Five years after driving WeWork into the ground, co-founder and ousted CEO Adam Neumann has now hatched a plan to buy it out of bankruptcy. In a letter to WeWork’s advisers obtained by The New York Times, Neumann and his new real estate business, Flow Global, express interest in buying the co-working space solution — but claim WeWork has been ignoring attempts to get more information so they can come up with a bid. — The Verge
WeWork, meanwhile, is beginning to walk away from even more properties under the direction of new CEO David Tolley after announcing an initial list of 40 that would be relinquished in November.
Neumann had cited outside scrutiny as his main reason for leaving the company in September 2019. His attempts since December to purchase the company through his new housing startup Flow Global constitutes the second such push since Bay Area financier Dan Loeb funded the project in August 2022. The return-to-office downturn is being cited as their principal motivation. In a letter to WeWork advisers, Neumann's attorney said it would be a "value-maximizing transaction for all stakeholders."
WeWork currently owes about $18.6 billion in debts, according to their Chapter 11 bankruptcy filing from November.
3 Comments
I really enjoyed the Anne Hathaway performance in the movie about this. There's a moment where she captures her tears in a tissue without messing up her eyelashes that is just captivating.
Oh yes i totally forgot the movie
One of the greatest salesman in the world. He managed to convince the guy who managed to convince MBS to hand him PIF's fortunes.
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