Adam Neumann Makes a $500 Million Bid For WeWork

Adam Neumann has submitted a $500 million bid to acquire WeWork out of bankruptcy. According to CNBC, it "could go up to $900 million pending due diligence." From the report: Neumann's financing was not immediately clear, although people familiar with the matter told CNBC that Dan Loeb's Third Point was not involved in the offer. Neumann's counsel had previously said that Loeb's investment firm was backing the WeWork founder's offer, but Third Point disputed that assertion in a prior statement. The uncertainty over Neumann's financing, coupled with his track record at the company, could dampen WeWork's receptiveness to his offer. Neumann, his family office Nazare, and his Andreessen Horowitz-backed real estate venture Flow filed a notice of appearance in WeWork's bankruptcy docket on Monday.

"Two weeks ago, a coalition of half a dozen financing partners -- whose identities are known to WeWork and its advisors -- submitted a potential bid for substantially more" than the initially reported $500 million, a Flow spokesperson said in a statement. The offer comes weeks after it emerged Neumann had renewed interest in taking back the company he was ousted from five years ago. WeWork filed for bankruptcy in 2023 after years of struggles, and has been working with bankruptcy advisors to restructure and streamline the business. "As we've said previously, WeWork is an extraordinary company and it's no surprise we receive expressions of interest from third parties on a regular basis. Our Board and our advisors review those approaches in the ordinary course, to ensure we always act in the best long-term interests of the company," a WeWork spokesperson said Monday in a statement.

Looting

[Retired Chemist]

So he made a billion by leaving and now wants to buy it for half that. Presumably so he can loot it again.

Punchable face contest: Adam Nuemann Contender?

[Seven Spirals]

I'm gonna put him head to head with Martin Shkreli and see who wins the "Most Punchable Face" contest.

What is the game?

[aaarrrgggh]

Presumably his current investors know how much of a d-bag the guy is and that he cannot be trusted... so what is the investment thesis here? His buy-and-lease-back game is hard to pull off again, long-term leases on distressed properties is a huge gamble, and the old company lost many of its most compelling properties... not to mention many of them were snatched up already at a steep discount.

Actually running the business with profit and improving margins? Doesn't seem like that is his game.

What about Rebekaaaaaaaaaah?

[thesjaakspoiler]

How much is she pitching in to get control over the vegan konbucha drinks served at WeWork?
If they succeed we at least get a sequel to WeCrashed.

Re:

[Midnight_Falcon]

"Vegan Kombucha" ... can you please list what beverages served in offices aren't vegan!?! AFAIK only adding milk to coffee crosses that line.

No, seriously, Rebekah far too ambitious of a burnout spunion for mere control over beverages. She needs to be able to judge the new management team and staff based on their "energy," which was a crucial role she previously played. [vanityfair.com]

she has been known to have people fired, such as a mechanic for WeWork’s Gulfstream jet, within minutes of meeting them because she didn’t like their energy. “I got the sense that she was guiding the company through her astrological intuition,” said a person who met with Rebekah for a contract role, during which they mostly discussed his birth sign to determine if he would be a good fit, energetically speaking. (He was not.) Another person said that both Adam and Rebekah complimented him several times on his “good energy” when they first met him. (He was hired.)

Give it to trump

[gavron]

Adam Newmann is a sociopath who has bamboozled billions of dollars away from people. He's a religious creep, and a narcissist moron. Note: I'm not a licensed psychotherapist so these are all just my opinions.

If he HAS $500M, just give it to Trump so he can pay for his appeal bond, because that way at least New York taxpayers will get some benefit out of it. WeWork is dead. Adam Neumann can contribute his best to this world by making NY taxpayers whole.

Seriously, what's next? Criminals commit crimes. C

Re:

[nevermindme]

You do realize an appeal bond sits like a lump of petrified shit?

Re:

[drinkypoo]

You do realize an appeal bond sits like a lump of petrified shit?

Perfect, since Trump looks like one.

WeWork extraordinary company in bankruptcy

[bsdetector101]

WeWork extraordinary company in bankruptcy. Well, something doesn't sound right !!! Couldn't pay the rent ?? submitted a potential bid initially reported $500 "could go up to $900 million !!! Inflated hype !

Re: WeWork extraordinary company in bankruptcy

[spinitch]

The brand is hardly worth much. So what would a buyer get for $500m? Renters are on short term contracts so customer acquisition can be done with another company. Regus and others can fill the void. Office demand has plummeted. Of course the current debt holders should get as much as they can just surprised by the valuation. It is bankrupt and has very little assets. If Adam has $500m to burn let him buy it.

pure genius

[chrish]

This is clearly a 4-D chess move, since obviously the future is in-office work. /s

Trying to understand

[Bill, Shooter of Bul]

So the current owners of Wework are upset at this as its causing problems trying to get rid of bad lease agreements? It sounds like they don't really want to be sold, but to emerge from bankruptcy without bad leases that were probably signed pre covid. They might be able to get back into those same buildings at a much lower rate. But if they have bidders trying to buy them now with the bad leases, that shows the lease holders that others think they can come out of bankruptcy even with these leases? So are