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☆ Sam Altman's act may be wearing thin
▼ + stars: | 2024-03-26 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +7 min

download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . In today's big story, we're looking into how some in Silicon Valley are starting to sour on OpenAI's Sam Altman . AdvertisementFrom hardball tactics when raising funds to relentless self-mythologizing about his role in the future of tech, Altman's act is wearing thin on some . Even VCs uninterested in AI deals are quickly becoming servants to Altman's AI empire. Big market, fall hard.

Persons: —, Baltimore's Francis Scott Key, Sam Altman, Alastair Grant, Rebecca Zisser, Darius Rafieyan, Altman, Elon Musk, à, Steve Jobs, VCs, Samantha Stokes, Eric Baradat, Torsten Slok, David Rosenberg, BofA, Drew Watson, Birkin, Abanti Chowdhury, Elon, Don Lemon, that's, Musk, Mark Zuckerberg, Google's, Meta, Dave Calhoun, Aaron Schwartz, Adam Neumann, Neumann, Robert F, Kennedy Jr, Dan DeFrancesco, Hallam Bullock, George Glover, Grace Lett Organizations: Business, Service, Baltimore Fire Department, Tech, Apple Vision, NFL, ChatGPT, Kruze Consulting, Apollo Global Management, Federal Reserve, Bank of America, Abanti, Getty Images, Street Locations: Silicon Valley, Plenty, Big, Orlando, New York, London, Chicago

☆ 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

☆ Adam Neumann makes a $500 million bid for WeWork that could hit $900 million if financing and diligence firm up
▼ + stars: | 2024-03-25 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +2 min

Adam Neumann has submitted an unsolicited bid in excess of $500 million to acquire WeWork out of bankruptcy, a person familiar with the matter told CNBC. That bid could go up to $900 million pending due diligence, the person said. Neumann, his family office Nazare, and his Andreessen Horowitz-backed real estate venture Flow filed a notice of appearance in WeWork's bankruptcy docket on Monday. Flow did not respond to CNBC's request for comment regarding the $900 million potential bid. Neumann's bid, which was first reported by the Wall Street Journal, may complexify WeWork's bankruptcy proceedings.

Persons: Adam Neumann of WeWork, Victor Fung Kwok, Adam Neumann, Dan, Neumann, Andreessen Horowitz, —, WeWork, we've, it's, lessors Organizations: Fung Group, CNBC, Board, Wall Street Locations: Shanghai, China

☆ Industrious merges subsidiary to create a new force in coworking
▼ + stars: | 2024-02-12 | by ( Daniel Geiger | ) www.businessinsider.com time to read: +7 min

A spokesman for Industrious said it would own a 40% stake in the merged subsidiary. The vacancy rate for office space nationally hit 18.6% at the end of 2023, according to data from CBRE– the highest level since 1992. About 771 million square feet, about twice the size of Manhattan's entire office market, sits empty nationally. How Industrious won the coworking warHodari has been an astute and resilient player in the coworking business. At the time, most coworking companies sought to rent space from landlords then sublease that to their clientele at a hefty markup.

Persons: WeWork, Jamie Hodari, Hodari, Deskpass, Sam Rosen, Deskpass Stephanie Bassos, CBRE, Breather, Rosen, Adam Neumann, Shlomo Silber, Silber, lockdowns, You've Organizations: Business, Deskpass, Bond Locations: New York, Chicago, Breather

☆ Elon Musk's lawyer is helping Adam Neumann as he tries to buy back WeWork
▼ + stars: | 2024-02-07 | by ( George Glover | ) www.businessinsider.com time to read: +2 min

Adam Neumann is trying to buy back WeWork, the now-bankrupt company he cofounded. He's being aided by lawyer Alex Spiro, who helped Elon Musk take over Twitter in 2022. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementAdam Neumann is trying to buy back WeWork – with the help of a lawyer close to Elon Musk.

Persons: Adam Neumann, He's, Alex Spiro, Elon Musk, Jay, Megan Thee, —, Neumann, Quinn Emanuel Urquhart, Sullivan who's, Musk, Spiro, Quin Emanuel, Tesla, Vernon Unsworth, Randeep Hothi, Jeanine Zalduendo, Zalduendo, Bobby Shmurda, Robert Kraft, Dinesh D'Souza, Thabo Sefolosha Organizations: Twitter, Service, New York Times, Bloomberg, Bloomberg Law, SpaceX, Securities and Exchange Commission, JPMorgan Chase, New England Patriots Locations: British, Alameda County, Los Angeles

☆ 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

☆ Adam Neumann wants to buy WeWork
▼ + stars: | 2024-02-06 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailAdam Neumann wants to buy WeWorkCNBC's Deirdre Bosa reports on the latest news from Adam Neumann.

