© Noam Galai/Flickr
Adam Neumann is not done with WeWork. The man who co-founded the coworking space rental startup in 2010 was pushed out (not without receiving a very large check) by the shareholders, when the company’s dreams of profitability faded. Finally, WeWork as part of their insolvency service business plan declared bankruptcy last November, but the story is not over.
Discussions underway
We learn that Adam Neumann is trying to buy the company through his new startup Flow and other affiliated companies. To do this, he would join forces with the Third Point fund led by Dan Loeb, and other investors.
However, the operation does not seem to be going smoothly if the American press is to be believed. Thus, Adam Neumann’s lawyers complained to the New York Times: « We write to express our dissatisfaction with – regarding WeWork’s lack of commitment to even providing information to our customers in what is supposed to be a transaction that maximizes value for all stakeholders. ».
For its part, WeWork responded very neutrally and without ever mentioning the name of its sulphurous co-founder. Quoted by Techcrunch, company representatives estimate:
WeWork is an extraordinary company. This is why we regularly receive expressions of interest from external parties. We and our advisors always review these approaches with a view to acting in the best interests of the company.
Finally Dan Loeb also tempers expectations and specifies to Financial Times that there have only been preliminary conversations with Adam Neumann’s company, and that ‘no formal commitment has yet been made.
WeWork, symbol of the excesses of the world of Tech
As a reminder, Adam Neumann was for a long time the darling of Silicon Valley. A charmer, the entrepreneur was able to seduce renowned investors including BlackRock, Goldman Sachs, and the Japanese SoftBank.
Faced with the lack of profitability, its star gradually faded. He then became, despite himself, a sort of symbol of the excesses of the world of Tech, as shown so well by the Apple TV+ series WeCrashed. If you wish to delve deeper into the subject, we advise you to re-read our analysis devoted to WeWork here.
What you need to remember:< /p>
- Adam Neumann tries to buy WeWork
- He has started discussions with other investors. The latter procrastinate and explain that nothing has been done
- A return of the fallen entrepreneur to the startup would be spectacular
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