The co-founder of WeWork, Adam Neumann, and SoftBank They are close to closing a deal that would give the former CEO a $ 480 million payment for about 25% of his shares in the company. This is half of the shares SoftBank originally intended to buy in 2019.
According to CNBC, if the deal goes through, SoftBank would buy roughly $ 1.5 billion in shares from WeWork's early investors. The deal would represent 10.5% of WeWork's shares, priced at $ 19.19 per share, which is the initially agreed price. Neumann would remain a significant shareholder in the company.
The agreement would end a legal dispute between Neumann and SoftBank, which for many years was its largest sponsor. In 2019, after WeWork's initial public offering failed, he resigned and the Japanese conglomerate agreed to buy $ 3 billion in shares of Neumann and other shareholders as part of a rescue package.