HomeStartupAdam Neumann is trying to buy back WeWork

Adam Neumann is trying to buy back WeWork

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Wework drives Softbank to £5bn loss
  1. Adam Neumann, co-founder of WeWork, is attempting to buy the company out of bankruptcy, reportedly with the backing of investors such as Third Point and others.
  2. Neumann’s lawyers expressed dismay at WeWork’s lack of engagement in response to efforts to make an offer to buy the company.
  3. They claimed that Neumann had previously worked to arrange up to $1 billion of financing to stabilize WeWork in October 2022, but the former CEO shut down the process without explanation.
  4. WeWork filed for bankruptcy in November, listing over $18.6 billion of debt, marking a stunning collapse for the once high-valued startup.
  5. WeWork stated that it receives expressions of interest from external parties regularly and reviews them with the company’s best interests in mind.
  6. Third Point stated that it had only held preliminary conversations with Flow and Neumann about their ideas for WeWork and had not committed to participating in any transaction.
  7. Neumann’s new venture, Flow, a residential real estate outfit focused on rentals, is backed by venture firm Andreessen Horowitz. If Flow succeeds in buying WeWork, a16z would presumably become a shareholder in the company.

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