Adam Neumann and partners offer more than $500 million for WeWork

Adam Neumann, along with several partners, offered more than $500 million for the bankrupt WeWork company. Bloomberg writes about the proposal with reference to The Wall Street Journal.

The billionaire co-founded WeWork, which focused on renting office space for startups and freelancers. However, he resigned in 2019. The company itself has had a difficult journey. At its peak, it was worth an incredible $47 billion.

But then the situation at WeWork changed dramatically after the IPO failed. The company was also negatively affected by the COVID-19 pandemic, when people worked from home instead of working in offices.

This state of affairs led WeWork to file for Chapter 11 bankruptcy protection last year.

In February of this year, the media reported that Adam Neumann and his real estate firm Flow were trying to buy out WeWork. Danny Loeb’s Third Point Foundation was also allegedly involved in the proposal. However, it was reported at the time that the company was not interested in the idea.

Now, knowledgeable sources say that Adam Neumann and several partners have submitted a buyout offer for WeWork for more than $500 million. This brings the billionaire one step closer to regaining control of the startup, which had a reputation as one of the most expensive.