Roula Khalaf, the Editor of the FT, shares her top stories in the weekly newsletter for free. Adam Neumann is making a bold move to buy WeWork out of bankruptcy in an attempt to make a comeback at the office space company. However, the hedge fund mentioned by the ousted co-founder stated it has not yet finalized any financing agreement for this endeavor. Neumann’s legal team sent a letter to WeWork on Monday, indicating that he was “partnering” with Dan Loeb’s Third Point for a potential bid.
Nevertheless, Third Point clarified in a statement to the Financial Times that the firm was still in early discussions and had not committed to providing financing for Neumann’s bid. The hedge fund stated, “Third Point has had only preliminary conversations with Flow and Adam Neumann about their ideas for WeWork and has not made a commitment to participate in any transaction.” Flow refers to Neumann’s new real estate company. Neumann did not respond to a comment request.
Neumann was at the helm of WeWork when its valuation reached $47bn in private markets. However, the company’s value plummeted after a failed initial public offering, during which investors expressed concerns about his management of the company.
This is an evolving narrative.
