WeWork has been considering two competing takeover bids from SoftBank and JPMorgan.
SoftBank is about to take control of WeWork, as the office-sharing firm battles to stay afloat, according to a Wall Street Journal report. WeWork founder and former CEO Adam Neumann is set to receive almost $1.7 billion from the Japanese investor as part of the deal, which will see him step off the board, the Journal reported. Neumann will reportedly sell about $1 billion in shares to SoftBank, plus receive an additional loan and consulting fee.
SoftBank is about to take control of WeWork, as the office-sharing firm battles to stay afloat, according to a Wall Street Journal report. WeWork founder and former CEO Adam Neumann is set to receive almost $1.7 billion from the Japanese investor as part of the deal, which will see him step off the board, the Journal reported. Neumann will reportedly sell about $1 billion in shares to SoftBank, plus receive an additional loan and consulting fee.
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SoftBank is planning on paying Adam Neumann $200 million to step aside if it takes over WeWorkSoftBank would pay Neumann $200 million. In return, he'd leave WeWork's board, give up his voting shares — and reportedly back SoftBank's bid.
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