Neumann wants to buy WeWork

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Adam Neumann, the billionaire co-founder and former CEO of WeWork, is attempting to buy back the bankrupt real estate company he founded in 2010 and from which he was ousted in 201923. Neumann's new real estate company, Flow Global, has expressed interest in purchasing WeWork or its assets and has been seeking to provide bankruptcy financing to support the company4. Despite his previous ousting and the controversies surrounding his leadership, Neumann has been actively engaging with WeWork since December 2023 to negotiate a deal27. Neumann's efforts to arrange financing for WeWork date back to October 2022, when he attempted to secure up to $1 billion to stabilize the company, but this proposal was reportedly shut down by WeWork's then-CEO Sandeep Mathrani without explanation3. Neumann's counsel, Alex Spiro, has accused WeWork's advisers of a lack of engagement and has been trying to obtain information necessary for a purchase offer12. Although Neumann's counsel mentioned the support of Dan Loeb's Third Point for the acquisition, the hedge fund has stated that it has not committed financing and that discussions were only preliminary2. WeWork filed for bankruptcy in November 2023, facing $19 billion in liabilities against $15 billion in assets3. Despite the financial struggles of WeWork, Neumann has maintained his billionaire status, partly due to a substantial exit package he received when he stepped down3. Neumann's bid to buy WeWork has been met with resistance from the company's advisers, and it remains unclear whether a formal agreement, such as a non-disclosure agreement, has been signed between the two parties2. The situation is complex, with WeWork's valuation having plummeted from a peak of $47 billion to as low as $500 million14, and the company's restructuring efforts are ongoing amidst its bankruptcy proceedings.
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