Adam Neumann wants WeWork back
Adam Neumann wants to buy back WeWork, the bankrupt coworking company he founded and led before his 2019 ouster.
Why it matters: This would be a mind-blowing boomerang, particularly given how many people still blame Neumann for the company's troubles.
- It also might be WeWork's last, best hope of maintaining anything close to its current footprint.
Details: Neumann and his new company, Flow, have unsuccessfully sought to engage with WeWork since December, according to a letter first obtained by the NY Times.
- Flow launched in 2022 with $350 million from Andreessen Horowitz, and said in its letter that Dan Loeb's Third Point would help finance a WeWork transaction.
- The letter adds that Neumann had worked to arrange up to $1 billion in financing for WeWork in the weeks before its Nov. 2023 bankruptcy filing, but that the company's then-CEO canceled their meeting without explanation.
The bottom line: Some folks never get over their first true love.