Adam Neumann drops bid to acquire bankrupt WeWork

Former CEO of shared office space provider was ousted from company in 2019 following botched attempt to take it public

The WeWork founder Adam Neumann has shelved his bid to acquire the bankrupt shared office space provider.

It emerged earlier this year that Neumann, who was ousted from the business in 2019 following a botched attempt to take it public on the stock market, was seeking to buy the business. His new real estate venture, Flow Global, submitted a bid of more than $500m to take over WeWork and its assets.