Once valued at $47 billion, with its sights set on “elevating the world’s consciousness,” office rental company WeWork will go public Thursday at a more muted $9 billion valuation. That’s got to be underwhelming for the investors who pumped $12.7 billion into the business as it ballooned to become one of the world’s most valuable startups. But there’s one player making out big time: Adam Neumann, the ousted cofounder whose conduct as CEO helped crash the company’s first IPO attempt (and whose controversial separation deal infuriated both investors and the broader public).

Forbes estimates that Neumann, who lost his billionaire status as WeWork’s value plummeted following the failed attempt to go public in 2019, will be worth an estimated $1.6 billion when shares begin trading on Thursday after WeWork merges with BowX Acquisition Corp.— a fraction of the $4.1 billion Forbes estimated him to be worth at WeWork’s peak, but enough to make him a billionaire for the first time since 2019.

Despite being ousted from the company he cofounded and no longer having any role in the business, Neumann, through an entity he controls, will own an estimated 48.5 million shares after the SPAC merger, giving him an estimated ownership stake of about 7%.

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