Author: Adi Robertson
Photo by Kelly Sullivan / Getty Images for the WeWork Creator Awards
WeWork co-founder Adam Neumann is suing investor SoftBank for scrapping a $3 billion stock buyout agreement. The New York Times reports that Neumann accused SoftBank of breaching its contract and “secretly taking actions to undermine” the agreement, which SoftBank abandoned last month. He’s looking to merge the case with a similar suit by WeWork’s board in April, but SoftBank has called those claims a “desperate and misguided attempt” to rewrite the deal’s history.
SoftBank agreed to bail out The We Company last year while writing off billions of dollars on an investment due to WeWork’s unprofitable and ill-advised operations. The deal included a plan to buy $3 billion worth of stock from Neumann and other shareholders. But in April,...
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WeWork co-founder Adam Neumann is suing investor SoftBank for scrapping a $3 billion stock buyout agreement. The New York Times reports that Neumann accused SoftBank of breaching its contract and “secretly taking actions to undermine” the agreement, which SoftBank abandoned last month. He’s looking to merge the case with a similar suit by WeWork’s board in April, but SoftBank has called those claims a “desperate and misguided attempt” to rewrite the deal’s history.
SoftBank agreed to bail out The We Company last year while writing off billions of dollars on an investment due to WeWork’s unprofitable and ill-advised operations. The deal included a plan to buy $3 billion worth of stock from Neumann and other shareholders. But in April,...
Continue reading…
Continue reading...