WeWork co-founder Adam Neumann has recently intensified his efforts to repurchase the company as it faces a critical need for financial support to avoid bankruptcy. The shared office space provider is reportedly in dire need of up to $400 million in fresh funding to have a chance at a viable emergence from its financial struggles, according to sources familiar with the matter cited by the Financial Times.
Amid this financial turmoil, Neumann, through his real estate firm Flow, has made it clear that they are willing to surpass any competing offer by 10% in a bid to reclaim control of WeWork. This determination to acquire the company back comes in the wake of Neumann's submission of a bid exceeding $500 million for the purchase of WeWork, as reported by Reuters last month. WeWork, on the other hand, has not provided an immediate response to inquiries regarding these developments, maintaining a level of secrecy around its ongoing negotiations and potential sale.