Adam Neumann submits bid of more than $500 million to acquire WeWork

Adam Neumann submits bid of more than 0 million to acquire WeWork


Adam Neumann of WeWork and Victor Fung Kwok-king, appropriate, chairman of Fung Team, go to a signing ceremony at WeWork’s Weihai Highway spot on April 12, 2018 in Shanghai, China.

Jackal Pan | Visual China Group | Getty Images

Adam Neumann has submitted an unsolicited bid in extra of $500 million to receive WeWork out of personal bankruptcy, a person familiar with the issue advised CNBC.

Pending thanks diligence, that bid could go up to $900 million, the individual stated.

Neumann’s funding was not instantly very clear, even though yet another person acquainted with the matter explained to CNBC that Dan Loeb’s Third Issue was not concerned in the provide. Neumann’s counsel experienced beforehand said that Loeb’s financial commitment business was backing the WeWork founder’s supply.

The give will come weeks right after it emerged Neumann experienced renewed interest in taking back again the company he was ousted from 5 decades in the past. WeWork filed for individual bankruptcy in 2023 after several years of struggles, and has been doing the job with personal bankruptcy advisors to restructure and streamline the small business.

“Two weeks in the past, a coalition of 50 percent a dozen funding associates — whose identities are regarded to WeWork and its advisors — submitted a prospective bid for substantially more than The Wall Road Journal documented with no making contact with us,” a Movement spokesperson mentioned in a assertion.

“As we have explained beforehand, WeWork is an incredible organization and it really is no surprise we acquire expressions of curiosity from third events on a frequent foundation. Our Board and our advisors evaluation those approaches in the ordinary system, to ensure we normally act in the best extended-time period interests of the corporation,” a WeWork spokesperson stated Monday in a statement.

Neumann’s bid, which was to start with claimed by the Wall Avenue Journal, may possibly complexify WeWork’s individual bankruptcy proceedings. The company is trying to find to reject several leases, meaning it would be capable to stroll away from for a longer period-phrase commitments in fewer beneficial markets. Some of WeWork’s lessors have fought these attempts.



Source

Tesla’s planned robotaxi launch in tech-friendly Austin has Musk playing catch-up in his hometown
Technology

Tesla’s planned robotaxi launch in tech-friendly Austin has Musk playing catch-up in his hometown

The Texas flag flies outside TDECU Stadium in Houston, Oct. 21, 2023. Tim Warner | Getty Images Sport | Getty Images Tesla’s long-awaited entry into the robotaxi market — expected later this month — is coming to Austin, Texas, which has emerged as a key battleground for self-driving technology. CEO Elon Musk wrote in a […]

Read More
Nvidia’s Jensen Huang says Nintendo Switch 2 has dedicated AI processors
Technology

Nvidia’s Jensen Huang says Nintendo Switch 2 has dedicated AI processors

An attendee wearing a cow costume while playing Mario Kart World by Nintendo Switch 2 during the Nintendo Switch 2 Experience at the ExCeL London international exhibition and convention centre in London, Britain, April 11, 2025.  Isabel Infantes | Reuters Nvidia CEO Jensen Huang on Tuesday talked up the capabilities of Nintendo‘s new Switch 2, […]

Read More
AI, trade and  socks: Inside the inaugural SXSW in London
Technology

AI, trade and $24 socks: Inside the inaugural SXSW in London

SXSW had branding all around the neighbourhood of Shoreditch in London. Arjun Kharpal | CNBC South by Southwest (SXSW) may be a well-known event in the United States, but it certainly hasn’t reached the same level of recognition in Britain. “What’s that?” asked a pedestrian who was passing by a SXSW London sign. SXSW is […]

Read More