Adam Neumann has made an offer of more than $500 million to buy back WeWork, the office-sharing company he co-founded and built at a valuation of $47 billion before the company filed for bankruptcy, a company told Reuters. person familiar with the topic.
It’s unclear how Neumann plans to get financing for his bid, the source said, requesting anonymity because the discussions are confidential.
Neumann led WeWork to become the most valuable startup in the United States, valued at $47 billion, before his drive to expand at the expense of profit and revelations about his erratic behavior led to his departure in 2019 and made derail what would have been a great initial undertaking. public offering of shares.
Last month, Reuters reported that Neumann was looking to buy back the SoftBank-backed flexible workspace provider, which filed for bankruptcy in November.
“WeWork is an extraordinary company and it is no surprise that we regularly receive expressions of interest from third parties,” WeWork said in a statement.
“Our board of directors and our advisors review these approaches routinely to ensure we are always acting in the best long-term interests of the company,” he added.
Last month, Neumann’s lawyers sent a letter to WeWork saying he was exploring a joint bid for the company with Daniel Loeb’s Third Point hedge fund and other investors.
Third Point later told Reuters it had had “only preliminary conversations” with Neumann and his real estate company Flow and had not made any financial commitments.
WeWork withdrew its IPO in 2019 after investors raised questions about its valuation and corporate governance arrangements that gave Neumann too much control.
Source: Terra
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