Business

3/26/2024, 7:00 PM

Adam Neumann Plans Comeback with WeWork Buyback

Adam Neumann is considering repurchasing insolvent WeWork – once bid farewell with 1.7 billion dollars.

Adam Neumann, the former CEO and co-founder of WeWork, who received a golden parachute package worth $1.7 billion upon leaving the company, is now showing interest in buying back the now-bankrupt company. According to reports by the "Wall Street Journal", Neumann has submitted an offer of over $500 million for WeWork.

This startup, once considered the most valuable in the USA and valued at 47 billion dollars in January 2019, had to file for bankruptcy following a failed IPO and under Neumann's eccentric leadership. Despite the high investments of 9.5 billion dollars from Softbank, WeWork was never able to generate profits, and the coronavirus pandemic additionally challenged the company's business model.

"Neumann's Buyback Interest is Supported by His Real Estate Company Flow Global and Talks with Dan Loeb's Third Point Hedge Fund and Other Investors, Although Third Point is Not Currently Involved in the Offer. A Spokeswoman for the Fund Confirmed that Talks Have Taken Place, but no Commitment to a Transaction Has Been Made. Neumann's Attempt to Buy Back WeWork Sheds New Light on the Drama Unfolding Around the Once Highly Praised Start-up."

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