Adam Neumann, the ousted CEO of WeWork, toyed with a rescue package for the company
WeWork, the company that popularized shared office space in 2010, has managed to survive despite mounting pressures over the past year.have plunged, indicating that investors have all but given up on the company as its raison d'etre of leasing shared office spaces is hitting a proverbial wall. The seasoned executive it brought on in 2020 to streamline the cash-burning company abruptly resigned last month.
One opportunity batted away by Mathrani came from Adam Neumann, who was pushed out as WeWork's CEO in 2019, the Times reported. Neumann approached Mathrani in October to"discuss a large investment and other strategic initiatives" to stabilize the company, according to the report that cites four anonymous sources familiar with the proposal.
The meeting, which was potentially to discuss an investment with other investors of as much as $1 billion and a debt buyback, didn't happen, the Times reported. Instead, Mathrani began theMore recently, IWG, a company that also offers work spaces for remote and hybrid workers, made an offer to operate WeWork's spaces, according to the Times. Separately, real-estate broker JLL was interested in an operating agreement with WeWork, it reported.
It was SoftBank, WeWork's largest shareholder, that closed the door on IWG and JLL, said the report. Mathrani didn't follow up with Neumann, who has since lost interest, it said. Anyone with a rescue plan for WeWork has no doubt seen that the outlook for offices and office buildings has only darkened further with
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