SoftBank takes over 80 percent of WeWork
Illustration by Alex Castro / The Verge
WeWork and SoftBank have announced a deal that will see the Japanese tech giant buy out around 80 percent of the beleaguered real estate company. Marcelo Claure, the former CEO of Sprint — which SoftBank acquired in 2012 — will be the new executive chairman at WeWork. Adam Neumann, the founder and CEO who is receiving more than a billion dollars to leave, will become a “board observer” without voting power. Artie Minson and Sebastian Gunningham remain co-CEOs of WeWork.
SoftBank is already WeWork’s largest investor, to the tune of more than $10 billion. The new deal includes $5 billion in further funding, $1.5 billion that had already been pledged for the future, and a $3 billion tender offer for existing shareholders outside SoftBank….