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