WeWork founder and former CEO Adam Neumann makes bid for company

Adam Neumann, the founder and former CEO of WeWork (OTC:WEWKQ), has made a more than $500M bid to buy back his former company, according to a media report. Although Neumann stepped down as CEO and gave up his majority voting control in September 2019, reports are he has wanted to get back in the saddle of WeWork for some time. The Wall Street Journal reported that Neumann’s attorneys sent a letter in February to the company’s advisers noting he was teaming up with hedge fund Third Point and others. Bloomberg reported in early February of a potential bid involving Third Point, which is led by investor Dan Loeb. However, people with knowledge of the situation said that Third Point is not on board. WeWork filed for Chapter 11 bankruptcy protection in November 2023.