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Neumann's proposal to inject cash into WeWork is likely to be met with some hesitation, as the man who once steered the ship into troubled waters now wants to grab the helm again
Adam Neumann, the co-founder and former CEO of WeWork, is reportedly looking to buy the co-working company out of bankruptcy. Neumann's new real estate company, Flow Global, is teaming up with Third Point to buy WeWork. In a letter sent to WeWork's advisers, Flow Global's lawyers disclosed that Third Point would help finance the transaction. Neumann's lawyer suggested that WeWork should consider the potential benefits of a takeover by its former CEO, who he said could provide “management expertise” and increase the company's value.
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WeWork filed for bankruptcy in the US in 2022. The company struggled to recover from the effects of Covid-19 on the economy and its failed initial public offering in 2019.
Neumann's lawyer is Alex Spiro, whose other clients include Tesla CEO Elon Musk and the rappers Jay-Z and Megan Thee Stallion.