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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

☆ 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

☆ 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

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

☆ 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

☆ SEC to vote today on tough new rules for blank-check 'SPAC' companies
▼ + stars: | 2024-01-24 | by ( Bob Pisani | ) www.cnbc.com time to read: +4 min

"Functionally, the SPAC target IPO is being used as an alternative means to conduct an IPO," Gensler said in a March 2022 statement on the proposed regulations. SPACs: Much more disclosures will be requiredThe new rules will: 1) Expand disclosure requirements regarding SPAC sponsors, SPAC sponsor compensation, conflicts of interest, dilution, and the target company. After a blank-check SPAC goes public, it will usually announce within two years the acquisition of a target company, which is known as a de-SPAC transaction. It would, for example, make the target company legally liable for any statement made about future results by assuming responsibility for disclosures. The SPAC market has already collapsed2020 and 2021 were record years for SPAC IPO filing.

Persons: Gary Gensler, Tom Williams, Gensler, He's, Forbes Organizations: Financial, Securities and Exchange Commission, Cq, Inc, Getty, The Securities, Exchange Commission, SEC, IPOs, Bloomberg, Lordstown Motors Locations: Rayburn, SPACs

☆ 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

CNBC is now accepting nominations for the 2024 Disruptor 50 list — our annual look at the most innovative venture-backed companies using breakthrough technology to meet increasing economic and consumer challenges. A notable past Disruptor 50 company that made it to the public market this year, Instacart , has failed to maintain its IPO pricing. Business failures, too, have occurred for formerly high-flying, high-profile backed Disruptor 50 companies, including Convoy and WeWork. This is especially true of companies involved in the booming AI hype cycle sparked by 2023's top Disruptor 50 company, OpenAI, just over a year ago. 2024 honorees will be notified in April, and the list will be released in May across CNBC's TV and digital platforms.

Persons: Jan Organizations: CNBC, U.S, Convoy, CNBC's

☆ Scott Shleifer steered billions into startups for Tiger Global. With his reign now over, the industry wonders what's next.
▼ + stars: | 2023-11-29 | by ( Bradley Saacks | ) www.businessinsider.com time to read: +6 min

Few investors are more emblematic of the no-interest-rate private market frenzy than billionaire Scott Shleifer. Tiger's venture approach in 2020 and 2021 — constantly described as unsustainable by rivals — included maneuvers such as offering start-ups more money than they were asking and emailing founders term sheets after a single meeting. Shleifer's reputation and personal wealth grew with Tiger's venture success. As Tiger was fundraising late last year, investors learned of a $10 million settlement Tiger Global made to a former female employee. At least one Tiger investor was surprised to hear about it from Coleman and not Shleifer himself.

Persons: Scott Shleifer, —, Chase Coleman, Donald Trump's, Michael Gross, Tiger, Bain, John Curtius, Shleifer, Eric Lane, Evan Feinberg, Griffin Schroeder, Coleman, Sarah Samuels, Samuels, Scott, OpenAI's, Sam Altman's, Altman, Paul Graham Organizations: longtime Tiger Global, Business, Tiger, Walmart, The, Washington Post Locations: Florida, India, Flipkart, New York

REUTERS/Aly Song/File Photo Acquire Licensing RightsLONDON, Nov 28 (Reuters) - M&G Real Estate (MNG.L) forecasts it is "a matter of time" before global property markets face greater volumes of forced selling, with banks increasingly reluctant to refinance troubled or lower quality assets at current interest rates. "We are in a new period of real estate investment that will require a new mindset," he told Reuters before the publication of the firm's Global Real Estate Outlook on Tuesday. Nearly 40% of outstanding British commercial real estate loans are due to mature in 2024 and 2025, where average real estate values have fallen by over 20% since mid-2022, the report said, citing data from Bayes Business School. "Real estate debt is becoming an increasingly attractive investment proposition," Pellicer said. U.S. office-based working is at only 50% of pre-pandemic levels, the report cited real estate services firm JLL (JLL.N) as estimating, while numbers in Europe have recovered to 75%.

Persons: Aly, Jose Pellicer, Pellicer, G, Carolyn Cohn, Sinead Cruise, Alexander Smith Organizations: REUTERS, G, Reuters, Bayes Business, Thomson Locations: Shanghai, China, Germany, Sweden, Europe, United States, Asia

☆ 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

☆ Meet the founder of the Failure Museum, an exclusive collection of swag from companies that went bust
▼ + stars: | 2023-11-25 | by ( Madeline Renbarger | ) www.businessinsider.com time to read: +5 min

Norwest partner Sean Jacobsohn started collecting objects from failed businesses a year ago. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . To make it into the museum, the failure has to be a physical item — no NFTs allowed, Jacobsohn said. Some even offer to donate failed business swag as a way of getting in his rolodex. He's currently scheduled to lead a guest lecture on the subject for the class "Avoiding Startup Failure,' he mentioned.

