented in wire records, while Neumann appears nowhere in those flows 12. Cross-reference of full-text corpus searches for Neumann's deals returned no hits, and the investigation characterizes the association as a two-hop link through Barak rather than a direct connection 12.
Adam Neumann
Board and Investor Relationships
WeWork's governance included relationships that spanned the company and Neumann's personal real-estate interests. Steven Langman, a co-founder of Rhône Group, sat on WeWork's board while Rhône held a 20% interest in ARK, a real-estate vehicle associated with Neumann, and Langman served on ARK and WeWork-related investment committees and received a 454,546-share WeWork grant 3. The arrangement placed the same individual on both the landlord side of Neumann's property vehicle and inside WeWork's governance 3.
All Connections
1 total
All Connections
1 totalInterlocking director: Langman (Rhone) on WeWork board + ARK/WPI investment committees; Rhone owns 20% of Neumann's ARK real-estate vehicle; 454,546-share WeWork grant to Langman
All Findings
37 total
All Findings
37 totalfinancial (26)
WeWork leased 4 buildings from landlord entities Neumann part-owned; paid $3.1M/$5.6M/$8.0M (2016-2018), $236.6M future minimum lease
The We Company was party to lease agreements for four commercial properties with landlord entities in which Adam Neumann held an ownership interest (4 of 528 locations as of June 1, 2019). Cash payments: $3.1M (2016), $5.6M (2017), $8.0M (2018), and $4.2M (H1 2019). WeWork received $11.6M in tenant-improvement reimbursements from the landlord entities in 2018. Future undiscounted minimum lease payments as of June 30, 2019 were ~$236.6M (0.5% of total lease commitments). For one property WeWork leased within a year of Neumann acquiring his interest; for the other three, the lease was signed the SAME DAY Neumann acquired his interest.
Neumann had $500M personal line of credit (UBS/JPM/Credit Suisse), ~$380M drawn, secured by Class B WeWork stock; plus $97.5M JPM credit
As of July 31, 2019 Adam Neumann held a personal line of credit of up to $500 million from UBS AG Stamford Branch, JPMorgan Chase Bank N.A. and Credit Suisse AG New York Branch, of which ~$380 million principal was outstanding. The LOC was secured by a pledge of Class B WeWork stock beneficially owned by Neumann. Separately, JPMorgan Chase made loans and extended credit to Neumann totaling $97.5 million across various lending products including mortgages secured by personal property (not secured by company stock). Note conflict: the same banks underwrote the IPO.
Below-market company loans to Neumann/We Holdings: $10.4M & $15.0M at 0.2%, and $7.0M at 0.64%
From-the-company loans to Neumann or affiliated entities: (1) May 2013 $10.4M and Feb 2014 $15.0M to WE Holdings LLC, each at 0.2%/yr, collateralized by capital stock; Company exercised purchase options May 2016, retiring 8,398,670 shares in full settlement. (2) June 2016 $7.0M loan directly to Adam at 0.64%/yr (maturity June 14, 2019); repaid in full Nov 2017 with $0.1M interest. These rates are far below market — the 0.64% loan is the often-cited 'sweetheart' rate. None outstanding as of the prospectus date.
Neumann exercised options via $362.1M full-recourse note at 2.89%, then repaid by surrendering shares; got profits interests in UP-C restructuring (no tax-receivable agreement)
Neumann received options to purchase 42,473,167 shares in H1 2019, with performance tranches vesting at $50B/$72B/$90B market caps. In the July 2019 'UP-C' reorganization, the performance options were canceled and replaced by an equal number of profits interests in the We Company Partnership (capital-gains tax treatment). Neumann exercised the time-based option for a $362.1 million full-recourse promissory note (interest 2.89%, maturity April 11 2029); in Aug 2019 he repaid it in full by surrendering the shares received, and the Company then issued him profits interests equal to the shares surrendered. The S-1 explicitly states 'There is no tax receivables agreement in place to benefit any holder of profits interests.'
Neumann beneficially owned 112,507,371 Class B + 2,428,730 Class A + 100% of Class C; controlled majority voting power via 20-vote high-vote stock
Adam Neumann beneficial ownership BEFORE offering: 2,428,730 Class A; 112,507,371 Class B; 1,062,578 Class C = 100% of Class C class. Note(5): adds 658,873 Class B via ANINCENTCO1/2/3 LLC + WE Holdings shares (note 1), plus vested profits interests (629,232 vested + 314,616 vesting within 60 days) and 118,730 Partnership Class B Units, with voting power over corresponding Class C. S-1 states 'Adam controls a majority of the Company's voting power, principally as a result of his beneficial ownership of our high-vote stock.' EXACT % economic and % voting columns LEFT BLANK in this draft S-1 (offering later withdrawn). Mechanism: ~113M high-vote shares x20 votes vs SoftBank's ~114M Class A x1 vote — Neumann's smaller economic stake = controlling voting bloc.
