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WeWork Founder Adam Neumann Is Still a Billionaire After Bailout - Bloomberg

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This would be the definition of a Golden Parachute.

SoftBank Group Corp.’s proposed rescue package of WeWork involves Neumann selling about $1 billion of stock and getting a $185 million consulting fee from the Japanese firm even as the deal values the struggling office-sharing company at $8 billion, according to people familiar with the transaction. That’s down from an estimated $47 billion at the start of the year. Neumann will leave the company’s board though he still can assign two seats.

So after creating no profits at all, the founder of WeWork leaves a billionaire. This is wrong.

Posted on October 22, 2019

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