WeWork's two CEOs have not officially stated any plans to resign but with SoftBank now in control of the company through a $9.5 billion rescue package announced on Tuesday, a change at the top is a strong possibility. If that were to happen,will each be able to count on multi-million dollar golden parachutes to carry them away.
SoftBank's deal with WeWork gives it 80% ownership of of the money-losing office sharing company. SoftBank is reportedly looking at major layoffs across the company, in addition to removing leadership, as it hopes to turn the company profitable.
Minson and Gunningham were appointed co-CEOs on September 24 following the ouster of WeWork's cofounder Adam Neumann as the startup struggled to pull off a planned IPO. Neumann, for his part, is set to walk off with $1.7 billion as part of the rescue package from SoftBank, a portion of which is earmarked as a consulting fee SoftBank will pay to Neumann.
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Isn’t it always!? The top gets the big pay and the bottom gets screwed!
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SoftBank takes control of WeWork in bailout deal; Neumann out - Business InsiderThe Japanese investor will give Adam Neumann $1.7 billion. He'll get a $185 million consulting fee and will step down from the board. GoldenParachutes...
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WeWork Documentary in the Works from Business InsiderCampfire, behind the Netflix doc 'The Innocent Man,' will produce the feature. Possible titles include: • We Didn't Work • We Started The Dumpster Fire • WeeWeeCompany • We Just Wanted Our IPO To Work • We Shouldn't Have Hired That CEO • We Not You • We vs. Them • WeirdWork • WeLost
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WeWork is the largest flex space operator in the Unites States - Business InsiderAccording to a recent study by CBRE, as of the second quarter of 2019, flexible office space in the US has increased by over 600% since 2010. But maybe WeWork may not be that for much longer.
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Meet the WeWork directors that'll help Adam Neumann's replacement - Business InsiderAdam Neumann is no longer chairman of WeWork's board of directors — here's who is still leading the office-sharing company
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Experts react to Adam Nuemann's 'stone cold crazy' WeWork buyout - Business InsiderExperts largely agree that SoftBank made the right move by buying out Neumann, but were shocked by the price of Neumann's golden parachute. techinsider Corruption, collusion, conniving. It’s frikkin EVERYWHERE. MADNESS An over valued proposition to begin with on a concept u can’t ring fence just like Uber. SoftBank,invested about $10.5 billion in WeWork, will lend them $5 billion and buy upto $3 billion shares. This isn’t the last we have heard of this story more than green mail. Hey SoftBank that consulting fee of $185 million should go to profgalloway for recognizing the bullshit propped up valuation from day one. WeWorkAdam deserves nothing other than to pay those thousands of employees whom jobs were cut as a result.
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