In WeWork ’s heyday , the situation was unhorse . Kombucha in the water fountains , DJ sets at 5 p.m. , and yoga ball where desk professorship should be . These days , expensive offices sit emptyin cities across America . Adam Neumann , the co - father and former CEO of WeWork , is reportedly trying to buy his fellowship back in an effort to come back the federal agency to its glory days , harmonize toDealBookon Tuesday .
Neumann has a new existent demesne company calledFlow Global . Experts suggest that Flow could purchase WeWork today at a steep discount of just $ 500 million far from its heyday ofbeing deserving billions .
WhenWeWork filed for bankruptcyback in November , Neumann released a statement allege “ With the right scheme and team , a reorganization will enable WeWork to emerge successfully . ” It ’s now clear that when he was referring to himself .
Co-Founder and Former CEO of WeWork, Adam Neumann.Photo: Shahar Azran (Getty Images)
The current owners of WeWork have reportedly been hesitating to deal out to Neumann . However , with the current State Department of commercial real acres , the troupe ’s back may be against the wall . The income tax return of Neumann seems close at hand , and he ’s coming to put kombucha back in our water supply outpouring .
Elon Musk’slawyer , Alex Spiro , is helping Neumann get his old company back . DealBook publish aletterfrom Spiro representing the former WeWork CEO on Tuesday . The letter notes how , in the past times , WeWork ’s current management has canceled meetings with Neumann , in which the Colorado - laminitis endeavor to invest up to $ 1 billion in the struggling ship’s company he ’s now trying to buy .
Since Neumann co - constitute WeWork in 2010,corporate real estate has all changed . WeWork was briefly the big tenant in many major working city , with a valuation of$47 billion . More than that , having a WeWork office was a ethnical touchstone for most booming tech startups in the 2010s . In 2024 , own an office construction has become a terrible stage business . The note value of office buildingsdeclined by $ 590 billionnationally last year , asreturn - to - office mandate have failedto get workers back in person . WeWork filed for failure in November , differentiate the diligence ’s struggles in the era of removed study .
However , Neumann could be the one individual who can inject some excitement into the flailing dumpster fire we call commercial-grade actual estate of the realm . The former chief operating officer had a chronicle of cultish projects while at WeWork , such as hostel - style living withWeLiveand even elementary schools withWeGrow . Say what you will about Neumann , but he for certain bewilder mass delirious about live to the authority , even if that did involve initiating them into his work cult .
The company saidgoodbye to Neumann in 2019 , when he stepped down as WeWork ’s chief operating officer after an mortifying failure to take it public . Investorsquestioned whether WeWork was actually a tech company , and reckon its time value as closer to $ 15 billion . Neumann was ultimatelygiven billion of dollar to go forth WeWork .
Elon MuskWEWORK
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