{"id":9893,"date":"2024-03-26T06:16:56","date_gmt":"2024-03-26T06:16:56","guid":{"rendered":"https:\/\/news.talkwithrattan.com\/index.php\/2024\/03\/26\/adam-neumann-submits-bid-to-buy-back-wework-report\/"},"modified":"2024-03-26T06:16:56","modified_gmt":"2024-03-26T06:16:56","slug":"adam-neumann-submits-bid-to-buy-back-wework-report","status":"publish","type":"post","link":"https:\/\/news.talkwithrattan.com\/index.php\/2024\/03\/26\/adam-neumann-submits-bid-to-buy-back-wework-report\/","title":{"rendered":"Adam Neumann submits bid to buy back WeWork: report"},"content":{"rendered":"
\"Adam<\/div>


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Adam Neumann<\/a> has submitted a bid<\/a> of more than $500 million to buy back WeWork<\/a>, the office-sharing company he co-founded and propelled to a $47 billion valuation before it fell into bankruptcy<\/a>, a person familiar with the matter told Reuters.<\/p>\n

It’s not clear how Neumann is planning to line up financing for his bid, the source said, requesting anonymity as the discussions were confidential.<\/p>\n

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Neumann raised WeWork to be the most valuable U.S. startup, worth $47 billion, before his pursuit of expansion at the expense of profit and revelations about his eccentric behavior led to his ouster in 2019 and derailed what would have been a major initial public offering.<\/p>\n

Last month, Reuters reported founder Neumann was trying to buy back the SoftBank-backed<\/a> flexible workspace provider, which had filed for bankruptcy in November.<\/p>\n

“WeWork is an extraordinary company and it’s no surprise we receive expressions of interest from third parties on a regular basis,” WeWork said in a statement.<\/p>\n

“Our board and our advisors review those approaches in the ordinary course, to ensure we always act in the best long-term interests of the company,” it added.<\/p>\n

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WeWork said it remains focused on its restructuring efforts to “emerge from Chapter 11 in the second quarter as a financially strong and profitable company”.Last month, Neumann’s lawyers sent a letter to WeWork, saying he was exploring a joint bid for the company with Daniel Loeb’s hedge fund Third Point and other investors.<\/p>\n

Third Point later told Reuters it had held “only preliminary conversations” with Neumann and his property company Flow and had not made any financial commitments.<\/p>\n

WeWork scrapped its IPO in 2019 after investors raised questions about its valuation and corporate governance arrangements that gave Neumann too much control.<\/p>\n

The company racked up losses on its long-term lease obligations as more people began working from home during the COVID-19 pandemic and demand for office space plunged.<\/p>\n

The Wall Street Journal first reported on Neumann’s bid earlier on Monday.<\/p>\n<\/div>\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

Adam Neumann has submitted a bid of more than $500 million to buy back WeWork, the office-sharing company he co-founded and propelled to a $47 billion valuation before it fell into bankruptcy, a person familiar with the matter told Reuters. It’s not clear how Neumann is planning to line up financing for his bid, the […]<\/p>\n","protected":false},"author":2,"featured_media":9894,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"tdm_status":"","tdm_grid_status":"","fifu_image_url":"https:\/\/img.etimg.com\/photo\/88591548.cms","fifu_image_alt":"","footnotes":""},"categories":[607],"tags":[14873,9472,14870,10161,8192,4222,14874,61,14872,14875,14871],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/9893"}],"collection":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/comments?post=9893"}],"version-history":[{"count":1,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/9893\/revisions"}],"predecessor-version":[{"id":9895,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/9893\/revisions\/9895"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/media\/9894"}],"wp:attachment":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/media?parent=9893"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/categories?post=9893"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/tags?post=9893"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}