Pop, the term "turn around" implies that the company was at one time successful. NEOM which has never had an operating profit for its entire history, so that term doesn't fit.
I would call NEOM a start-up, albeit a start-up for well over a decade. CEO's of typical start-ups don't make $500K per year. In fact, those CEO's may not take any salary for years until the business is successful. The reward for that "sweat-equity" can be a massive pay-out if success is achieved.
It takes a true entrepreneur to appreciate that risk and return proposition and no one will ever mistake LM for an entrepreneur.