SoftBank exercised the $1.5B accelerated '2019 Warrant' on Oct 30, 2019 — the cash injection that opened the rescue
The 2019 Warrant was AMENDED in Oct 2019 (SoftBank Transactions) to accelerate SBG's $1.5B payment obligation from April 3, 2020 to October 30, 2019; exercise price amended from $133.15/share to $14.05/share, into Series H-1/H-2 Convertible Preferred. WeWork received the $1.5B on Oct 30, 2019 and issued 14,244,654 shares of Series H-1 Pref on Nov 4, 2019 (recorded at $200M less $39M issuance costs). Remaining 92,590,259 Series H-1 shares issued Apr 2020 at $911M fair value.
Original 2019 tender authorized up to $3.0B at $23.23/share; SoftBank withdrew it Apr 2020, triggering Delaware litigation
Oct 2019 (SoftBank Transactions): SVF Cayman/SVF II launched a tender offer in Nov 2019 to purchase UP TO $3.0 BILLION of WeWork equity securities at $23.23/share (the '2020 Tender Offer'), scheduled to expire April 2020. In April 2020 SVF Cayman TERMINATED and withdrew the offer asserting failure of conditions. WeWork special committee AND Adam Neumann/WE Holdings LLC each sued SBG + SoftBank Vision Fund in Delaware Chancery (Neumann, et al. v. SoftBank Group Corp., C.A. No. 2020-0329-AGB). NOTE: price is $23.23/share, NOT $19.19.
SoftBank bought $578M of Neumann's stock (24.9M shares @ $23.23) + paid him $106M settlement cash; WeWork booked $428M as expense
Per Feb 25, 2021 Settlement Agreement: (1) SBG/affiliates purchased 24,901,342 shares of Legacy WeWork Class B from WE Holdings LLC (Neumann's vehicle) at $23.23/share = aggregate $578 MILLION; WeWork recorded a $428M EXPENSE (excess of price paid over fair value, treated as deemed SBG capital contribution). (2) SEPARATELY, SBG and affiliates paid Neumann a settlement payment of $106 MILLION (no WeWork expense; did not benefit company). Neumann's Profits Interest Units became fully vested w/ $0 catch-up base ($102M restructuring charge). This is the 'Neumann-in' line that replaced the originally-reported ~$970M-to-Neumann tender allocation.
$185M paid to Neumann was a NON-COMPETE (not 'consulting'), funded by SBG affiliate, recognized in full in 2019 — NOT reduced in settlement
During 2019 an SBG affiliate entered a NON-COMPETE agreement with Neumann for a $185 MILLION cash payment: 50% paid initially, remaining 50% in twelve equal monthly installments. WeWork recorded the full $185M as a 2019 expense (deemed SBG capital contribution), in restructuring and other related costs. LABEL CORRECTION: the FY2022 10-K characterizes this as a NON-COMPETE fee, not a 'consulting fee.' It was recognized in FULL in 2019 and the 10-K shows NO reduction to ~$50M (separately, the 2021 Settlement non-compete states 'Legacy WeWork does not have any financial obligation to Mr. Neumann under this agreement').
MTA (Oct 22 2019) set SoftBank tender floor at $19.19/share; up-to-$3B tender, $1.5B equity, up-to-$5.05B debt
Per the Delaware Chancery MTD opinion (In re WeWork Litigation, C.A. 2020-0258-AGB, VC/Chancellor Bouchard, Dec 14 2020), the Master Transaction Agreement entered Oct 22 2019 obligated SBG, subject to conditions, to: (i) provide $1.5B equity financing; (ii) purchase up to $3B of WeWork stock from Neumann and other stockholders in a tender offer at a per-share price NO LESS THAN $19.19; and (iii) provide up to $5.05B debt financing. RESOLVES the $19.19 question: $19.19 is the MTA's contractual tender FLOOR price (Oct 2019). It is NOT the price of any completed tender. The $23.23/share in the FY2022 10-K is a DIFFERENT, later number — the actual per-share price of the completed Feb-2021 settlement tender (the original 2019 tender was withdrawn before completion). The two figures are not in conflict; they describe different events.
Oct-2019 rescue: $185M Neumann 'consulting fee'/4-yr non-compete + SoftBank $500M credit line refinancing his personal margin borrowings against WeWork stock
FACT (secondary, contemporaneous): SoftBank's Oct-2019 rescue package included (a) a $185M 'consulting fee' to Neumann tied to a four-year non-compete and his stepping down from the WeWork board, and (b) a $500M SoftBank credit line to refinance Neumann's personal borrowings made against WeWork stock. This $500M credit line is the SoftBank replacement of Neumann's pre-existing ~$500M personal margin line (drawn ~$380M) that the 2019 S-1 disclosed was provided by a JPMorgan-led bank syndicate (incl. UBS, Credit Suisse) secured by his shares. INFERENCE: the $430M loan WSJ/Commercial Observer later describe is the surviving balance of this SoftBank-refinanced credit line ($500M facility, partially drawn). The Chancery MTD opinion does NOT mention the $185M or the loan-to-Neumann (those terms live in the MTA exhibits / Offer to Purchase, not the litigated opinion).
