Feb 6, 2024 - Business

Adam Neumann wants WeWork back

Photo illustration of a hundred-dollar bill with Adam Neumann in place of Ben Franklin.

Photo illustration: Brendan Lynch/Axios. Photo: Angus Mordant/Bloomberg via Getty Images

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.

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