Adam Neumann, the co-founder and former CEO of WeWork, a start-up that provides office-sharing services, has proposed to acquire the entire business of WeWork through his new real estate company, Flow Global, along with several financial institutions. The exact value of the offer has not been disclosed, but representatives from Flow have indicated it is over $500 million, as reported.
WeWork was once a shining star start-up with a business valuation of up to $47 billion. However, due to various issues, Neumann resigned from the company in 2019, leading to a decrease in WeWork’s valuation and significant layoffs. Last year, the company filed for Chapter 11 bankruptcy, affecting its operations in the United States and Canada, which has piqued Neumann’s interest in buying back the business.
Representatives from WeWork have confirmed receiving this offer, stating that investors have been presenting proposals to the company consistently. The board and advisors will evaluate the offer for maximum benefit.
Source: Business Insider
TLDR: Adam Neumann, former CEO of WeWork, has made a bid to purchase the entire business through his company, Flow Global, following the challenges faced by WeWork resulting in bankruptcy and layoffs. WeWork is considering the offer from Neumann and investors.
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