WeWork
co-founder Adam Neumann will reportedly get about $1.7 billion under a
deal in which SoftBank will take control of the troubled company.
Under
the deal, the potential valuation of WeWork would drop to about $8
billion, a stunning fall from its peak of $47 billion, and an additional
embarrasment for a company that was supposed to go public not long ago.
Under that new expected valuation, SoftBank (SFTBF) would have put more money into WeWork to date than the company is worth.
Japanese conglomerate SoftBank is the largest investor of The We Company, WeWork`s parent company.
News of the deal was first reported by the Wall Street Journal. Bloomberg also reported Neumann`s payout as part of the deal...
...moreKen Notes: Clearly we are all in the wrong business! You can get 1.7 BILLION dollars for starting a business with no profits, no hard assets, and no working business model...
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- - Volume: 7 - WEEK: 43 Date: 10/22/2019 8:44:08 AM -