Adam Neumann has abandoned his efforts to buy back flexible workspace company WeWork.
The WeWork co-founder, who was ousted from the company five years ago, previously made a bid for the business through his new company, Flow. The bid amounted to more than $500m (£392m).
Last month, WeWork set out a plan to exit Chapter 11 bankruptcy in the US and Canada. Neumann said the company “rebuffed” his attempts to acquire the business “at every turn”.
Neumann has now confirmed that he is giving up his bid to regain control of the company. “For several months, we tried to work constructively with WeWork to create a strategy that would allow it to thrive,” Neumann told The New York Times.
“Instead, the company looks to be emerging from bankruptcy with a plan that appears unrealistic and unlikely to succeed.”
Photo by Mark Lennihan/AP/Shutterstock (9323311a)
Send feedback to Pui-Guan Man
