Adam Neumann wants to buy out the bankrupt WeWork company he co-founded

Billionaire Adam Neumann is trying to buy out the bankrupt American company WeWork, which had a reputation as one of the most expensive startups, reports TechCrunch.

The businessman co-founded WeWork, which focused on renting office space for startups and freelancers. However, he resigned in 2019.

Now the billionaire is looking to buy the company. However, WeWork doesn’t seem to be very interested. This follows from information from lawyers representing Adam Neumann, his new startup Flow Global Holdings, and affiliates.

They stated that they were struck by WeWork’s lack of interest in even providing information in response to attempts to make an offer to buy the company.

According to the lawyers, Danny Loeb’s Third Point fund also joined the work on this proposal. However, the fund clarified that it had only held preliminary talks with Flow and Adam Neumann and had not committed to any deal.

At the same time, WeWork said that they regularly receive expressions of interest from external parties.

“We and our advisors always review those approaches with a view to acting in the best interests of the company,” WeWork said.

The company has come a long way. At its peak, its value was estimated at $47 billion. However, the situation changed dramatically after the IPO failed. Another serious challenge was the pandemic, when employees started working remotely from home instead of working in offices.

Finally, last year, WeWork filed for bankruptcy protection under Chapter 11 of the U.S. Bankruptcy Code.