(Reuters) – WeWork co-founder and former Chief Government Adam Neumann is nearing a settlement with SoftBank Group Corp that would embrace a virtually $500 million minimize in his payout from the workplace space-sharing firm’s new proprietor, the Wall Avenue Journal reported on Monday.
SoftBank would spend about $1.5 billion to purchase shares of early WeWork traders and workers, together with $500 million to purchase Neumann’s shares, the Journal reported https://on.wsj.com/3kkRBWH, citing individuals conversant in the matter.
The high-profile settlement would put to relaxation a protracted authorized battle between Neumann and the tech firm, which dates again to 2019 when WeWork’s IPO plans fell aside.
SoftBank, which poured greater than $13.5 billion into WeWork, was pulled right into a authorized dispute with administrators at WeWork after backing out of a $3 billion tender provide agreed when it bailed out the office-sharing agency following a flopped IPO try.
SoftBank declined to remark to a Reuters request. WeWork was not instantly out there for an announcement.
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