WeWork Gave Founder Loans as It Paid Him Rent, IPO Filing Shows

Adam Neumann is more than a founder and chief executive at WeWork. He’s also a landlord, a seller of intellectual property and a financial borrower.

The business relationships involving Neumann and his family were disclosed in a registration document Aug. 14 for an initial public offering, expected to be the largest of the year after Uber Technologies Inc. They show an interdependence that runs deeper than most entrepreneurs to their creations and one that raises concerns among prospective shareholders.

Adam Neumann

Photographer: Kelly Sullivan/Getty Images

“As an investor, why would you be willing to put your confidence in this structure?” said Charles Elson, a corporate ...