$430M Neumann loan IS non-recourse (share-secured only); confirmed by WSJ via Bloomberg/Commercial Observer, NOT in any SoftBank primary release
RESOLUTION of the $430M non-recourse question: The $430M is the loan Neumann owes SoftBank (surviving balance of the 2019 SoftBank $500M credit-line refinancing). It is NON-RECOURSE: SoftBank's only remedy on default is to seize the pledged WeWork shares; Neumann is not personally liable for any shortfall. Best sourcing: (1) Commercial Observer (Rizzi, Nov 9 2023) states the structure — 'instead of being personally liable, Neumann could lose his shares of WeWork if he stops paying the loan back'; notes his shares fell from $500M (fall 2021) to ~$4M, so SoftBank 'worries he could elect to simply wash his hands of the stock and keep the rest of the loan.' (2) The literal phrase '$430 million non-recourse loan' traces to WSJ reporting, restated in Bloomberg/Yahoo and Commercial Observer. IMPORTANT HONESTY NOTE: '$430M non-recourse' is NOT in any SoftBank or WeWork PRIMARY filing/release — it is WSJ/secondary-sourced. SoftBank's own settlement releases (group.softbank 20210227 / 20210301) say terms are confidential / give only $1.6B aggregate. So: non-recourse status = WSJ-only / secondary, well-corroborated but NOT primary-confirmed.
Feb-25-2021 settlement: ~$1.5-1.6B total; SBG re-ran half the tender at the same price; Neumann got $50M non-compete + $50M legal fees + 5-yr extension on the $430M loan + cashed ~$480M (later realized ~$578M) of stock at $23.23/sh
FACT: The In re WeWork Litigation MTD (Dec 14 2020, Bouchard) DENIED SBG/Vision Fund's 12(b)(1) standing motion and on 12(b)(6) let the BREACH-OF-CONTRACT claim survive in full while DISMISSING the fiduciary-duty claim entirely (duplicative of contract). SBG terminated the original $3B tender Apr 1 2020, asserting the ChinaCo JV Roll-Up closing condition failed; WeWork's Special Committee alleged SoftBank schemed (Trustbridge side-deal) to thwart the roll-up and dodge the tender. One week before trial, the parties settled Feb 25 2021 (announced Mar 1). SETTLEMENT TERMS (Bloomberg, Huet/Feeley, Feb 26 2021, WSJ-corroborated): SBG pays ~$1.6B aggregate (group.softbank PR); SBG buys ~half the shares it originally agreed to, at the same 2019 price; Neumann receives (a) $50M as the previously-promised non-compete fee, (b) $50M for legal fees, (c) a five-year extension on the $430M loan he owes SoftBank, and (d) sells ~$480M of his stock to SoftBank (a later WSJ figure puts his realized stock sale at $578M, plus $291M cash, i.e. ~billion-dollar exit). RECONCILIATION of $23.23 vs $19.19: $19.19 = MTA contractual tender FLOOR (Oct 2019, never executed — original tender withdrawn). $23.23 = actual per-share price of the COMPLETED 2021 settlement tender (the FY2022 10-K's figure for BOTH tenders because the 2021 tender is the only one that closed; SBG paid the originally-agreed price, which the 10-K records as $23.23). No conflict — different events. The $500M JPMorgan PERSONAL-credit-line payoff = the 2019 SoftBank $500M refinancing of Neumann's bank margin line; its surviving $430M balance is what got the 5-yr extension in this settlement. (Distinct from JPMorgan's role arranging WeWork's CORPORATE $5B debt facility.)
Pre-Flow apartment spree: Neumann amassed stakes in >4,000 units worth >$1B across Sun Belt BEFORE Flow launch (WSJ/Bloomberg Jan 4 2022)
WSJ and Bloomberg both broke (Jan 4 2022, ~7mo before Flow's Aug 2022 launch) that Neumann and entities tied to him had bought stakes in more than 4,000 apartment units valued in excess of $1B, mostly majority stakes acquired the prior year. Metros: downtown Miami, Miami Beach (Bal Harbour), Fort Lauderdale, Nashville, metro Atlanta (Buckhead, Decatur). Family-office umbrellas named in reporting: '166 2nd Financial Services' (named for the Neumanns' old NYC apt) and 'Nazare Capital'. Partner D.J. Mauch quoted to WSJ. This pre-Flow personal buying is the seed of Flow's portfolio.
Named pre-Flow buildings (8) with units/prices: Caoba, Yard 8, Society Las Olas, Stacks on Main, 2010 West End, Modera Buckhead, Inkwell Decatur, Bal Harbour Yacht Club
Confirmed buildings: (1) Caoba/Block G Phase 1, downtown Miami Worldcenter (698 NE 1st Ave), 444 units, ~$200-220M; (2) Yard 8, Midtown Miami, 387 units; (3) Society Las Olas, Fort Lauderdale (301 SW 1st Ave), 639 units (Phase 1 rebranded Flow Fort Lauderdale; Neumann also paid $17M for ground-floor retail Feb 2022); (4) Stacks on Main, East Nashville (535 Main St), 268 units, $79M (2021); (5) 2010 West End Ave, downtown Nashville, $158M (2022); (6) 3005 Peachtree / fka Modera Buckhead, Atlanta, 425 units, minority stake (2021); (7) Inkwell Decatur Apartments, GA; (8) Bal Harbour Yacht Club, Miami Beach, $44M (2021). Mark Lapidus (WeWork ex-head of global real estate, Rebekah Neumann's cousin) manages the Miami Block G entities.
