Former WeWork executive Adam Neumann could reap almost $500 million in cash from his holdings in the company and emerge with a stake in the business less than 18 months after the high-profile failure of its IPO cost him his job as CEO, The Financial Times reports.
SoftBank is in advanced talks with WeWork’s co-founder and other shareholders to settle a bitter legal battle stemming from the Japanese group’s October 2019 rescue of the office group, which was needed to help it avert bankruptcy in the wake of the IPO’s collapse, people familiar with the negotiations told The Financial Times.
Cleaning up the litigation brought by Neumann and a special committee of the group’s independent directors would clear the path for WeWork to be bought by a SPAC, giving it the public listing it tried and failed to get in 2019. Read more.
