Adam Neumann’s plans for WeWork didn’t quite work out the way he hoped for the first go-around—so, why not try again?
Neumann is reportedly trying to purchase the bankrupt WeWork, according to the New York Times‘s DealBook. The famed entrepreneur, who currently leads the real estate startup Flow, previously cofounded WeWork and served as its CEO before being ousted in one of the most spectacular downfalls in Silicon Valley history.
More than four years later, Neumann now appears to be working with hedge-fund manager and investor Dan Loeb in a bid to recapture the coworking spaces provider. A letter sent by Neumann’s lawyers to WeWork advisers on Monday says that Flow will get help from Loeb’s company, Third Point, to finance a potential deal.
Neumann’s attempted purchase has reportedly been ongoing since December, but he apparently hasn’t gotten what he needed from WeWork’s team, which evidently prompted the letter.
“We write to express our dismay with WeWork’s lack of engagement even to provide information to my clients in what is intended to be a value-maximizing transaction for all stakeholders,” the letter reads. “Although my clients have attempted since December 2023 to obtain information necessary for an offer to purchase the Company or its assets and later to provide debtor-in-possession (DIP) financing to support the Company through the bankruptcy process, they still do not have access to that information.”
Reached for comment, a WeWork spokesperson told Fast Company that “WeWork is an extraordinary company. As such, we receive expressions of interest from external parties on a regular basis. We and our advisors always review those approaches with a view to acting in the best interests of the company. We continue to believe that the work we are currently doing—addressing our unsustainable rent expenses and restructuring our business—will ensure WeWork is best positioned as an independent, valuable, financially strong and sustainable company long into the future.”
Fast Company also reached out to a representative for Neumann.
A Third Point spokesperson referred Fast Company to its statement, reported earlier by the Financial Times. “Third Point has had only preliminary conversations with Flow and Adam Neumann about their ideas for WeWork, and has not made a commitment to participate in any transaction,” the statement says.
What happens next is anyone’s guess. But WeWork does need liquidity, and Neumann appears willing to provide it (up to $1 billion, per the letter).
“WeWork should at least educate itself about that potential and not preclude itself from maximizing value,” the letter reads.
WeWork filed for bankruptcy in November 2023, capping a dramatic fall from a previous $47 billion valuation. Over the past year, has warned that it could go out of business and that its stock could be delisted from the New York Stock Exchange. DealBook’s reporting suggests that the company could be sold for as little as $500 million.