Tech

SoftBank would buy about 25% of Adam Neumann’s stake in WeWork for $480 million under proposed settlement

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 conversant in the matter informed CNBC’s Deidre Bosa. That’s half as many shares as SoftBank initially supposed to purchase, this particular person stated.

Ought to 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 stated. Neumann would stay a significant 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 Street Journal.

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