Softbank takes control of embattled WeWork
Founder Adam Neumann gets billion-dollar handshake for stepping down from board
22 October 2019 - 19:47
New York — SoftBank is taking control of WeWork, part of a rescue financing plan that will see founder Adam Neumann depart the company’s board, according to people familiar with the matter.
Neumann is expected to sell a little under $1bn of stock to the Japanese investment firm as part of the deal, said the people, who asked to remain anonymous because the agreement has not been announced. He will remain as a board observer and can assign two board seats, one of the people said. Neumann will also get a roughly $185m consulting fee...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.