Persons: Adam Neumann, WeWork, Deirdre Bosa

☆ Former WeWork CEO Adam Neumann's new business venture
▼ + stars: | 2024-02-06 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFormer WeWork CEO Adam Neumann's new business ventureCNBC’s Deirdre Bosa joins 'Power Lunch' to discuss WeWork former CEO Adam Neumann's new bid in real estate.

Persons: Adam Neumann's, Deirdre Bosa

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

☆ Adam Neumann is trying to buy bankrupt WeWork, DealBook reports
▼ + stars: | 2024-02-06 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +1 min

Billionaire Adam Neumann is trying to buy back bankrupt real-estate company WeWork, which he founded in 2010 and was ousted from in 2019, DealBook reported Tuesday. Neumann had tried to arrange financing of up to $1 billion in October 2022 but was rebuffed by former CEO Sandeep Mathrani. WeWork advisors resisted Neumann's efforts but eventually suggested that Neumann provide DIP financing instead of a term sheet, according to the letter. Neumann stepped down in 2019 as the company faced mounting investor concerns over its corporate governance and valuation. Third Point, Neumann and Spiro did not immediately respond to CNBC's request for comment.

Persons: Adam Neumann, DealBook, Neumann, Dan Loeb's, Dealbook, Alex Spiro, Sandeep Mathrani, WeWork, Spiro, Read Locations: Neumann

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

☆ Yieldstreet is raising cash to shore up two Nashville deals it owns with Adam Neumann's new a16z-backed startup
▼ + stars: | 2024-01-12 | by ( Alex Nicoll | ) www.businessinsider.com time to read: +4 min

Publicly launched in 2022 but built with assets from Neumann's own family office, Flow received the largest check Silicon Valley venture capital heavyweight A16z has ever written. Yieldstreet, a crowdfunding platform that has facilitated over $4 billion in alternative investments as of the end of 2023, has already pumped tens of millions of crowdfunded cash into the Nashville deals as the majority equity owner. These two properties are facing the same squeeze as many others in commercial real estate amid sky-high interest rates and inflationary pressures. The latest fundraising effort provides a rare look at how commercial real estate investors are dealing with the challenging environment. "Both partners are funding as the JV agreement calls for and as happens in every standard real estate JV deal."

Persons: Adam Neumann, he's, Flow, A16z, Neumann Organizations: Business, Publicly, Flow, Nashville, Facebook, Twitter, BI, JV Locations: WeWork, Nashville , Tennessee, Nashville

☆ McDonald's is in the midst of some big changes that show the changing tides in the world of fast food
▼ + stars: | 2023-12-11 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +8 min

download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . In today's big story, we're looking at some of the recent big changes at McDonald's, including the launch of a new restaurant concept. AdvertisementCold foam and oat milk are big business, as drink modifiers add up to roughly $1 billion in revenue for Starbucks. McDonald's app has grown over the years, with over 57 million active members, but it still leaves much to be desired. To be sure, 10 CosMc's is not even a drop in the bucket of McDonald's 40,000-plus restaurant empire.

Persons: —, I'm, Joe Ciolli, Iman Jalali, Nancy Luna, It's, McDonald's, Nancy, CosMc's, Jamie Dimon, Jerome Powell, Jose Luis Magana, Ryan Detrick, Niklas Halle'n, Rebecca Zisser, Jeff Bezos, OpenAI's Ilya Sutskever doesn't, Sam Altman's, hasn't, Elon Musk's, Ben Bergman, Adam Neumann's, Insider's Ben Bergman, Z, Donald Trump, Dan DeFrancesco, Naga Siu, Hallam Bullock, Lisa Ryan Organizations: Service, Starbucks, Nancy, McDonalds, McDonald's, Reserve, Banking, Housing, Urban Affairs, Capitol, Carson Group, Getty Images, San, Sutskever, Visual China, Getty, Fort, Trump Organization, Trump Organization . Golden Globe Locations: Chicago, , Illinois, Texas, Washington, AFP, San Francisco, Fort Lauderdale, New York City, San Diego, London, New York

