Indian American Billionaire Software Mogul Anant Yardi Takes Majority Stake in WeWork

Billionaire software mogul Anant Yardi, founder and CEO of real estate technology giant Yardi Systems, has taken a majority stake in the shared office space company WeWork. Founded in 2010 by Adam Neumann and Miguel McKelvey, WeWork filed for bankruptcy in November 2023. The company, “which once had a peak valuation of $47 billion, dropped its valuation to $750 million by April this year,” according to Business Insider.

The Indian American has been a key player in WeWork’s restructuring. He has invested over $200 million in equity and debt into WeWork over the past two years, according to the Financial Times. Recently, he committed an additional $337.5 million to counter a bid from former WeWork CEO Adam Neumann, who attempted to regain control of the company, the report added. 

He told Indian business and financial daily Mint he “plans to steer WeWork towards targeting small businesses and incorporating hotel-like technologies like real-time bookings.” Remaining optimistic about the company’s future, he said “If there were doubts, I think we would’ve been much more cautious.”

Business Insider noted that Yardi’s involvement marks “a significant turning point” for the embattled company. It “signals a shift towards stability and experience as WeWork aims to rebuild its reputation and navigate the evolving landscape of the flexible workspace industry.” The publication further mentioned that Yardi’s “impressive track record in the technology and real estate sectors makes him a formidable candidate to lead WeWork’s turnaround.”

While some Indian media reported that Yardi was named the new CEO of WeWork, a Yardi Systems spokesperson told The Mint that despite his becoming “the majority owner” of WeWork, “the business will be operated separately.” David Tolley “is still CEO of WeWork,” he added. 

Yardi immigrated from India to the US in 1968. He topped the JEE entrance examinations in 1963 and has a BTech degree from the Indian Institute of Technology, Delhi, where he was awarded the Director’s Gold Medal. He later earned his Master of Science degree in Engineering from the University of California at Berkeley. 

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Before founding his own company, he spent 14 years at Burroughs Corporation (now Unisys). There, he honed his skills in programming and systems development, eventually becoming the Director of Systems Development. 

In 1984, he developed “Basic Property Management” for the Apple II computer and founded Yardi Systems. He has been leading the company as president and CEO ever since. The company has been running steadily under his leadership for 35 years and, today, it makes almost $3 billion a year. 

He was honored with the ‘Digie’ award by Realcomm for his visionary work in automation systems in 2004.  That same year, he was inducted into the Multi-Housing News ‘Hall of Fame’.