In a bold move, Adam Neumann, the ousted co-founder of WeWork (OTC:WEWKQ), has launched a substantial bid to take back the company he was once pushed out of. The audacious offer exceeds $500 million, signaling Neumann’s unwavering interest in the co-working space provider that is currently navigating through bankruptcy.

What Happened: Neumann has placed a bid exceeding $500 million to buy the bankrupt co-working giant, insiders reveal. The financing details for the acquisition remain undisclosed, The Wall Street Journal reported on Monday.

This move comes as Neumann attempts to regain control over WeWork, a company he was forced to leave five years prior. Previously, Neumann had expressed interest in a bid alongside Dan Loeb’s Third Point hedge fund, but Third Point is not involved in the current offer.

WeWork, once valued at $47 billion, filed for Chapter 11 in November and is working towards restructuring to exit bankruptcy as a profitable entity. The company has been in negotiations to reduce operating costs by renegotiating leases, although progress has been slow.

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Neumann’s February letter criticized the current management’s inability to secure financial support during bankruptcy. He claimed difficulties in obtaining the necessary information for a bid, stating his approach to the company began as early as December. WeWork has indicated plans to transfer control to its creditors post-restructuring.

Further intensifying his bid, Neumann enlisted the legal services of a lawyer known for representing Elon Musk. This move underscores his determination to navigate the complex legal landscape of the acquisition.

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