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☆ Adam Neumann got cut out of WeWork's restructuring deal
▼ + stars: | 2024-04-29 | by ( Geoff Weiss | ) www.businessinsider.com time to read: +2 min

WeWork has a new plan to get out of bankruptcy — and it doesn't involve Adam Neumann. Neumann is seeking to acquire the company he created for more than $500 million. AdvertisementWeWork has a new plan to get out of bankruptcy — and it doesn't involve Adam Neumann, who wants to acquire the flexible office provider he created. AdvertisementBut Neumann, who has recently expressed interest in purchasing WeWork for more than $500 million, doesn't plan to go down without a fight. The company filed for bankruptcy in November 2023 after the pandemic dealt a massive blow to its business model.

Persons: WeWork, Adam Neumann, Neumann, —, Cupar Grimmond, SoftBank, Yardi Organizations: Service, Bloomberg

☆ Adam Neumann is trying to buy back WeWork
▼ + stars: | 2024-03-25 | by ( Erin Snodgrass | ) www.businessinsider.com time to read: +3 min

Adam Neumann submitted a bid to buy back WeWork. The WeWork cofounder has been trying to regain control of the company since parting ways five years ago. AdvertisementWeWork cofounder Adam Neumann is trying to regain control of the bankrupt coworking company. Neumann has submitted a bid to buy WeWork for more than $500 million, The Wall Street Journal reported Monday. The move comes after an attorney for Neumann and his new real estate company Flow Global sent a letter to WeWork's lawyers detailing efforts to buy back the company last month.

Persons: Adam Neumann, —, Neumann, Dan Loeb's, hadn't, we've, it's, WeWork Organizations: Service, Street, Flow Global, Business, Wall Street, Flow, Global, Bloomberg, Board

WeWork’s founder is trying to buy itAdam Neumann shot to fame by turning WeWork into a cultural and business phenomenon, before being ousted from the work space operator in dramatic fashion. But for the past several months, he has been trying to buy the now-bankrupt business — with the help of the hedge fund mogul Dan Loeb, DealBook is the first to report. Neumann’s new real estate company Flow Global is pushing WeWork to consider its takeover approach, according to a letter his lawyers sent to WeWork’s advisers on Monday. Flow which has already raised $350 million from the venture capital firm Andreessen Horowitz, disclosed in the letter that Loeb’s Third Point would help finance a transaction. Flow has sought to buy WeWork or its assets, as well as provide bankruptcy financing to keep it afloat.

Persons: Adam Neumann, Dan Loeb, DealBook, Andreessen Horowitz Organizations: Flow

NEW YORK (AP) — Adam Neumann, the ousted co-founder of WeWork, is exploring a deal to buy back the office sharing company after expressing dismay over its bankruptcy process. According to Monday's letter, Neumann and his affiliates have been attempting to obtain information from WeWork necessary for a purchase offer since December but have been met with a “lack of engagement” from the company. Neumann founded WeWork with Miguel McKelvey back in 2010. That debacle led to the ousting of Neumann, whose erratic behavior and exorbitant spending spooked early investors. Japan’s SoftBank stepped in to keep WeWork afloat, acquiring majority control over the company.

Persons: — Adam Neumann, Dan Loeb’s, WeWork, Neumann, “, Miguel McKelvey, Japan’s SoftBank Organizations: The Associated Press, Flow Global Holdings, Associated Press, WeWork, Street Journal Locations: —, New York

☆ WeWork cofounder Adam Neumann is reportedly trying to pull a Steve Jobs
▼ + stars: | 2024-02-06 | by ( Pete Syme | ) www.businessinsider.com time to read: +3 min

Adam Neumann is exploring an offer to buy back the now-bankrupt WeWork, per the NYT. It could be a similar move to Steve Jobs' revival as the Apple CEO, 12 years after he resigned. AdvertisementWeWork cofounder Adam Neumann is exploring an offer to buy the now-bankrupt company, The New York Times' DealBook first reported. Neumann has met with WeWork several times since December to discuss buying it or its assets, or providing it with financing, per the letter. In a statement shared with Business Insider, a WeWork spokesperson said: "WeWork is an extraordinary company.