☆ Sam Altman's return to OpenAI means he joins Steve Jobs and Jack Dorsey on a list of CEOs who left companies they founded – then eventually came back.
▼ + stars: | 2023-11-26 | by ( George Glover | ) www.businessinsider.com time to read: +4 min

Apple’s Steve Jobs and Twitter’s Jack Dorsey made similar comebacks at the companies they founded. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementPerhaps the most obvious example is Steve Jobs, who famously left Apple in 1985 after a boardroom struggle. If your company's board is willing to get rid of you once, they'll probably do it again.

Persons: Sam Altman, –, Steve Jobs, Jack Dorsey, —, hadn't, Altman, Greg Brockman, Jobs, John Sculley –, he'd, Travis Kalanick –, Uber, they'll, Dorsey, Elliott, Paul Singer, Elon Musk, Bob Iger, Howard Schultz, Uber's Kalanick, Adam Neumann Organizations: Service, Microsoft, Apple, PepsiCo, NeXT, Twitter, Elliott Management, Disney, Starbucks – Locations: Recode

☆ Ruzwana Bashir Is Quietly Connecting the Tech World
▼ + stars: | 2023-11-16 | by ( ) www.businessinsider.com time to read: +18 min

Story by Melia RussellPhotography by Lelanie FosterRuzwana Bashir is ransacking her kitchen cabinet for just the right tea. Bashir wears an Erdem floral-printed bra top, Erdem skirt, Giuseppe Zanotti shoes, Old Jewelry earrings along with her own bracelet and ring. "Part of building a business was going out and sharing what you were doing with the world," Bashir says. For years Bashir's startup had been building muscle around these capabilities; now it had an eager audience. Eating at acclaimed restaurants is fine, but Bashir prefers the more-intimate affairs at tech executives' homes because, she says, "you can stay longer."

Persons: Melia Russell, Lelanie Foster Ruzwana Bashir, Peek, She's, she's, Andy Warhol, Picasso, Bashir, I'm, Andreessen Horowitz, Jack Dorsey, Eric Schmidt, Goldman Sachs, Giuseppe Zanotti, Lelanie Foster, Bashir isn't, Elon Musk, Ronan Farrow, Roelof Botha, Mustafa Suleyman, we've, Bennett Miller, Capote, " Miller, —, doesn't, didn't, Madeleine Albright, Tom Ford, Jared Cohen, Oskar Bruening, Forbes, Mark Zuckerberg, I've, Bashir wasn't, Travis Kalanick, Adam Neumann, Ty, Emily Weiss, Bashir refashioned, Donald Trump, Bruening, Laurence Tosi's, Miller, Beyoncé, shrugs, Anna Wintour, Anna, we're, Taylor Swift, Katie Haun, Marc Benioff, Reid Hoffman, Marissa Mayer, Dick Costolo —, Cohen, Katherine Maher, Maher, Daniel Kahneman, It's, Radel, Becky Akinyode, Elaine Winter, Tiffany Bloomfield, Dela, Chad Hilliard, Enmi, Kenny Aquiles Ulloa, Cyrenae, Madison Perez, Aidan Lapp, Bashira Webb, Bryan Erickson, Jinyoung Chang, Rodriguez, Rebecca Zisser, Claire Landsbaum, Emma LeGault, Joi, Marie McKenzie, Conner Blake, Kyle Desiderio, Victoria Gracie, Nicole Forero, Virginia Alves Organizations: Google, Museum of, Business, Elon, Vogue, Roelof, Oxford University, Oxford Union, Blackstone Group, Harvard Business School, Studios, Web, Young, Organization, Dela Revoluciøn, Enmi Yang Digital Tech Locations: Manhattan, SoHo, Bahamas, United States, Balthazar, England, Israel, Petra, Istanbul, Elle, Utah, COVID, Salt Lake City, Costa Rica, Atlanta, WestCap

☆ The wildest moments of WeWork’s rise
▼ + stars: | 2023-11-11 | by ( Catherine Thorbecke | ) edition.cnn.com time to read: +8 min

And many early WeWork employees, who worked at lower salaries because they were given stock options, ended up with nothing. WeWork’s wild rise and fall is the latest high-profile incident to shatter that myth. Here is a look at four of the wildest moments from WeWork’s rise, according to the company’s statements and a best-seller about the company. (Part of WeWork’s push to appeal to millennials included free-flowing beer and open bars set up within its coworking outposts.) That pre-IPO paperworkThe beginning of the end can perhaps be traced back to WeWork’s first attempt to go public back in 2019.

