Adam Neumann tries to buy WeWork out of bankruptcy
Neumann, who was forced out in 2019, built WeWork with backing from Japan's Softbank, along with Saudi and UAE sovereign wealth funds
Future Investment Initiative
WeWork founder Adam Neumann, who turned the shared office-space market into a global phenomenon only to be squeezed out amid a failed IPO, is trying to buy the firm out of bankruptcy.
Neumann has sought over the past several months to purchase the business through his new real estate company, Flow Global, and to provide bankruptcy financing to keep it operating, The New York Times reported in its Dealbook section. Dan Loeb, the New York investor and founder of Three Point Management, has been working with Neumann on the deal,
The 44-year-old Israeli Navy veteran built WeWork into a sprawling international real estate company once valued at $47 billion before it crumbled in 2019 and he was forced out by the board as CEO. As the company grew, Neumann was backed by Japan’s Softbank and its first Vision fund, which raised billions of dollars from Saudi Arabia’s Public Investment Fund and Abu Dhabi’s Mubadala Investment Co.