By Laura McGuire
Adam Neumann is trying to buy Wework out of bankruptcy, the company he founded and was later ousted from, according to reports.
Lawyers acting for the billionaire sent a letter to the flexible co-working space on Monday, informing them he was partnering with New York-based hedge fund Third Point for a potential bid.
However, a spokesperson for the firm told the Financial Times: “Third Point has had only preliminary conversations with Flow [Neumann’s real estate company] and Adam Neumann about their ideas for WeWork, and has not made a commitment to participate in any transaction.”
Neumann founded Wework in 2010 and oversaw the business when it hit a peak private market valuation of $47bn (£37bn)
He stepped down as chief after a failed IPO, which crushed its value after investors raised concerns about his running of the company.
The co-working giant formally filed for Chapter 11 bankruptcy in the US in November.
City A.M. has contacted Wework and Third Point for a comment.