Flow: a16z invested $350M Aug 15 2022 at >$1B valuation BEFORE product existed (Andreessen's largest-ever check); raised $100M+ Apr 2025 at ~$2.5B, a16z stake ~20%->25%
Marc Andreessen's post 'Investing in Flow' (a16z.com, Aug 15 2022) announced $350M into Flow, valuing it >$1B with product 'scheduled to launch in 2023' — i.e. before any product. Widely reported as a16z's largest single check ever. Flow = WeWork-ification of apartments: buy/own/operate multifamily, layer on resident app + concierge + community + 'sense of ownership' for renters. Per WSJ, a16z's $350M atypically bought stakes directly in Neumann's pre-existing buildings. Launched Dec 2023 (Fort Lauderdale + Miami). Apr 24 2025: raised $100M+ (Series B), >doubling valuation to ~$2.5B, a16z participating, its stake rising ~20%->25%; Neumann family office + employees own majority; Neumann floated eventual IPO. Expanded to Riyadh 2024.
Flowcarbon (Adam+Rebekah Neumann carbon-credit crypto) raised $70M May 2022 ($32M equity led by a16z crypto + $38M token sale); 'Goddess Nature Token' (GNT) never launched, investors refunded 2023-24
Flowcarbon (CEO Dana Gibber; co-founded by Adam + Rebekah Neumann) raised $70M May 2022: $32M venture/equity led by a16z crypto (+ General Catalyst, Samsung Next, RSE Ventures, 166 2nd) and $38M token sale (Fifth Wall, Box Group, Celo Foundation). Token = 'Goddess Nature Token' (GNT) on Celo, backed by carbon credits. GNT never launched. Per Forbes (aggregated late 2023-2024), Flowcarbon quietly began refunding investors — even a16z 'waiting over a year' for a launch that never came; refunds required buyers to sign claim waivers + confidentiality. Stated reasons: 'tough market conditions and resistance from carbon registries.' INFERENCE: effectively defunct as a token venture (no formal dissolution filing found).
Nashville Flow collapse: Stacks on Main ($79M/2021) + 2010 West End ($158M/2022) hit cash crunch; Yieldstreet bailed in ~$18M; Stacks sold Nov 2025 — equity investors lost 100%, member-loan tranche lost up to 60%
Both Nashville buildings (bought by Nazare Capital, transferred to Flow) ran cash-flow deficits from mid-2023. Stacks on Main: $60M floating-rate mortgage (Rialto Capital), couldn't cover half its payments; Yieldstreet ran two crowdfunding offerings (~$18M, Yieldstreet = majority equity LP, Flow = GP), Nazare added $4.5M. 2010 West End: $121M mortgage (CIM Group), Nazare added $22M. RESOLUTION: Stacks on Main SOLD Nov 2025 — equity investors lost 100% of investment; even member-loan tranche investors lost up to 60%. Concrete proof the apartment empire is impaired even as Flow's headline valuation rose to $2.5B.
Neumann invested $5M for 4.5% of InterCure (Ehud Barak's cannabis co), Nov 2018
Adam Neumann invested $5M for a 4.5% stake in Tel Aviv-listed medical cannabis firm InterCure Ltd (TASE/Nasdaq INCR; subsidiary Canndoc), announced Nov 28 2018. Ehud Barak was appointed InterCure chairman Sept 2018. The connective tissue is Gary Fegel (founder, GMF Capital LLC), described in Israeli press as a close associate of Barak; Fegel led/co-led the preceding Oct 2018 $12M placement (Fegel $6M/5%; controlling shareholder Alex Rabinovich $6M/38.48%). Neumann's tranche came separately late Nov 2018, expanding the placement toward ~$17.5M at $1.20/share. No source states Barak personally recruited Neumann; the documented intermediary is Fegel/GMF. This is plausibly where Neumann entered Barak's orbit. FACT: amounts/dates. INFERENCE: Fegel as introducer.
Neumann's family office put $10M for 33% of GoTo Global (Israeli shared mobility), July 2020
Neumann's family office '166 2nd Financial Services' invested $10M for a 33% equity stake in multimodal shared-mobility firm GoTo Global (operates Israel + Malta), as part of a $19M Series B led by Neumann, announced July 14 2020. Neumann gained one board seat. No Barak or Israeli-defense co-investor surfaced in reporting; co-investors not individually named in press beyond Neumann leading. FACT: amounts/stake/date/board seat. Note: GoTo later acquired German moped-sharing Emmy (2021).
Show 6 more financial findings
Neumann led $1.5M seed in EquityBee (Israeli startup-option financing), 2018
Adam Neumann led a $1.5M seed round in Tel Aviv-based EquityBee Inc (marketplace financing employees' stock-option exercise), 2018. Co-investors: WeWork SVP product Ron Gura, 10bis CEO Tamir Carmel, Playbuzz CEO Shaul Olmert, angel Oren Abekasis. Note co-investor overlap is the WeWork/Israeli-tech circle, NOT the Barak/Epstein cluster. Later Series A (2021) led by Group 11 with Oren Zeev, Battery, ICON. FACT: seed lead + co-investors.
