PYMNTS
SoftBank Group Corp has reached a settlement with WeWork’s special committee and co-founder and former CEO, Adam Neumann, on February 27 settling a fight in court tracing all the way back to 2019.
SoftBank had agreed to buy shares worth $3 billion in WeWork that belonged to Neumann and a few other employees. SoftBank later challenged its commitment to buy the stock.
In the new agreement, SoftBank will purchase half the shares it had initially consented to purchase. According to reports, the deal includes a nearly $500 million cut in Neumann’s payout from SoftBank.