[bctt tweet=”WeWork co-founder and former CEO Adam Neumann will reportedly receive about $1.7 billion to formally leave the company and give up his voting rights.” username=”allwork_space”]
SoftBank will pay Neumann $1 billion for his shares, a $185 million consulting fee and $500 million in credit to repay his loans to JPMorgan.
This news comes after reports revealed that WeWork is expected to accept SoftBank’s takeover deal, where it would value the coworking company between $7.5 billion and $8 billion. SoftBank will spend $4 billion to $5 billion for additional funding and to buy up existing shares.
Without this additional funding, WeWork could run out of money as early as November.