Persons: Sean Jacobsohn, he's, it's, —, Jordan Poole, Jacobsohn, Sean Jacobsohn's, freebie, Jacobsohn's, Mattel, Allan, Ken's, Michael Cera's, Harley Davidson's, Elizabeth Holmes, He's, you've Organizations: Service, Bay Area, Norwest Venture Partners, Golden State Warriors, Business, Mattel, eBay, mater, Harvard Business School Locations: Bay, cologne

☆ Bankrupt WeWork enters financing agreements with certain lenders
▼ + stars: | 2023-11-21 | by ( ) www.reuters.com time to read: +1 min

A WeWork logo is seen outside its offices in the Queens borough of New York City, U.S., November 7, 2023. WeWork, once the most valuable U.S. startup, struggled to achieve profitability as a rise in work-from-home trends following the pandemic soured demand for its shared office spaces. The financing could be as much as $682.5 million but it could also be smaller than that depending on other conditions, WeWork said, adding that the parties have agreed to provide the financing individually and not jointly. The company also said the financing agreement was dependent on fulfilling certain conditions, including the approval of the Bankruptcy Court. WeWork entered bankruptcy with about $164 million of cash on hand, according to court filings.

Persons: Shannon Stapleton, WeWork, Bhanvi, Devika Organizations: REUTERS, Goldman Sachs International Bank, JPMorgan Chase Bank, SoftBank, Thomson Locations: Queens, New York City, U.S, Bengaluru

☆ Downtowns Are Full of Empty Buildings. Universities Are Moving In.
▼ + stars: | 2023-11-17 | by ( Michael Kimmelman | More About Michael Kimmelman | ) www.nytimes.com time to read: +2 min

I’ll say straight off: It’s not architecture for the ages, but it’s an interesting, high-end model of an urban quad and a good example of how struggling downtowns are finding a glimmer of hope as satellite campuses. In design jargon, the term is “adaptive reuse,” which is the same story as turning empty office towers into apartment buildings. Universities like Hopkins are not the ultimate cure-all for what now ails downtowns across America, though, especially since they don’t pay property taxes like for-profit companies. Downtowns are still struggling. WeWork, which presently rents more office space than any other company in the United States, filed for bankruptcy this month.

Persons: David Rockwell, Hopkins, Paul Levy Organizations: Johns Hopkins University Bloomberg Center, Rockwell Group, Philadelphia’s Center City District Locations: Pennsylvania, Washington, Texas, New York, America, United States, downtowns

☆ WeWork was doomed to fail by taking on huge buildings, rival says
▼ + stars: | 2023-11-12 | by ( Tom Carter | ) www.businessinsider.com time to read: +5 min

WeWork was famous for huge coworking spaces with amenities like climbing walls and swimming pools. AdvertisementAdvertisementBut the "really enormous WeWork spaces, the 300,000 to 400,000 square foot WeWorks, those are simply too large," for other companies to take on. "Lots of companies, WeWork included, made decisions that spiked revenue in the short run, but probably weren't prudent in the long run," he added. AdvertisementAdvertisementLuxurious coworking spaces may be a thing of the pastHuge coworking spaces filled with yoga rooms, beer taps, and swimming pools were the hallmark of WeWork's operation at its height. AdvertisementAdvertisementHodari told Insider that Industrious, which has over 165 coworking locations across the globe, would probably end up taking over a number of WeWork sites.

Persons: WeWork, Jamie Hodari, —, Hodari, Briggs Elwell, Adam, Neumann, Elwell Organizations: Service, RLTY

☆ 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

☆ Insider Today: Financial freedom's reality
▼ + stars: | 2023-11-11 | by ( Diamond Naga Siu | ) 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, I'm exploring something equally mysterious to me: How people who have achieved financial freedom got there, and what their lifestyles are like. The big storyThe work behind financial freedomTyler Le/InsiderPassive income. The concept of financial freedom sounds like a dream come true. The Insider Today Saturday team: Diamond Naga Siu, senior reporter, in San Diego.

