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CNBC's Deirdre Bosa reports on the latest news from Adam Neumann.
It appears that billionaire entrepreneur Adam Neumann could be making a comeback to WeWork (OTCMKTS: WEWKQ ). This news has sent WEWKQ stock up 100% today.
The founder of bankrupt co-working startup WeWork reportedly hopes to buy back the company. Adam Neumann and other investors have been trying to get information from the company since late last year so that they can put together a bid, Bloomberg News reported Tuesday (Feb. 6), citing a letter sent to WeWork's attorneys seen by the news outlet.
Ousted WeWork Inc (NYSE:WE) founder Adam Neumann is reportedly pulling out the stops to buy and regain control of the workspace firm after it fell into bankruptcy last November. According to the New York Times, Neumann's real estate firm Flow Global has teamed up with hedge fund Third Point, headed by Dan Loeb, to bid on the embattled firm.
WeWork co-founder Adam Neumann is aiming to buy back his now-bankrupt former company alongside billionaire Dan Loeb's hedge fund Third Point, according to a letter sent to WeWork's lawyers obtained by the New York Times and Wall Street Journal—plotting a return to the coworking company after his tumultuous departure in 2019.
Adam Neumann, WeWork's disgraced billionaire founder, has reportedly spent the past several months trying to buy back the bankrupt co-working giant after being ousted as its CEO five years ago.
Adam Neumann is exploring an offer to buy back the now-bankrupt WeWork, per the NYT. It could be a similar move to Steve Jobs' revival as the Apple CEO, 12 years after he resigned.
CNBC's Andrew Ross Sorkin reports on the latest news.
According to a letter obtained by Bloomberg News and the New York Times, Neumann is trying to buy WeWork out of Chapter 11 bankruptcy, with an assist from Dan Loeb's Third Point. WeWork filed for bankruptcy protection in November.
WeWork may be forced to take on a new bankruptcy loan to make up for slower-than-expected progress on rent negotiations, an attorney for the shared office space provider said Monday.