Neumann among backers of Selina's BOA Acquisition de-SPAC (~$1.2B), Nasdaq SLNA Oct 2022
Adam Neumann was among investors backing Israeli-founded (Panama HQ) experiential-hospitality firm Selina in its SPAC merger with BOA Acquisition Corp (CIK 0001838544) at ~$1.2B valuation; deal announced Dec 2021, closed Oct 2022, traded Nasdaq SLNA. Selina filed insolvency / faced delisting by July 2024 (now OTC SLNAF). Selina is a WeWork-adjacent 'live/work/explore' concept; flag for international agent (Panama incorporation, BOA EDGAR filings). FACT: Neumann among backers, valuation, ticker, timeline.
166 2nd Financial Services (Neumann family office, NY/Miami, ~50 staff): ~49 startup bets across fintech/proptech/crypto/healthtech. Newly captured names: R2, AIVF, Moon Active, Peach Street, Doorsey, Ualá, Unybrands, Valon, Alfred
166 2nd (a/k/a '166 2nd LLC', founded 2019) is the venture arm distinct from Nazare Asset Mgmt (real estate). Qz/Crunchbase/CBInsights catalog ~49 portfolio companies. NEW names beyond previously-logged (Flow #11512 / Flowcarbon #11513 / GoTo Global #11523 / EquityBee #11524 / Selina #11525): R2 (Latin-American fintech, $15M Series A Sep 2022, w/ General Catalyst, Gradient, FEMSA, PayU); AIVF (Israeli AI-for-IVF/fertility, $25M Series A Jun 2022, w/ Insight Partners + Dan Ariely); Moon Active (Israeli mobile gaming, maker of Coin Master); Peach Street (mortgage-servicing startup, explored ~2020); Doorsey (online home-buying auction, led $4.1M seed, EXITED ~May 2023); Ualá (Argentine fintech unicorn, 2021); Unybrands (e-commerce aggregator, 2021); Valon/Valon Technologies (tech-enabled residential mortgage servicer, 2021); Alfred (building-services proptech, $42M Series C, 166 2nd led). Also explored a bid for Barneys New York. Sectors per family office: real estate, fintech, proptech, crypto, health-tech.
OUTCOME: Valon (mortgage-servicing fintech, a 166 2nd portfolio co) acquired by Carrington Holding Company ~May 2026 — a realized 166 2nd exit
CB Insights lists Valon Mortgage / Valon Technologies as a 166 2nd Financial Services portfolio exit, Acquired by Carrington Holding Company, 5/7/2026. Doorsey is logged as another 166 2nd exit (5/17/2023). These are among the family office's few realized startup exits.
OUTCOME — InterCure (INCR): Neumann's 4.5% stake never triggered a 13D/13G (sub-5%), so there is NO SEC record of any sale; INCR still trades Nasdaq+TASE but Barak ousted as Chairman (~early 2025, replaced by Alexander Rabinovich); only InterCure 13D (Dec 2025) is Rabinovich, not Neumann
Builds on #11522/#11534. Neumann invested $5M for ~4.5% of InterCure Nov 2018. Because 4.5% < the 5% Section 13 threshold, Neumann was never required to file a Schedule 13D/13G — confirmed by EDGAR: InterCure (CIK 1857030) has exactly one 13D on file (filed 2025-12-09) and its filer is Alexander Rabinovich, NOT Neumann. Therefore his realized profit/loss and current hold-vs-sell status are UNDISCLOSED in public filings (INFERENCE: no mandatory disclosure path exists for a passive sub-5% foreign-issuer holder). Company context: Ehud Barak was replaced as Chairman by Alexander Rabinovich (PRNewswire 302375407, ~Jan 2025); InterCure raised ~$18.2M 'war recovery financing' 2024; voluntarily delisted from TSX July 2023 but remains on Nasdaq (INCR) and TASE. The stock ran up in 2021 (post-Subversive SPAC, Nasdaq listing Sep 2021) then fell with the cannabis sector. No evidence of deeper Neumann-Barak business dealings beyond this single passive stake.
OUTCOME — Selina (SLNA): total wipeout. Delisted Nasdaq 30 Sep 2024, declared insolvent, entered UK administration (FTI Consulting joint administrators), operations (~100 hotels) sold out of insolvency to Collective Hospitality — Neumann's ~8.4% Series-B/de-SPAC stake = ~zero recovery
Builds on #11525/#11538. Selina Hospitality PLC: closing bid <$0.10 for 10 days -> Nasdaq delisting effective 30 Sep 2024 (Form 25-NSE); board stated 'no reasonable prospects' to avoid insolvency, appointed Andrew Johnson/Samuel Ballinger/Ali Khaki of FTI Consulting as joint administrators (UK administration, not US Ch.11); 'sale out of insolvency' Aug 2024; Collective Hospitality (Singapore) acquired ~100 hotels. Equity holders including Neumann (~8.4% reported) wiped out. CONTRAST GoTo Global (#11523, $10M/33% Jul 2020): still operating as an Israeli shared-mobility company; no public exit recorded for Neumann's stake (private, illiquid). NET PICTURE of post-WeWork outcomes: Flow marked UP ($2.5B Apr 2025, #11512); Selina total loss; InterCure undisclosed; Valon/Doorsey small realized exits; Flowcarbon (#11513) effectively wound down / refunding investors; the 2024 WeWork buy-back bid ($500-900M) withdrawn May 2024.
