Former CEO of WeWork, Adam Neumann, seeks to repurchase coworking company for 500 million euros.

WeWork, the coworking and office space rental platform that filed for bankruptcy last November, has received a conditional purchase offer of between $500 million and $600 million from Adam Neumann, its co-founder and former CEO. This potential offer comes two weeks after Neumann formed a coalition of six financial partners to present it. Notably, Third Point fund and Baupost Group were not included in this potential purchase offer.

Despite facing challenges such as loss of trust from Softbank, its main investor, a failed IPO, and the outbreak of the pandemic in 2020 that affected its ability to sustain its business model focused on shared office spaces, WeWork remains determined to emerge from Chapter 11 bankruptcy protection in the second quarter as a financially sound and profitable company. WeWork was founded in 2010 by Neumann and Miguel McKelvey and was valued at around $47 billion at one point. With this recent purchase offer, Neumann is indicating a potential move towards regaining control of the company he once led.

By Riley Johnson

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