A former employee said Neumann and his family office had been 'decent.'
Faraday Grid's former CEO Andrew Scobie.The startup could still live on if administrators Grant Thornton successfully restructure the company or find a buyer. Earlier this month, the firm said 45 employees had lost their jobs.
According to one former employee, 166 2nd wrote to the pool of employees to offer financial help through a dedicated"relief" fund. 166 2nd did not specify the size of the fund but, according to the source, some employees are who have applied for help are already receiving checks. The source said 166 2nd had also offered help to overseas employees whose visas are sponsored by Faraday Grid.
"166 have been really decent," one former employee said."They've taken responsibility for the remaining staff and that's admirable." The source added that Neumann's sister, Adi Neumann, had also visited Faraday Grid's head offices in Edinburgh, Scotland in March and met former CEO Scobie and other senior staff.
The source and another former employee described how the firm had spent lavishly in the runup to its collapse, both to impress Adi Neumann and to fuel a rapid expansion. Between January and June, Faraday Grid announced its expansion to the US, a new chief systems architect, comms chief, two regulatory bosses, aA spokeswoman for WeWork declined to comment.
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Survive—And Thrive: The Entrepreneur Who Overcame A $600 Million Deal Disaster And Fended Off WeWorkKong Wan Sing had to overcome a $600 million M&A disaster—and fend off WeWork—to turn his JustCo co-working company into one of Asia’s fastest-growing startups
Read more »
Survive—And Thrive: The Entrepreneur Who Overcame A $600 Million Deal Disaster And Fended Off WeWorkTo survive a giant rival, JustCo founder Kong Wan Sing thought he needed to find a merger. Turns out, going alone was his best bet
Read more »
Survive—And Thrive: The Entrepreneur Who Overcame A $600 Million Deal Disaster And Fended Off WeWorkTo survive a giant rival, Kong Wan Sing thought he needed to find a merger. Turns out, going alone was his best bet.
Read more »
The Design Of WeWork India Spaces Fosters An Ethos Of Creativity And CommunityWith 23 co-working spaces across the country, WeWorkIndia's creative director FrancoisGRAM talks about how the team integrates the history of each city into their custom installations by working with local designers. Design
Read more »