relationship (5)
SPV LLCs from primary loan records: Block G Phase 1 LLC (owns Caoba, $155M CIM loan Dec 2021) + Block G Phase 2 LLC (697 N Miami Ave, $108M CIM construction loan), both managed by Mark Lapidus
TRD revealed site ownership via construction-loan filings: 'Block G Phase 1 LLC' owns Caoba apartment tower at 698 NE 1st Ave and secured a $155M loan from a CIM subsidiary Dec 2021; 'Block G Phase 2 LLC' (697 N Miami Ave, 40-story/429-unit approved) secured a $108M construction loan from CIM Group. Both managed by Mark Lapidus = WeWork's former head of global real estate AND Rebekah Neumann's cousin. Neumann 'purchased stakes in or took over ownership of the two companies that own the development site and adjacent apartments.' FL Sunbiz: BLOCK G PHASE 1, LLC = doc L16000073689. NOTE: Caoba recorded owner still shares CIM Group's LA address — Neumann holds via stake/JV with CIM, not a clean Neumann-named deed. CIM Group is lender AND co-owner.
SYNTHESIS/IRONY: Neumann recycled SoftBank-extraction cash (~$1.3B+) into a COMPETING real estate empire — >$1B in pre-Flow apartments, then a16z's $350M built Flow on top; >$1B traceable into real estate
INFERENCE (sourced): Neumann's confirmed WeWork/SoftBank extraction ($185M non-compete + $578.4M 2021 share sale + $105.6M cash + ~$430-432M share-secured loan + >$1B decade of stock sales). Forward trace: he deployed it into a directly COMPETING residential real estate platform — the exact asset class SoftBank's WeWork bet was built on. Quantification of traceable-into-real-estate: WSJ/Bloomberg confirm >$1B of Neumann/affiliate money into >4,000 apartment units (2020-2022, pre-Flow) — so AT LEAST ~$1B of the extraction is directly traceable into multifamily real estate (likely understated; equity stakes were leveraged with CIM/Rialto/CIM mortgages totaling $155M+$108M+$60M+$121M). On top, a16z's $350M (Aug 2022) capitalized Flow, which absorbed the personal buildings. So the man who blew up SoftBank's real estate bet used the proceeds to build a rival real estate company — and a16z (Andreessen's largest check ever) funded it before any product existed. Caveat: Neumann's stakes are leveraged JVs (CIM is both lender and co-owner of Caoba), and the Nashville assets already wiped out equity investors 100% (Stacks sold Nov 2025) — the 'empire' is partly impaired.
EPSTEIN-FINGERPRINT TEST: NEGATIVE. Neumann-Epstein link is transitive via Barak only; no shared vehicle
Tested whether Adam Neumann and Jeffrey Epstein ever co-invested or shared a vehicle. RESULT: NEGATIVE / TRANSITIVE ONLY. The only bridge is Ehud Barak: Neumann invested $5M in Barak's InterCure (Nov 2018), while SEPARATELY Barak partnered with Epstein on Carbyne/Reporty (2015-2016). CORPUS DOCUMENTARY PROOF of the Barak-Epstein leg, NOT Neumann: EFTA01360536.pdf and EFTA01360528.pdf (DOJ dataset 10) are wire instructions referencing 'Reporty Investment', beneficiary 'ERGO Ltd.', Bank Leumi; companion EFTA-era records show a March 16 2015 $1,000,000 wire authorized by Darren Indyke (Epstein's lawyer) into Barak's Reporty/Carbyne vehicle ('Sum (E.B.) 2015', funded partly via BVI 'Southern Trust'). Adam Neumann appears NOWHERE in these flows. Full-text corpus searches for 'intercure','canndoc','goto global','equitybee' = 0 hits; 'neumann' hits are von Neumann the mathematician + an unrelated mezzanine financier; 'selina' hits are 'Selina Scott' (Brexit), unrelated. CONCLUSION: No direct Neumann-Epstein co-investment, no shared vehicle, no money flow, no corpus mention of Neumann's deals. The association is purely Neumann -> Barak -> Epstein (two hops). HONEST CALL: transitive, not a fingerprint.
Adam Neumann was an early Selina backer (~8.4% reported); invested via 2018 $95M Series B alongside Abraaj Group — Selina is his post/parallel-WeWork emerging-markets hospitality bet
Neumann + Dubai's Abraaj Group put $95M into Selina's 2018 Series B; Neumann's family office is 166 2nd Financial Services. Reported stake ~8.4% (Globes/Calcalist). Founders Rafael Museri & Daniel Rudasevski held ~29% via Kibbutz Holding S.a.r.l. (Luxembourg) — NOT Neumann's vehicle. Other backers across rounds: Access Industries (Len Blavatnik), Colony Capital/Colony Latam (Tom Barrack), Grupo Wiese (Peru), Telefonica, Sir Ronald Cohen, Gigi Levy. NO SoftBank or SoftBank-network investment found in Selina at any stage — Neumann is the only WeWork/SoftBank-orbit nexus, and his exposure here is personal/family-office, not SoftBank Vision Fund. By the Jan 2024 collapse even longest-standing holders were underwater (market cap had fallen from $1.2B post-merger to ~$46M).
