According to a report by The New York Times' DealBook, WeWork co-founder Adam Neumann is considering making an offer to buy the bankrupt company. The report highlights a letter sent by Alex Spiro, an attorney who has represented Elon Musk, to WeWork's lawyers. The letter states that Neumann has met with WeWork several times since December to discuss buying the company, its assets, or providing financing. It also mentions a formal proposal for a $200 million debtor-in-possession agreement. The letter accuses WeWork of not cooperating with Neumann's attempts to buy back the company by withholding requested information.
WeWork, once valued at $47 billion, filed for bankruptcy in November 2023. The company's downfall began during preparations for its initial public offering in 2019, which led to Neumann stepping down as CEO. Neumann's management style had been criticized for its eccentricity. The possibility of Neumann returning to the company is compared to Steve Jobs' return to Apple in 1997. Jobs had resigned in 1985 to start another company, but eventually returned to Apple as CEO after the acquisition of his company by Apple.
A spokesperson for WeWork stated that the company regularly receives expressions of interest from external parties and reviews them in the best interests of the company. They also expressed confidence in the ongoing efforts to address rent expenses and restructure the business, which they believe will ensure WeWork's long-term strength as an independent and sustainable company.
Representatives for Neumann have not yet responded to requests for comment.
In summary, Adam Neumann, co-founder of WeWork, is reportedly exploring the possibility of buying the bankrupt company. A letter sent by an attorney representing Neumann claims that he has held discussions with WeWork regarding the purchase or financing of the company. WeWork filed for bankruptcy in 2023 and has faced criticism for its handling of the IPO and Neumann's management style. WeWork has stated that it carefully reviews expressions of interest and remains focused on addressing its financial challenges and restructuring the business. Neumann's representatives have not provided any comment at this time.