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Democratic Presidential Candidate Slams Adam Neumann

Senator and presidential candidate Elizabeth Warren has lambasted Adam Neumann’s $1.7 billion severance after the cofounder and former CEO was forced to resign at WeWork.

“WeWork is laying off 2,400 employees — while its founder walks away with a massive $1.7 billion golden parachute,” Warren tweeted. “This is another example of a rigged and corrupt system.”

Neumann will reportedly have a networth up to $970 million after selling WeWork stock to SoftBank, which is expected to take place this week. His exit deal also includes $185 million in consultancy fees over the next four years.

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The Japanese conglomerate also gave Neumann a $500 million personal credit, from which he has already drawn $400 million, and must use any proceeds to pay back SoftBank.

This news follows WeWork canceling plans for its IPO in September after it experienced a lack of investor interest and major criticism over its business model. SoftBank, who is the largest shareholder and backer of WeWork, then offered the company a $9.5 bailout deal which the coworking provider readily accepted.

ABOUT Aayat Ali
Aayat Ali

Aayat is an editor for the Daily Digest based out of Kentucky. She has worked with local coworking spaces since August of 2017 and enjoys taking her firsthand knowledge to write about the fascinating, constantly evolving world of flexible workspaces. Feel free to reach out to her at [email protected] View all posts by Aayat Ali

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