Persons: New York CNN — WeWork, Adam Neumann’s, Neumann, Son, Adam Neumann, Kelly Sullivan, Eliot Brown, Maureen Farrell, millennials, Darryl McDaniels, Mike Segar, ”, Rebekah, WeWork, Caitlin Ochs, WeWork’s, Neuman, Mark Lennihan, “, Tolga Akmen Organizations: New, New York CNN, WeWork, San Francisco, of Fine Arts, Gulfstream G650, Wall Street Journal, Bloomberg, Getty, Nasdaq, City of Locations: New York, San, San Francisco , California, Israel, Manhattan , New York, WeGrow, WeLive, New York City, U.S, City, City of London, AFP

☆ WeWork's end, Neumann's return? Who's left holding the bag, and what comes next
▼ + stars: | 2023-11-10 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWeWork's end, Neumann's return? Who's left holding the bag, and what comes nextWeWork took us on a wild ride. A real estate company disguised as a tech startup, holding long-term leases and turning them around for short-term rentals. And Adam Neumann's particular blend of salesmanship, cult personality, and huge risk-taking only added to the fire. This week on Tech Check, we dig into WeWork's next chapter – who's left holding the bag after the implosion, and what comes next.

Persons: Who's, WeWork, Adam, Adam Neumann, – who's Organizations: Tech Locations: WeWork's

☆ WeWork Flopped. Have Flexible Offices?
▼ + stars: | 2023-11-09 | by ( Carol Ryan | ) www.wsj.com time to read: 1 min

A WeWork co-working space in Shanghai in March. Photo: Cfoto/Zuma PressFlexible working isn’t turning out to be the boon for flexible-office providers that it might seem. WeWork co-founder Adam Neumann lamented this week that the company he used to run failed to take advantage of “a product that is more relevant today than ever before.” Although he didn’t mention his own role in WeWork’s downfall, he has a point. Demand for flexibility is strong as companies try to strike a balance between the traditional office and letting employees work at home.

Persons: Adam Neumann Organizations: Zuma Locations: Shanghai

☆ A Possible Winner From WeWork’s Troubles? Adam Neumann
▼ + stars: | 2023-11-09 | by ( Eliot Brown | ) www.wsj.com time to read: 1 min

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/real-estate/commercial/a-possible-winner-from-weworks-troubles-adam-neumann-0144d018

Persons: Dow Jones, adam, neumann

☆ SoftBank has lost more than $14 billion by betting on WeWork
▼ + stars: | 2023-11-09 | by ( Hasan Chowdhury | ) www.businessinsider.com time to read: +2 min

Tech conglomerate and investor SoftBank has lost $14.4 billion so far on WeWork. SoftBank was one of WeWork's most bullish backers, predicting it would be worth $100 billion. AdvertisementAdvertisementSoftBank has lost a cumulative $14.4 billion through its disastrous bet on the now-bankrupt WeWork , per the group's July-September earnings. SoftBank overall posted a loss of $6.2 billion (¥931.1 billion) for July to September, compared a profit of $20 billion the same period last year. AdvertisementAdvertisementFuelled with conviction from SoftBank founder Masayoshi Son and billions in investment, WeWork sailed to a colossal $47 billion valuation at its peak in 2019.

Persons: SoftBank, —, Masayoshi Son, WeWork, Adam Neumann, Neumann, Son, Jack Ma, Alibaba . Son Organizations: Service, WeWork, Alibaba, Visual China, Getty Locations: Alibaba .

☆ Everyone is going bankrupt
▼ + stars: | 2023-11-09 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +8 min

NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . WeWork, the real-estate company that cosplayed as a tech startup, filed for Chapter 11 bankruptcy this week. AdvertisementAdvertisementBut one Wall Street veteran believes WeWork will be the first of many companies to succumb to a similar fate. 3 things in marketsANGELA WEISS / Getty ContributorCan the stock market keep this momentum going?

