Adam Neumann, CEO of WeWork.
Eduardo Munoz | Reuters
WeWork co-founder Adam Neumann and SoftBank are nearing a settlement settlement that would entitle the previous CEO to a payout of $480 million for roughly 25% of his shares in the corporate, an individual accustomed to the matter informed CNBC’s Deidre Bosa. That is half as many shares as SoftBank initially meant to buy, this particular person mentioned.
Should a deal be finalized, SoftBank would buy roughly $1.5 billion of shares from early WeWork traders. The deal would symbolize 10.5% of WeWork shares, with the value at $19.19 per share, which is the value that was initially agreed upon, the particular person mentioned. Neumann would stay a serious shareholder in the corporate.
SoftBank reached out to Neumann following a report final month that WeWork was in talks to mix with a SPAC affiliated with Bow Capital Management, the supply mentioned.
Talks between Softbank and Neumann had been first reported on Monday by the Wall Street Journal.