a16z GP on investing billions in Adam Neumann • TechCrunch

Andreessen Horowitz (a16z) normal associate Chris Dixon shed some mild on the agency’s current investments in controversial WeWork founder Adam Neumann on stage at TechCrunch Disrupt 2022.

Neumann raised $350 billion from the enterprise agency again in August in a deal that reportedly valued his new actual property enterprise, Move, at $1 billion earlier than it had even launched.

That funding, which marked the most important test a16z had ever written for a single firm and its second wager on a Neumann startup in 2022, drew criticism from VCs and founders. Many famous Neumann’s less-than-ideal observe document at WeWork, which beneath his tenure tanked in worth from ~$47 billion to ~$8 billion and gained a popularity for mismanagement and poor therapy of workers.

Marc Andreessen, the enterprise agency’s founder who led the Move deal, noticed Neumann’s observe document otherwise, Dixon informed interviewer Lucas Matney.

“He’s one of many few founders — I imply, he’s one of many solely individuals on this planet who has constructed an actual property model identify,” Dixon mentioned.

The funding information in August additionally got here on the heels of the discharge of WeCrashed, an Apple TV+ present that depicted Neumann’s rise, fall and exit from WeWork with actor Jared Leto taking part in the founder. The present, which portrayed Neumann as a narcissistic, chaotic chief, was impressed by precise occasions however didn’t purport to be a documentary.

“I do know there’s loads of stuff written about [Neumann] and issues we did, however we do our personal analysis. We simply don’t depend on books and films for our diligence. We do our personal analysis, and we simply got here to a unique conclusion on loads of what occurred,” Dixon mentioned.