Persons: —, AFTRA, Tesla, Brooks Kraft, It's, WeWork, David Trainer, Jennifer Sor, Insider's Vishal Persaud, Katie Notopoulos, Adam Neumann, we've, ANGELA WEISS, Jeff Gundlach, OpenAI's, Google's Bard, Min, Uber, Travis Kalanick's, Matthew Tortoriello, Sherrod Brown, Malte Mueller, Dan DeFrancesco, Naga Siu, Hallam Bullock, Lisa Ryan Organizations: Service, SAG, Hollywood, Tech, Google, Brooks Kraft LLC, Getty, Wall, P, Bank of America, Wall Street, Nasdaq, ExxonMobil, Tesla, Apple, Brooks, Amazon, YouTube, NFL, News Corp, Sony Locations: French Montana, New York City, San Diego, London, New York

☆ How WeWork Went From $47 Billion Unicorn to Bankrupt Penny Stock
▼ + stars: | 2023-11-08 | by ( Wall Street Journal | ) www.wsj.com time to read: 1 min

How WeWork Went From $47 Billion Unicorn to Bankrupt Penny StockWeWork, once a venture-capital darling, has filed for chapter 11 bankruptcy. WSJ breaks down how the desk-rental giant co-founded by Adam Neumann went from highflying startup to bankrupt penny stock. Photo: Patrick T. Fallon/AFP/Getty Images

Persons: Penny Stock WeWork, Adam Neumann, Patrick T, Fallon Organizations: Penny, Getty Locations: AFP

☆ There's a new theory that Adam Neumann will buy back WeWork
▼ + stars: | 2023-11-08 | by ( Katie Notopoulos | ) www.businessinsider.com time to read: +3 min

Ousted CEO Adam Neumann issued a statement saying it has been "hard to watch from the sidelines." Sources told Newcomer that they believe he will try to buy back or return to the company he founded. AdvertisementAdvertisementImprobable as it might seem, there's a theory floating around that WeWork founder Adam Neumann might buy the company, which filed for bankruptcy this week. Now, on Eric Newcomer's Substack, people who are familiar with Neumann and WeWork are speculating that the founder may be planning to take the company back. Neumann's own statement this week about the bankruptcy filing.

Persons: WeWork, Adam Neumann, —, Neumann, Eric Newcomer's Substack, texted, Jared Leto, it's Organizations: Service, Forbes

☆ We should all have the confidence of WeWork's bankruptcy announcement
▼ + stars: | 2023-11-08 | by ( Katie Notopoulos | ) www.businessinsider.com time to read: +4 min

WeWork's bankruptcy announcement is particularly rosy about its future. It seems WeWork certainly took that advice to heart when it wrote its announcement of its November 6 bankruptcy filing. But from the bankruptcy announcement, you wouldn't know all that. Rite Aid — which, like WeWork — plans to stay in business, also had a more somber announcement when it filed last month. But if any company is going to seem mildly delusional in its bankruptcy announcement, WeWork certainly has the precedent for it.

Persons: Adam Neumann, David Tolley, —, Adam Neumann's, WeWork, Tolley, Bello, Kirstin Bell, Dax Shepard's Organizations: Service, Sears

☆ SoftBank's WeWork, once most valuable US startup, succumbs to bankruptcy
▼ + stars: | 2023-11-07 | by ( ) www.reuters.com time to read: +5 min

WeWork had office space available at 777 locations worldwide as of the end of June. In a filing with the New Jersey bankruptcy court, WeWork listed assets of $15.06 billion and liabilities of $18.66 billion as of June 30. Under its founder Adam Neumann, WeWork grew to be the most valuable U.S. startup worth $47 billion. WeWork engaged in debt restructurings, yet this was not enough to stave off its bankruptcy. Shortly before WeWork filed for bankruptcy, Neumann said in a statement, "I believe that, with the right strategy and team, a reorganization will enable WeWork to emerge successfully."

Persons: WeWork, SoftBank, Cadwalader, Taft, Kate Munsch, Adam Neumann, Sandeep Mathrani, Mathrani, David Tolley, Neumann, Greg Roumeliotis, Mrinmay Dey, Arun Koyyur, Rashmi Aich, Jamie Freed, Edmund Klamann Organizations: SoftBank, New, REUTERS, JPMorgan Chase, Intelsat, Thomson Locations: Canada, New Jersey, Wickersham, San Francisco , California, U.S, WeWork, SoftBank, Tokyo, New York, Bengaluru

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