All the details of SoftBank's WeWork takeover: SoftBank will own 80% of WeWork, Neumann steps down, and SoftBank invests billions. The new chairman will address employees on Wednesday.
Wednesday, 23 October 2019 · SoftBank announced a deal to take over WeWork on Tuesday night.
· The rescue plan, which comes weeks before WeWork was set to run out of money, includes a capital infusion and stock buyback from the Japanese investor.
· Marcelo Claure, SoftBank's chief operating officer, will become executive chairman of WeWork's board....
WeWork cofounder Adam Neumann is expected to step down as chairman of the board.
WeWork's biggest investor, SoftBank, is taking over the company and giving Neumann $1.7 billion to step down.