WeWork has reached an agreement to be taken over by SoftBank, valuing the co-working firm between $7.5 billion and $8 billion. SoftBank’s bailout marks the embarrassing downfall of a company it recently valued at $47 billion.
Worth Noting: Masayoshi Son’s Softbank is doubling down, not the Vision Fund.
Highway robbery: SoftBank will reportedly pay Neumann $1 billion to buy his shares, in addition to a $185 million consulting fee. The infamous founder will no longer be on the board.
Heard on the Street: Nell Minow told Reuters: “The consulting arrangement is mind boggling. It’s terrible governance. Why pay the guy who got WeWork into this mess for advice. It’s adding insult to injury and a little more injury too.”