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WE.US
id: 1164

WeWork (WE) Bankruptcy and Adam Neumann Buyout Case

  • Adam Neumann, according to a source, has made an unsolicited bid of over $500M to purchase WeWork out of bankruptcy.
  • On November 6, 2023, once valued at $47B, WeWork filed for Chapter 11.
In its IPO filing, WeWork revealed a loss of $1.9B over the 2018.

Following this, The WSJ published an investigative report on the controversial management style of the company's CEO at the time, Adam Neumann.
  • Later that year, Neumann departed WeWork as SoftBank bailed out the company.
After SoftBank took over, they lowered the company's value due to financial struggles worsened by the Covid pandemic, which led to widespread remote work.

$WE plummeted over 98% in the 2023. In contrast, at its peak in January 2019, WeWork boasted a valuation of about $47B.

In November 2023, WeWork announced that 92% of secured debt holders approve restructuring plan, eliminating around $3B debt.
  • WeWork also reported holding $15B in assets and owing $18.6B in debts in its filing with the NJ bankruptcy court.
On March 25, 2024, according to a source, Adam Neumann has reportedly submitted an unsolicited bid of more than $500M to acquire WeWork out of bankruptcy.

Considering all the above, there are grounds to believe that WeWork and its leaders acted not in the best interests of investors, leading to bankruptcy and damaging shareholders.
Case Status
Attorney Investigation
Alleged Offence
Mismanagement
Misleading Statements
Omissions
Suspected Party
Directors
Management
Security Type
Stocks
Trade Direction
Long
Shock Event Date
06 November 2023
Collecting participants…

WeWork Inc

WeWork Inc. provides flexible workspace solutions to individuals and organizations worldwide. The company offers workstation, private office, and customized floor solutions; and various amenities a...

    Ticker
    WE.US
    ISIN
    US96209A1043
    CIK
    1813756
    Sector
    Real Estate
    Industry
    Real Estate Services
    Country
    USA
    Address
    575 Lexington Avenue, New York, NY, United States, 10022