- Adam Neumann submitted a bid of more than $500 million to buy back WeWork, per The Wall Street Journal.
- The WeWork cofounder has been trying to regain control of the company since his ousting.
- The coworking company filed for bankruptcy in November 2023.
WeWork cofounder Adam Neumann is trying to regain control of the bankrupt coworking company.
Neumann has submitted a bid to buy WeWork for more than $500 million, The Wall Street Journal reported Monday.
The move comes after an attorney for Neumann and his new real estate company Flow Global sent a letter to WeWork’s lawyers detailing his efforts to buy back the company last month. It wasn’t immediately clear whether Flow Global was involved with Monday’s offer. An attorney who has represented Flow Global did not respond to Business Insider’s request for comment.
Neumann has met with WeWork several times since December to discuss the possibility of purchasing or financing it, the letter said.
WeWork’s board ousted Neumann five years ago, and he has been seeking a path back to the company since. The company, which was once valued at $47 billion, filed for bankruptcy in November 2023.
People familiar with the situation told the Journal it wasn’t immediately clear how Neumann would foot the $500 million bill.
Neumann did not immediately respond to Business Insider’s request for comment.
“As we’ve said previously, WeWork is an extraordinary company and it’s no surprise we receive expressions of interest from third parties on a regular basis,” WeWork said in a statement to Business Insider. “Our Board and our advisors review those approaches in the ordinary course, to ensure we always act in the best long-term interests of the company. WeWork remains intensely focused on finishing the important work we began back in November, and believe we will emerge from Chapter 11 in the second quarter as a financially strong and profitable company.”
This is a developing story, check back for more information.
