Ousted Co-Founder Bids Over $500 Million To Buy Back WeWork: Report

Ousted WeWork co-founder Adam Neumann recently bid more than $500 million to buy back the struggling office-sharing group, according to media reports Monday.

Neumann recently submitted the offer, but it was not clear how he would finance such a deal, the Wall Street Journal and CNBC reported, citing sources close to the matter.

Neumann is seeking to buy the company out of bankruptcy, according to a letter to WeWork seen by AFP last month.

WeWork went into bankruptcy in November with its major creditors set to take control of the company.

Read | WeWork Doubles In Latest Perplexing Bet On A Bankrupt Company

At its height, WeWork was the biggest private renter of office space in Manhattan, with co-working spaces in cities across the globe.

But investors became concerned not only about WeWork's business model and unbridled growth, but also about Neumann's reliability as a boss.

A charismatic figure, Neumann was known for his sometimes abrupt decisions.

Read | How WeWork Went From Being $47 Billion Start-Up To Bankrupt

In September 2019, the Board of Directors dismissed him, shortly after the company's stock market debut was postponed.

Neumann was forced out of the company with a $1.7 billion exit package, while the company's value was slashed to $8 billion.

WeWork was then disrupted by the Covid-19 pandemic, which emptied offices as workers went remote, and the company never fully recovered.

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