CORRECTION: 'Nazare Ventures Fund I LP' ($10.1M AI-infra crypto fund, CIK 2037257) is Steven Waterhouse's, NOT Neumann's — name collision with Neumann's Nazare Asset Management family office
Form D filed 2024-09-20 (CIK 0002037257), Grand Cayman pooled investment fund, totalOfferingAmount $10,100,000 fully sold, $0 remaining, min $50,000, first sale 2024-08-22. Related persons / signer: Steven Richard Waterhouse + Oliver Bell (both Directors). NO Adam Neumann, NO D.J. Mauch anywhere in the filing. This is Dr. Steven 'Seven' Waterhouse's 'Nazaré Ventures' (nazare.io, Agent-First AI; portfolio Cultured Computer / Memco / Epilogue Labs) — Pantera/Orchid founder. Neumann's 'Nazare Asset Management / Nazare Capital Management' is a SEPARATE real-estate family-office vehicle (San Jose office default 2023; Nashville apartments->Flow). The two must not be conflated.
legal (6)
Sojka/Carter v. Neumann (SF Sup. Ct. CGC-19-580474): minority-shareholder derivative+class suit alleging Neumann+SoftBank+board self-dealing, $1.7B extraction
Natalie Sojka v. Adam Neumann et al., Superior Court of California, County of San Francisco, No. CGC-19-580474, filed 2019-11-04; refiled as Carter v. Neumann 2020-01-10 (substitute plaintiff). Defendants: Adam Neumann, The We Company board, SoftBank. Claims: breach of fiduciary duty, aiding/abetting, corporate waste; entire-fairness challenge to the 2019 SoftBank rescue/tender; alleges Neumann used control to extract $1.7B to the detriment of minority shareholders. Counsel: Bottini & Bottini (Frank Bottini). ON-THESIS: judicial articulation of the WeWork extraction theory. Retrieval: DocketAlarm CGC-19-580474 (state court, not on CourtListener).
Emamian v. Neumann (D. Del. 1:21-cv-00414): federal securities 10b-5 class action vs Neumann & WeWork officers (Minson, Dave) tied to BowX de-SPAC
Emamian v. Neumann, U.S. District Court, District of Delaware, No. 1:21-cv-00414, filed 2021-03-22; Judge Gregory B. Williams; nature of suit 850 Securities/Commodities. RECAP docket carries a 'COMPLAINT FOR VIOLATIONS OF THE FEDERAL SECURITIES [LAWS]' and an amended complaint naming Rohit Dave and Arthur Minson (WeWork CFO) among defendants. This is the post-de-SPAC 10b-5 vehicle (BowX/WeWork merger closed 2021-10-20). CourtListener docket_id 59755028 — full RECAP filings retrievable. HIGH-VALUE deep-read target (officer-level fraud allegations + discovery).
Neumann declaration (#1761): Flow Group's $650M offer to buy WeWork and $250M DIP were sidelined by the Debtors, who sold 80% of reorganized WeWork to Cupar (Yardi) for $400M - a 34.6% discount to PJT's own $765M valuation
Neumann (via Quinn Emanuel's Alex Spiro/Susheel Kirpalani + Friedman Kaplan), as founder of Flow Global Holdings, swears: Dec 2023 he told CEO David Tolley of Flow's interest; Tolley said WeWork was 'not for sale' and steered him to DIP. Flow offered a $200M DIP (1/26/24, Ropes & Gray's Gregg Galardi), raised to $250M (3/11/24), and on 3/11/24 a $650M offer to buy WeWork/assets subject to diligence. Why it failed (Neumann's account): Debtors denied Flow the due diligence shared with four other DIP financiers, never returned Flow's NDA markup, and Baird falsely cast the proposals as 'non-consensual priming' though Flow offered pari passu/junior structures. The competing plan sells 80% of Reorganized WeWork equity to Cupar (Yardi vehicle) for $400M = $500M implied equity value, '$265 million less than $765 million midpoint equity value estimated by PJT Partners' (34.6% discount). Declaration is silent on Neumann's own WeWork stake/loans.
