---
title: "Adam Neumann withdraws bid to purchase bankrupt WeWork"
publisher: "Stockmark.IT"
author: "Stockmark.IT Website"
published: "2024-05-29T06:14:52+00:00"
modified: "2024-05-29T06:14:52+00:00"
date: 2024-05-29
canonical: "https://stockmark.it/adam-neumann-withdraws-bid-to-purchase-bankrupt-wework/"
category: "Companies"
categories: ["Companies"]
image: "https://i0.wp.com/stockmark.it/wp-content/uploads/stencil.default-62-1.jpg?fit=1200%2C800&quality=89&ssl=1"
format: "news"
language: "en-GB"
---

# Adam Neumann withdraws bid to purchase bankrupt WeWork

**Published:** May 29, 2024
**Author:** Stockmark.IT Website
**Categories:** Companies
**Featured image:** ![WeWork logo on a Nashville skyscraper, overlooking the city. from Stockmark.it](https://i0.wp.com/stockmark.it/wp-content/uploads/stencil.default-62-1.jpg?fit=1200%2C800&quality=89&ssl=1)

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Adam Neumann, the founder of WeWork, has abandoned his bid to buy out the bankrupt shared-office space provider.

Neumann, the man who had been fired from WeWork in 2019 after a failed attempt to list the company on the stock exchange, appeared to be interested in buying the business. His new venture in real estate, Flow Global submitted a bid for more than $500m.

Neumann announced on Tuesday morning that Flow had abandoned his plan to regain control of the company.

He told DealBook that “for several months, we have tried to work constructively to create a plan that would allow WeWork to thrive.” “Instead, it appears that the company is emerging from bankruptcy with an unrealistic plan and one that is unlikely to succeed.”

WeWork , which has over $13bn of long-term leases , filed for Chapter 11 bankruptcy last November to renegotiate the agreements. The firm did no respond immediately to a comment request.

The company was valued at $47bn when investors, including SoftBank of Japan, lined up to support it. Analysts gave it a much lower valuation as it prepared to list in 2019.

In 2021, when it finally went public, the market value plummeted to less than 50m.

Neumann, 45 years old, left WeWork after the company failed to go public and was criticized for its internal culture. In 2022, he launched Flow, a real-estate venture that raised $350m in venture capital from Silicon Valley firm Andreessen Horowitz.

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