Adam Neumann wants to buy back WeWork
Neumann's new real estate company, Flow Global, has sought to buy WeWork or its assets, as well as provide bankruptcy financing to keep it afloat
Flexible workspace provider WeWork founder Adam Neumann is trying to buy back the company after it filed for bankruptcy in November.
Neumann's new real estate company, Flow Global, has sought to buy WeWork or its assets, as well as provide bankruptcy financing to keep it afloat, DealBook reported.
The news comes a day after an attorney for the shared office space provider said WeWork may be forced to take on a new bankruptcy loan to make up for the slower-than-expected progress on rent negotiations.
WeWork declined to comment on the report. Flow Global did not immediately respond to a request for comment.
Flow secured $350 million in funding last year and is being backed by Dan Loeb, CEO of Third Point, in the bid for WeWork. Despite Flow's offer to acquire WeWork's assets, WeWork's lawyers have yet to respond to their inquiries, despite their commitment to maximizing shareholder returns.
Neumann founded WeWork 14 years ago, reaching a peak valuation of $47 billion. However, the company's IPO prospectus in 2020 revealed substantial losses, leading to the cancellation of the IPO and Neumann's departure after numerous scandals. Although it eventually went public via a SPAC merger in 2021 at a $9 billion valuation, its stock has declined since then, culminating in a Chapter 11 filing last November.
Reuters contributed to this report
