Tuesday, June 23, 2020

WeWork's infamous private jet is still for sale 9 months later — with a new discounted price of $49.9 million

WeWork puts its $60 million jet up for sale in 2019 following the company's failed IPO bid.

The luxurious Gulfstream G650 is now for sale for $49.9 million online — a 16% discount.

The plane was a particularly salient example of the company's exorbitant spending, employees told Business Insider at the time.

WeWork isn't finding any buyers for its luxurious private jet 9 months after deciding to put it up for sale.

The 2018 Gulfstream G650 — one of the world's most opulent and expensive models — is now advertised at a "reduced price" of $49.9 million on a pre-owned aircraft site, with just 414 total flight hours and 131 landings.

The jet played a role in WeWork's failed bid to go public in 2019. Sources told Business Insider at the time that employees were upset at the optics of spending $60 million on a jet for a money-losing company. CEO Adam Neumann was said to hold meetings on the jet since he was rarely in the office.

"I know of instances where people got on the plane, flew across the country, and flew commercial home," one employee said at the time.

In one particularly salient incident, the Wall Street Journal reported that Neumann and friends smoked marijuana on the plane on the way to Israel, with the flight crew angered by finding a "sizable chunk" stashed away for the return trip.

Private jet sales, like those for commercial aircraft, have plummeted amid the coronavirus-induced travel glut, but industry insiders say the market is set to rebound quickly, which could be good news for the We Company as it seeks to offload the plane.

66% of members polled by the International Aircraft Dealers Association in May said they're optimistic about the pre-owned market after the pandemic, with most expecting a slight ding to used prices, such as that of WeWork's jet.

(Graham Rapier - Business Insider)

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