The rise and precipitous fall of real estate company WeWork — along with its infamous co-founder and ex-CEO Adam Neumann — will be the subject of a new film by written by Charles Randolph, who somehow made arcane financial dealings make sense in The Big Short..
Production companies Blumhouse, backed by producer Jason Blum, and Universal partnered for the adaptation, which will be drawn mostly from reporting by journalist Katrina Brooker’s articles, as well has her upcoming book on the subject.
Brooker, a senior contributor at Fast Company, has conducted in-depth interviews with Neumann, whose unconventional management style and wanton spending was said by investors to have led to WeWork’s rapid decline.
Neumann co-founded the communal workspace company in 2010, eventually bringing its valuation to over $47 billion US in August 2019. That valuation currently sits at as little as $5.9 billion, and Neumann — who left WeWork in September with a reported $1.7 billion exit package — is currently being sued by minority shareholders to recoup losses following a disastrous IPO which caused the company’s value to drop by over 87 per cent.
The film will also follow Softbank CEO and early WeWork investor Masayoshi Son, whose large cash infusions were the primary reason for WeWork’s early success.
Randolph is set to produce the film, as well as write the screenplay. The writer previously won the Academy Award for best adapted screenplay for his 2015 film The Big Short.