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Adam Neumann Ends Bid to Reacquire Bankrupt WeWork, Once Valued at $47 Billion

May 28, 2024, 03:34 PM

Adam Neumann, the co-founder and former CEO of WeWork, has officially ended his bid to reacquire the bankrupt shared office space provider. The New York Times Dealbook reported that Neumann, who was ousted from WeWork in 2019, cited the company's bankruptcy plan as unrealistic. Neumann had been attempting to buy back the company, which he helped build into a global enterprise valued at $47 billion before it fell into bankruptcy last year. Despite efforts to work constructively with WeWork, Neumann has now abandoned his plan to regain control of the company. WeWork, which filed for bankruptcy in November, trades under the ticker $WEWKQ. Neumann's decision comes less than three weeks after signaling his acquisition ambition wasn't dead.