- 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.
- Neumann’s lawyers expressed dismay at WeWork’s lack of engagement in response to efforts to make an offer to buy the company.
- 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.
- WeWork filed for bankruptcy in November, listing over $18.6 billion of debt, marking a stunning collapse for the once high-valued startup.
- WeWork stated that it receives expressions of interest from external parties regularly and reviews them with the company’s best interests in mind.
- 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.
- 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.