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WeWork: co-founder Adam Neumann makes a $500 million buyout offer for the group

Former WeWork executive Adam Neumann recently made a $500 million takeover offer for the shared office group he co-founded and was let go of five years ago.

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WeWork: co-founder Adam Neumann makes a $500 million buyout offer for the group

Former WeWork executive Adam Neumann recently made a $500 million takeover offer for the shared office group he co-founded and was let go of five years ago. An offer was recently submitted for the troubled group by Adam Neumann for a minimum of $500 million, which could go up to $900 million, according to the Wall Street Journal and CNBC on Monday, citing sources familiar with the matter.

Last month, the controversial former boss of WeWork indicated that he had joined forces with other investors in this project, notably Flow Global Holdings and the managing director of the alternative investment company (hedge fund) Third Point, Daniel Loeb . Currently in receivership, WeWork filed for bankruptcy last November.

Also read: WeWork, or the irresistible fall of the coworking star

At its peak in early 2019, the start-up was valued at up to $47 billion and planned to go public the same year. But investors quickly became concerned about WeWork's economic model and its unbridled growth, but also about the reliability of Adam Neumann as boss.

A charismatic character, Adam Neumann was known for his abrupt and sometimes unmotivated decisions, his whims and his excesses. In September 2019, the board of directors landed him, shortly after the postponement of the IPO. WeWork was then shaken up by the Covid-19 pandemic, which emptied part of the offices and from which it never really recovered.

See also | On November 6, 2023, the company WeWork files for bankruptcy:

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