Adam Neumann, the co-founder of WeWork, has made a conditional offer to regain control of the company. This move comes after the office-sharing startup’s failed attempt at an initial public offering and subsequent turmoil.
Neumann’s offer is conditional on the company’s current major investor, SoftBank, not proceeding with a plan to buy out other shareholders, including Neumann himself. The offer includes a commitment from Neumann to invest $1 billion to buy shares from other investors and an additional $185 million for a fee to the company.
The proposal also includes a plan for Neumann to drop his existing legal actions against SoftBank, which he had filed after the Japanese conglomerate scrapped a $3 billion tender offer for WeWork shares. Neumann’s legal actions aimed to challenge SoftBank’s decision to back out of the deal.
Neumann’s bid to regain control of WeWork reflects his desire to play a significant role in the company’s future, despite being ousted as CEO in 2019. The co-founder’s tumultuous exit was accompanied by a failed IPO, massive losses, and a steep decline in the company’s valuation.
As the saga of WeWork continues, Neumann’s conditional offer adds a new twist to the company’s ongoing struggles. It remains to be seen how this potential development will impact the future of WeWork and its position in the co-working industry.
