Adam Neumann seeks to buy WeWork out of bankruptcy

Unlock the Editor’s Digest for free

Adam Neumann is seeking to buy WeWork out of bankruptcy in an audacious bid by the office space group’s co-founder to return to the company from which he was ousted.

Lawyers acting from the Israeli entrepreneur sent a letter to WeWork on Monday saying Neumann is “partnering” with Dan Loeb’s Third Point on a potential bid.

However, in a statement to the Financial Times, Third Point said the firm is still in preliminary discussion and has not committed to financing Neumann’s bid.

“Third Point has had only preliminary conversations with Flow and Adam Neumann about their ideas for WeWork, and has not made a commitment to participate in any transaction,” it said.

Flow is Neumann’s new real estate company. Neumann did not respond to a request for comment.

Neumann oversaw WeWork as its valuation peaked at $47bn in private markets and subsequently crashed after a failed initial public offering where investors raised concerns about his management of the company.

See also  Europe’s unity ‘crumbling’ on Russia sanctions, Germany warns

Additional reporting by Eric Platt

Source: https://www.ft.com/content/7134ece6-cfae-45fd-a202-75e4f001f584