WeWork accepts takeover bid from SoftBank..Adam Neumann will walk away with $1.7B [tr]

UK Daily Mail ^ | October 22, 2019 | Keith Griffith and Megan Sheets

[C19fan]

WeWork's board of directors has accepted a takeover bid from investor SoftBank, handing control of the office-sharing startup to the Japanese firm, according to a source directly familiar with the matter.

The deal on Tuesday valuing the troubled co-working company at $8billion is a far cry from the $47billion valuation WeWork received from SoftBank in a funding round in January.

WeWork chairman Adam Neumann could be paid roughly $1.7 billion to forfeit control of the company he founded should it be purchased by SoftBank, a new report claims.

The compensation package would include a $1 billion stock buyout, $500 million line of credit, and $185 million 'consulting fee,' sources familiar with the matter told the Wall Street Journal.

[C19fan]

Only in this era of capitalism does someone earn $1.7 billion for failure.

[Starboard]

Well, many of our politicians fail us and are rewarded with reelection. And they too reap substantial financial benefits.

What a country.

[MissEdie]

What exactly does WeWork do??

[C19fan]

They rent office space on long term leases. Then they spruce them up to supposedly attract Millenial self-employed people and like who sign short term leases with WeWorks. It is an office leasing company wrapped in a fancy package.