If WeWork's office-sharing business doesn't work out for the company, it has some backup options. For example: a startup that makes artificial waves, which chief executive Adam Neumann directed WeWork to funnel more than $13 million into.
But back in 2016, when WeWork was still riding a wave, so to speak, of investor hype, Neumann led the company to invest $13.8 million in Wavegarden, a Spanish wave pool company. Neumann, an avid surfer, apparently wanted WeWork to embody the spirit of community he found in surfing, the Wall Street Journal reported at the time.
WeWork's investors are now rolling out new limits on Neumann's control of the company in an attempt to keep its valuation afloat, which could mean in the future Neumann has less power to throw company money at ventures that align with his favorite hobbies.
But for now, here's a deep dive into the gnarly startup whose success WeWork has bet millions on.