WeWork Co-Founder Adam Neumann Bids to Buy Back His Business

(TheConservativeTimes.org) – Adam Neumann, who was the co-founder of WeWork, has bid more than five hundred million dollars to regain control of the business.

WeWork was a shared office space rental company that he launched almost fifteen years ago. Flow, which is Newmann’s property company, has said that they’ve submitted a bid for WeWork. They said that they’ve bid on the company with a group of financing partners to add to the bidding amount as well.

“WeWork is an extraordinary company and it’s no surprise we receive expressions of interest from third parties regularly,” said WeWork. “Our board and our advisers review those approaches in the ordinary course, to ensure we always act in the best long-term interests of the company,” they added.

WeWork also stated that after filing for Bankruptcy they focused on restructuring efforts. It was said that they filed for Bankruptcy after the pandemic caused a shift in those working from home, which lowered the demand for office spaces and, on top of that, the interest rates.

In recent months, Neumann had been seen trying to get close to the company to negotiate a deal in which he’d buy it outright or would provide debt financing for the company. His lawyers sent a letter to WeWork which said he was exploring a joint bid on the company.

While the company was filing for bankruptcy and was inactive, it threw its money into long-term leases at a pricey time in the real estate market. This didn’t help with investors though because many were still skeptical of the company’s valuation and were put off by the terms of the stock listing.

The downfall of Neumann and his company came after many reports concerning his eccentric lifestyle and unsettling office demands came to light. Ultimately, this is what led to him stepping down, but after this, he took on his apartment-focused property company called Flow. Although he said that his company would be launched soon, it’s been stagnant for a couple of years, with their website still saying that it is “coming soon.”