Connect with us

PropTech

SoftBank balks at part of WeWork bailout

Founder and CEO Adam Neumann (Credit: JamelToppin/Forbes)

Even the dumb money isn’t that dumb… SoftBank is backing away from part of its planned bailout of WeWork, citing several regulatory investigations of the office-sharing company. This development won’t affect the $5 billion lifeline SoftBank agreed to give the co-working company directly. 

  • Dig Deeper: SoftBank believes regulatory probes into WeWork’s business, including from the SEC and Justice Department, give it an out under the deal struck to purchase $3 billion of WeWork shares from existing investors, WSJ reported.
  • Ouch: That would include Adam Neumann who had the right to sell up to $970 million in stock as part of the October deal that led to his ouster from the company’s board.

Continue Reading
To Top