Emamian v. Neumann (D.Del. 1:21-cv-00414): 10b-5 fraud over Prolific Interactive acquisition — Neumann allegedly touted WeWork at $110/share / $47B valuation; terminated Nov 2023
Emamian et al v. Neumann et al, 1:21-cv-00414 (D. Del.), filed Mar 22 2021, CourtListener docket 59755028, J. Gregory B. Williams (earlier Stark), terminated Nov 27 2023. Plaintiffs: Bobak Emamian, Hassan Emamian, New Angel Capital LLC, George Investment Partners LP, Devon George, Shareholder Representative Services LLC (Prolific Interactive sellers). Defendants: Adam Neumann, Arthur Minson (CFO), Rohit Dave. Claims: Sec 10(b) Exchange Act + Rule 10b-5 (all defendants); Sec 20(a) control-person (Neumann & Minson). ALLEGES (plaintiffs allege): in the Dec 2018-Jan 2019 negotiations for WeWork's acquisition of Prolific Interactive, Neumann fraudulently misrepresented that 'WeWork was a $47 billion company, with each share valued at $110' and would be 'worth 10 times more after its IPO'; Emamian, relying on this, elected 79%-90% of his consideration in WeWork stock/RSUs (other plaintiffs ~50%); WeWork was not worth anywhere near $110/share. NOTE: this is NOT a de-SPAC/BowX 10b-5 case (orchestrator assumption corrected) — it is a private-acquisition stock-fraud case. Status: case TERMINATED 2023-11-27; a related arbitration (1:24-cv-00357) appeared in 2024, consistent with the dispute being routed to arbitration per the Prolific merger agreement.
INDUCEMENT (alleged): at 25 Jan 2019 meeting Neumann personally touted WeWork as $47B company / $110 per share, claimed worth 'ten times' that; refused to negotiate the valuation, presented as fact
Emamian v. Neumann Amended Complaint (D.Del. 1:21-cv-00414-GBW, Doc 32), paras 4, 49, 51, 59. Neumann's reps drove sellers to take stock over cash. Corroborated in para 51 by contemporaneous press (Business Insider, 16 May 2019) quoting Neumann that WeWork is a $47B company valued at $110/share. Co-defendants Arthur Minson (CFO) and Rohit Dave (head of M&A) endorsed the $110 figure; Minson endorsed it to Plaintiff George; in late May 2019 Neumann and Minson exploited sellers' vulnerable position (Prolific had wound down all non-WeWork clients) to demand the cash-was-now-split-into-stock structure at the same $110/share. ALLEGATION (10b-5 securities fraud), not adjudicated.
Conductor target = Neumann's Baruch College classmate Seth Besmertnik; ~$98M stock deal NOT flagged as related-party in WeWork's 2019 S-1 (which DID disclose Neumann's $5.9M trademark & $20.9M property-lease self-dealing) — fits the stock-as-currency / undisclosed-related-party pattern. Litigation likely stayed by WeWork's Nov 2023 Chapter 11.
FACT: Neumann knew founder Seth Besmertnik from Baruch College (~2 decades prior); opinion states Neumann 'identified Conductor ... because he believed Conductor to have substantial value and because he was executing a bold play to secure technology acquisitions in anticipation of WeWork's planned IPO,' paying 'primarily with its own artificially-inflated stock.' INFERENCE: the $97.8M Series AP-1 stock paid to a CEO's classmate's company is the kind of related-party transaction WeWork's S-1 omitted while disclosing other Neumann self-dealing ($5.9M trademark 'We'; ~$20.9M to Neumann-owned landlords). STATUS: MTD order (5/26/2021) ordered an answer in 21 days + 6/29/2021 prelim conference; no public final judgment, settlement, or appeal located. WeWork Inc. filed Ch.11 on 11/6/2023 (Case 23-19865, D.N.J., 517 entities), which would stay this action against The We Company.
- 1.SEC 0001193125-19-220499
- 2.Finding #11362
- 3.Finding #11353
- 4.Finding #11355
- 5.Finding #11385
- 6.Finding #11384
- 7.Finding #11420
- 8.Finding #11504
- 9.Finding #11512Sources: https://a16z.com/announcement/investing-in-flow/Open artifactSource record, https://techcrunch.com/2025/04/24/report-adam-neumanns-flow-raises-100m-more-than-doubles-valuation-to-2-5b/Open artifactSource record, https://www.bloomberg.com/news/articles/2025-04-24/neumann-s-flow-more-than-doubles-valuation-eyes-eventual-ipoOpen artifactSource record
- 10.Finding #11513
- 11.Finding #11570
- 12.Finding #11526
- 13.Finding #11475
- 14.Finding #11358
- 15.Finding #11354
- 16.Finding #11373
- 17.Finding #11415
- 18.Finding #11378
- 19.Finding #11422
- 20.Finding #11393
- 21.Finding #11426
- 22.Finding #11460
- 23.Finding #11506Sources: https://commercialobserver.com/2022/01/ex-wework-ceo-adam-neumanns-new-role-multifamily-landlord/Open artifactSource record, https://www.bisnow.com/south-florida/news/commercial-real-estate/adam-neumann-miami-caoba-yard-8-111415Open artifactSource record, https://therealdeal.com/national/nashville/2024/01/12/adam-neumann-faces-shortfalls-on-flow-property-in-nashville/Open artifactSource record
- 24.Finding #11507
- 25.Finding #11514
- 26.Finding #11567
- 27.Finding #11568
- 28.Finding #11522
- 29.Finding #11569Sources: https://www.sec.gov/edgar/browse/?CIK=1857030Open artifactSource record, https://www.sec.gov/Archives/edgar/data/1857030/000149315225026804/Open artifactSource record, https://www.prnewswire.com/news-releases/intercure-names-alexander-rabinovich-as-chairman-replacing-ehud-barak-302375407.htmlOpen artifactSource record
- 30.Finding #11523
- 31.Finding #11524
- 32.Finding #11538