SoftBank reportedly ends WeWork ownership debacle with a potential $1.7 billion windfall for Adam Neumann
After erasing more than $30 billion in projected shareholder value, Adam Neumann could walk away from the We Company with a windfall of as much as $1.7 billion, according to a report in The Wall Street Journal.
This is how the company will end, not with the pop of a successful public offering, but with a whimper from defeated investors probably tired after the months-long saga of trying to make sense of how a clever real estate plan ballooned into one of the greatest swindles in venture capital history.
Already ousted as the company’s chief executive, Neumann controlled shares of the company that gave him what amounted to significant control even after his removal.
The We Company drama has it all. Complacent directors, horrible management, rapacious greed — wrapped in a package of holistic spirituality and the invention of a new kind of conscious capitalism. Even if it was ultimately a capitalism that was conscious only of its ability to deceive.
As Neumann leaves, SoftBank will gain control of the company it had once valued at $47 billion, but at a far more modest $8 billion figure. Still, the bid was more attractive to The We Company’s
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