“We continue to believe that the work we are currently doing — addressing our unsustainable rent expenses and restructuring our business — will ensure WeWork is best positioned as an independent, valuable, financially strong and sustainable company long into the future,” the spokesperson added.

Attorneys for WeWork have recently signalled the need for more liquidity during bankruptcy proceedings, with the company notably withholding hefty rent payments to certain landlords as it attempts to renegotiate leases. In Monday court proceedings, lawyers for some landlords said this violates bankruptcy rules, The Wall Street Journal and others reported.

Neumann founded WeWork with Miguel McKelvey back in 2010. In its early years, the startup promised to revolutionise workspaces and saw a meteoric rise — once reaching a valuation as high as $US47 billion ($72 billion) — but over time, WeWork’s operating expenses soared and the company relied on repeated cash infusions from private investors.

The company went public in October 2021 after its first attempt to do so two years earlier collapsed spectacularly. That debacle led to the ousting of Neumann, whose erratic behaviour and exorbitant spending spooked early investors. He walked away with $US1.7 billion, earning him the title of “the most hated man in America.” 

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Japan’s SoftBank stepped in to keep WeWork afloat, acquiring majority control over the company.

Neumann’s bid was first reported on by The New York Times’ DealBook.

Before it fell into bankruptcy, WeWork had been trying for years to deliver a turnaround story — one in which the rowdy co-working startup transforms into a stable, profitable public company. After the pandemic, the New York-based firm was bleeding cash with onerous leases. The company listed $US19 billion of liabilities and $US15 billion of assets in its Chapter 11 filing last year.

AP, Bloomberg