Persons: —, Tyler Le, Dion McNeeley, Brian Luebben, they've, Arantza Pena Popo, Heather Johnson, Brandon Timothy, Heather, Brandon, he's, Austria Cassandra De Pecol, who's, Zers, Gen Zers, I'm, Nolan Church, Nicole J, Van, Bean, Dunkin, Krispy, Eduardo Munoz, Samantha Lee, Chelsea Davis Spatchcocking, Naga Siu, Dan DeFrancesco, Hallam Bullock, Lisa Ryan Organizations: Service, YouTube, Airbus, Orlando International, Google, Doordash, Riverton, REUTERS Locations: Austria, Pakistan, Tunisia, Riverton , Wyoming, Texas, Van Groningen, San Diego, New York City, London

☆ WeWork: the Tech Company That Wasn’t
▼ + stars: | 2023-11-10 | by ( ) www.wsj.com time to read: 1 min

A WeWork office in New York, Nov. 7. Photo: shannon stapleton/ReutersThe WeWork debacle (“How WeWork Rose and Went Broke,” Review & Outlook, Nov. 8) confirms that intelligence and control of investment capital aren’t necessarily connected. How anyone could mistake an office-space leasing company for a “tech company” is beyond me. WeWork put some bright lipstick on it and added foosball. The investors deserved to lose their shirts; greed and stupidity got the better of them.

Persons: shannon stapleton, Rose, WeWork, Casey F, Powell Locations: New York

☆ Shares of ed-tech company 2U plummet almost 60%, falling below $1 on Nasdaq
▼ + stars: | 2023-11-10 | by ( Jake Piazza | In | ) www.cnbc.com time to read: +3 min

Shares of online education company 2U plummeted about 60% Friday, falling below $1, after a problematic forecast and indications that some universities are terminating their contracts. 2U, which helps companies offer digital programs to students, posted a net loss of $47.4 million for the third quarter. Its adjusted loss of 15 cents per share was wider than the 13 cent loss analysts were expecting, according to LSEG, formerly known as Refinitiv. Some companies undergo a reverse stock split to boost the share price above $1, though that does nothing to fix their financial problems. Office-sharing company WeWork filed for bankruptcy this week, after declaring a 1-for-40 reverse split in August that was meant to try and retain its NYSE listing.

Persons: Christopher Paucek, they've, Paucek, Cantor Fitzgerald, Cantor, Bird, WeWork Organizations: University of Southern, USC, Nasdaq, New York Stock Exchange, NYSE Locations: University of Southern California

☆ The Big Number: 98%
▼ + stars: | 2023-11-10 | by ( Marie Solis | ) www.nytimes.com time to read: 1 min

Reporting on the Business news of the weekMarie Solis Reporting on the Business news of the weekA botched initial public offering. A work-from-home shift. These are just some of the troubles that plagued WeWork, culminating in a bankruptcy filing last Monday. Since January, its stock has fallen 98 percent. Here’s how it got there →

Persons: Marie Solis Organizations: Business

☆ CNBC Daily Open: Bond yields resurge on Powell’s speech
▼ + stars: | 2023-11-10 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

Jerome Powell, Chairman of the U.S. Federal Reserve, speaks during the 24th Jacques Polak Annual Research Conference in Washington DC, United States on November 09, 2023. This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. But SoftBank still recorded a quarterly loss of 931.1 billion yen — that's around $6.2 billion — on the collapse of WeWork. [PRO] Higher than neutralThe Federal Reserve projects the U.S.' neutral interest rate — the so-called rate at which rates neither encourage nor constrict the economy — to be 2.5%.

Persons: Jerome Powell, Jacques Polak, Hawkish Powell, Powell, there's, Tesla, SoftBank, Goldman Sachs Organizations: U.S . Federal Reserve, Washington DC, CNBC, Nasdaq, AstraZeneca, Azelis, HSBC Global, HSBC, Fund, Federal Reserve Locations: Washington, United States, U.S, Belgian, Tesla's, SoftBank

☆ SoftBank’s optimistic talk falls on deaf ears
▼ + stars: | 2023-11-10 | by ( ) www.reuters.com time to read: +2 min

SoftBank Group Corp Chairman and CEO Masayoshi Son speaks during their joint news conference with Toyota Motor Corp President Akio Toyoda (not pictured) in Tokyo, Japan October 4, 2018. REUTERS/Issei Kato Acquire Licensing RightsSINGAPORE, Nov 10 (Reuters Breakingviews) - All credit to SoftBank’s (9984.T) finance chief for trying to accentuate the positive. The weakening currency lopped off 183 billion yen. Taking such a big loss when analysts, per S&P Capital IQ, expected a $1.2 billion profit, though, was. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Masayoshi Son, Akio Toyoda, Issei Kato, Yoshimitsu Goto, SoftBank, Antony Currie, Thomas Shum Organizations: SoftBank Group, Toyota Motor Corp, REUTERS, Rights, Reuters, X, SEC, Thomson Locations: Tokyo, Japan, Rights SINGAPORE, Arm’s

☆ 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

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Persons: Dow Jones, adam, neumann

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