Adam Neumann Gives Up Bid to Buy Back WeWork -- WSJ

Dow Jones2024-05-28

By Joseph De Avila

Adam Neumann has given up on buying WeWork, the bankrupt shared-workspace company he co-founded and was ousted from five years ago.

"For several months, we tried to work constructively with WeWork to create a strategy that would allow it to thrive," Neumann said in a statement Tuesday. "Instead, the company looks to be emerging from bankruptcy with a plan that appears unrealistic and unlikely to succeed."

WeWork filed for bankruptcy in November as it faced a downturn in the office real-estate market. The once high-flying startup has been struggling after it expanded aggressively and the Covid-19 pandemic damaged demand for co-working spaces.

Neumann resigned as chief executive of WeWork in 2019 after facing pressure from the board following big losses at the company. Since then, he had been trying to regain control. In March, he stepped back in. Backed by his new real-estate company Flow Global, he made an offer of $650 million to buy the company.

WeWork rejected the offer. In April, a bankruptcy court in Newark approved WeWork's plan that gives control of the co-working business to its service partner Yardi Systems.

The New York Times earlier reported that Neumann was dropping the bid.

Write to Joseph De Avila at joseph.deavila@wsj.com

(END) Dow Jones Newswires

May 28, 2024 11:02 ET (15:02 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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