ADAM NEUMANN (pictured) is trying to buy Wework out of bankruptcy, the company he founded and was later ousted from. Lawyers acting for the billionaire sent a letter to Wework informing them he was partnering with New York-based hedge fund Third Point for a potential bid.

However, a spokesperson for the firm told the Financial Times: "Third Point has had only preliminary conversations with Flow [Neumann's real estate company] and Adam Neumann about their ideas for Wework, and has not made a commitment to participate in any transaction."

Neumann founded Wework in 2010 and oversaw the business when it hit a peak private market valuation of $47bn. He stepped down after a failed IPO. City A.M. has contacted Wework and Third Point for comment.

(c) 2024 City A.M., source Newspaper