Persons: Adam Neumann, Steve Jobs, Neumann, Dan Loeb's, —, DealBook, Alex Spiro, WeWork, Jobs, Gil Amelio, Amelio's Organizations: WeWork, Apple, Service, The New York Times, Elon, Flow, NeXT, Macworld, Business

☆ Asian stocks fall, gold at over 2-month high as Middle East tension weighs
▼ + stars: | 2023-10-19 | by ( Ankur Banerjee | ) www.reuters.com time to read: +5 min

U.S. stocks ended sharply lower on Wednesday as elevated Treasury yields weighed, with investors assessing the latest batch of quarterly corporate results and forecasts. Tesla (TSLA.O) CEO Elon Musk said on Wednesday that he was concerned about the impact of high interest rates on car buyers as the company missed Wall Street expectations on third-quarter gross margin, profit and revenue. Meanwhile, Federal Reserve policymakers are signalling a pause in hiking interest rates for another couple months. A Reuters poll of economists indicated that the Federal Reserve will keep its key interest rate on hold on Nov. 1 and may wait longer than previously thought before cutting it. Spot gold was at $1,948.16 per ounce, just shy of $1,962.39 its highest since Aug. 1 touched on Tuesday.

Persons: Aly, Treasuries, Anderson Alves, Joe Biden, Alves, Elon Musk, Christopher Waller, Jerome Powell, Brent, Ankur Banerjee, Christopher Cushing Organizations: REUTERS, Rights, Japan's Nikkei, Gaza, HK, Reuters, Taiwan Semiconductor Manufacturing Co, Reserve, European Economics & Financial, Federal Reserve, OPEC, Thomson Locations: Shanghai, Shenzhen, China, Rights SINGAPORE, Asia, Pacific, Japan, U.S, Israel, China's, London, United States, Venezuela

☆ Oil falls as Israel embargo concerns fade, Venezuela sanctions to ease
▼ + stars: | 2023-10-19 | by ( ) www.cnbc.com time to read: +3 min

Oil prices fell on Thursday, reversing gains in the previous session, after OPEC showed no signs of supporting Iran's call for an oil embargo on Israel and as the United States plans to ease Venezuela sanctions to allow more oil to flow globally. Oil prices climbed about 2% in the previous session on concerns about disruptions to global supplies after Iran called for an oil embargo on Israel over the conflict in Gaza and after the U.S., the world's biggest oil consumer, reported a larger-than-expected inventory draw, adding to already tight supplies. Venezuela's oil flows could help to ease global oil prices, up amid the Israel-Hamas conflict, sanctions on Russia and OPEC+ decisions to reduce output, but Venezuela needs investments to boost output following years of sanctions. Distillate fuel stockpiles fell by 3.2 million barrels in the week to Oct. 13 to 113.8 million barrels, EIA data showed. Crude inventories fell by 4.5 million barrels to 419.7 million barrels, while gasoline fell by 2.4 million barrels to 223.3 million barrels.

Persons: WTI Organizations: OPEC, Brent, . West Texas, of, Petroleum, Iran's, RBC Capital Markets, Citi, United, Venezuelan, Energy Information Administration, Reuters Locations: Cushing , Oklahoma, Israel, United States, Venezuela, Iran, Gaza, U.S, Kazakhstan, Azerbaijan, Iraq, Russia, OPEC

☆ Morning Bid: Risk aversion grips markets
▼ + stars: | 2023-10-19 | by ( ) www.reuters.com time to read: +2 min

An investor sits in front of a board showing stock information at a brokerage office in Beijing, China, December 7, 2018. The sell-off in the bond market continued into Asian hours, with the benchmark 10-year Treasury yield at 4.949%, its highest since mid-2007. That weighed on regional bond markets in Asia, with Japanese government bonds yields hitting decade highs. Futures indicated that European stock markets are due to open much lower as risk aversion takes hold, while the European economic calendar is bare. Netflix makes many of its shows and movies overseas, which accounted for the bulk of its new sign-ups.

Persons: Thomas Peter, Banerjee, Biden, Jerome Powell, Elon Musk, shrugging, Powell, Ankur Banerjee, Edmund Klamann Organizations: REUTERS, Netflix, Reuters Graphics Reuters, Thomson Locations: Beijing, China, Asia, Pacific, Japan, Israel, Venezuela, France

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