WeWork Inc WEWKQ founder and former CEO Adam Neumann has enlisted Tesla attorney Alex Spiro to provide legal counsel as he attempts to buy back the office space company he founded.
According to Bloomberg Law, Spiro has been working with Neumann since late 2023.
Spiro was involved in several legal proceedings as part of Elon Musk's 2022 acquisition of Twitter. He also helped defend Musk in a case concerning the billionaire's tweet of wanting to take Tesla private and advised on lawsuits against Microsoft and Meta Platforms.
Related Link: Guess Who’s Back? Adam Neumann Reportedly Eyes WeWork As Bankruptcy Looms Large
WeWork told Benzinga the company regularly receives interest in the company and reviews the proposals for the best interest of the company.
"We continue to believe 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 WeWork spokesperson told Benzinga.
The Covid-19 pandemic hurt WeWork as workers grew accustomed to home offices. The company was also saddled with costly leases and high debt levels.
Once worth $47 billion at its peak and $9 billion when the company announced a SPAC merger in 2021, WeWork is now bankrupt.
Neumann, who was pressured to step down as WeWork CEO in 2019, has been lining up investors to help buy the company. Among the investors helping him is Dan Loeb's Third Point hedge fund.
Softbank Group Corp SFTBY is the largest shareholder of WeWork and likely a key player in the bankruptcy proceedings and any buyout offers.
Before WeWork got the meme stock treatment in 2023, its story provided dramatic fodder for Hollywood. A documentary titled "WeWork or the Making and Breaking of a $47 Billion Unicorn" was released on Hulu in 2021.
In 2022, Apple Inc AAPL released "WeCrashed" as a series on its AppleTV+ streaming platform. It consisted of eight episodes with actor Jared Leto playing Neumann.
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© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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