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Adam Neumann & SoftBank deserve each other

WeWork and SoftBank Group paid Adam Neumann only a portion of the $185 million fee that was part of his controversial exit package as CEO, Bloomberg reported. Neumann reemerged on the public scene when he recently invested $30 million in Alfred Club.

  • Backdrop: The fee was tied to a non compete agreement for Neumann, and a portion of the payment depended on the completion of a deal to acquire WeWork stock from Neumann and other shareholders. SoftBank backed out of that stock transaction, a move that is the subject of a lawsuit involving Neumann.
  • Heard on the Street: Executive Chairman Marcelo Claure told the WSJ: “I think Adam may have violated some of the parts of the consulting agreement, so that’s no longer in effect.” [Bloomberg+WSJ]

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