In 2023, WeWork filed for bankruptcy as the pandemic decreased office demand. Once a Wall Street darling with a valuation of $47 billion, the company had been fueled by Neumann’s ambitious vision of revolutionizing shared office space. However, concerns over its financials and Neumann’s leadership led to its IPO failure in 2019.
Neumann stepped down that same year as WeWork’s value plummeted. Afterward, he founded Flow, a rental-housing company backed by Andreessen Horowitz, through which he attempted to reacquire WeWork. Last month, the company unveiled a bankruptcy plan that excluded Neumann from its future. The plan includes $450 million in equity funding and aims to eliminate billions of dollars in debt.
In a statement about the company’s prospects moving forward, Neumann expressed doubt. Despite his efforts to regain control of the company through Flow, WeWork chose a plan that did not include his involvement. The plan also includes an $11 billion reduction in rent commitments as WeWork reviewed its lease portfolio in the US and Canada.
