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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.
Investors know that the current expectations project rate cuts as early as March. The news is a major positive for the economy overall and suggests that we have avoided a recession.
WeWork's (OTCMKTS: WEWKQ ) spectacular failure and recent bankruptcy filing should serve as a cautionary tale for many other troubled stocks. It should also serve to renew efforts to reassess one's portfolio and drop stocks that are bound to act as detractors overall.