WeWork co-founder Adam Neumann reportedly will get about $1.7 billion under a deal in which SoftBank will take control of the troubled company
Under the deal, the potential valuation of WeWork would drop to about $8 billion, a stunning fall from its peak of $47 billion, and an additional embarrasment for a company that was supposed to go public not long ago.
Under that new expected valuation, SoftBank would have put more money into WeWork to date than the company is worth.News of the deal was first reported by the Wall Street Journal.WeWork and SoftBank did not immediately respond to a request for comment.This is a developing story. Check back for more ...
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WeWork board weighs $9.5-billion takeover bid from SoftBankSoftBank is offering to take over WeWork, buying as much as $3 billion of stock from existing shareholders and providing $5 billion in debt financing.
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SoftBank takes control of WeWork in bailout deal; Neumann out - Business InsiderThe Japanese investor will give Adam Neumann $1.7 billion. He'll get a $185 million consulting fee and will step down from the board.
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SoftBank is reportedly paying WeWork founder Adam Neumann $1.7 billion to step off the boardWeWork has been considering two competing takeover bids from SoftBank and JPMorgan.
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