Adam Neumann, the Israeli-American entrepreneur who co-founded co-working outfit WeWork, is reportedly trying to buy back the embattled company, some four months after it filed for bankruptcy.
The New York Times’ Dealbook broke the story today, reporting that Neumann’s new real estate company, Flow, has sought to buy WeWork and/or its assets and provide bankruptcy financing to keep the company running.
WeWork, which was headed by Neumann until late 2019, filed for bankruptcy in November.
WeWork has faced significant problems for several years, following a botched attempt to go public in 2019 that led to Neumann’s ouster amid reports of erratic behavior and exorbitant spending that spooked early investors.
Japan’s SoftBank stepped in to keep WeWork afloat, acquiring majority control over the company and going public in October 2021.
Despite efforts to turn the company around since Neumann’s departure — including significant cuts to operating costs and rising revenue — WeWork has struggled in a commercial real estate market that has been rocked by the rising cost of borrowing money, as well as a shifting dynamic for millions of office workers now checking into their offices remotely.
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From the Liveblog of
Tuesday, February 6, 2024
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