Adam Neumann offers to buy back WeWork for over $500 million

WeWork co-founder Adam Neumann and financing partners have reportedly submitted an offer to buy the bankrupt company for more than $500 million.

The Wall Street Journal had reported that Neumann offered to buy the company he formerly ran for more than $500 million.

“Two weeks ago, a coalition of half a dozen financing partners — whose identities are known to WeWork and its advisers — submitted a potential bid for substantially more than the Wall Street Journal reported,” said the representative of Flow, Neumann’s real estate startup.

It wasn’t immediately clear how Neumann would finance the acquisition of the provider of shared office space, the newspaper reported.

WeWork said in an emailed statement that it remains focused on emerging from Chapter 11 bankruptcy protection in the second quarter as a “financially strong and profitable company.” 

“WeWork is an extraordinary company and it’s no surprise we receive expressions of interest from third parties on a regular basis,” the company said. “Our board and our advisers review those approaches in the ordinary course, to ensure we always act in the best long-term interests of the company.”

WeWork’s valuation plummeted from a high of $47 billion after a failed attempt to go public in 2019, then the Covid-19 pandemic dealt another blow.