WeWork co-founder Adam Neumann is near a settlement with SoftBank that would cut his payout in half to about $500 million, people familiar with the talks say
According to terms being discussed, SoftBank would spend roughly $1.5 billion to buy the shares of early WeWork investors and employees, including nearly $500 million from former CEO Adam Neumann.
Feb. 22, 2021 5:43 pm ETWeWork co-founder and former Chief Executive Adam Neumann is in advanced talks to settle a high-profile legal fight with SoftBank Group Corp. by agreeing to a nearly $500 million cut in his payout from the shared-office-space company’s new owner, a move that would help clear the way for WeWork’s second attempt at a public listing.
According to terms being discussed, SoftBank would spend roughly $1.5 billion to buy the shares of early WeWork investors and employees, including nearly $500 million to purchase shares from Mr. Neumann—in both cases about half what it originally agreed to, according to people familiar with the talks.
SoftBank took a majority stake in WeWork after its attempted IPO collapsed in 2019 when public investors balked at buying the money-losing company’s shares and at Mr. Neumann’sconflicts of interest and erratic behavior. Mr. Neumann stepped down under pressure as CEO in the wake of the IPO debacle. headtopics.com
The negotiations have been rocky at times and there is no guarantee they will produce an agreement, but if there is one, it could be finalized in the coming days, the people said.Should there be a settlement, it could be followed by another deal as WeWork is also in talks to combine with a special-purpose acquisition company, a move that would finally convert it into a public company.Read more: The Wall Street Journal »
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