In business it seems memories are short and comebacks easy

It’s been three years since Adam Neumann exited WeWork and he’s back already, writes Chris Blackhurst

Silicon Valley venture capital firm Andreessen Horowitz has announced it is funding the new venture of Adam Neumann (Getty)

It never ceases to amaze. How, in business, memories are short, how there is often room, unlikely as it is, for a comeback.

This week, Silicon Valley venture capital firm Andreessen Horowitz announced it was funding the new venture of Adam Neumann. Called Flow, the new company appears to be aimed at doing for rented living what his WeWork once promised for shared working. Neumann has bought stakes in more than 4,000 apartments across the US, and his intention is to create “a widely recognised apartment brand, stocked with amenities.” To help him on his way, Andreessen has invested $350m (£296m), “the largest individual cheque” it’s written for a start-up. The firm valued Neumann’s new hobby horse at more than $1bn (£850m).

Yes, this is the same Neumann, the long-haired, Israel-born entrepreneur who promoted WeWork with messianic zeal, driving it to a valuation of $47bn (£40bn) at its peak before the joint office space developer crashed. Today, WeWork is worth $4.2bn (£3.55bn). The founder, though, has long gone. After questions were raised about his management style and WeWork’s losses, Neumann exited with a package of more than $1bn, including $200m (£169m) in cash and called allegations that he profited while the company declined “completely false”.