Feb 27, 2021 03:05 PM (GMT+8) · EqualOcean
Wework and its co-founder and former CEO Adam Neumann have reached a legal settlement with Softbank group, a major shareholder, on February 27. That means Softbank will take full control of Wework and Neumann will leave the company. According to people familiar with the matter, Neumann will give up his one-year directorship of Wework and cash out about $480 million by selling Wework shares to Softbank. Softbank will pay Neumann $50 million to cover legal costs. In addition, as part of Neumann's previous commitment to non compete fees, Softbank will pay another $50 million to Wework and extend its $430 million loan to Neumann for five years.