Adam Neumann wants to buy Wework out of bankruptcy
Adam Neumann is trying to buy Wework out of bankruptcy, the company he founded and was later ousted from, according to reports.
Lawyers acting for the billionaire sent a letter to the flexible co-working space on Monday, informing them he was partnering with New York-based hedge fund Third Point for a potential bid.
However, a spokesperson for the firm told the Financial Times: “Third Point has had only preliminary conversations with Flow [Neumann’s real estate company] and Adam Neumann about their ideas for WeWork, and has not made a commitment to participate in any transaction.”
Neumann founded Wework in 2010 and oversaw the business when it hit a peak private market valuation of $47bn (£37bn)
He stepped down as chief after a failed IPO, which crushed its value after investors raised concerns about his running of the company.
The co-working giant formally filed for Chapter 11 bankruptcy in the US in November.
City PM has contacted Wework and Third Point for a comment.