SoftBank has spelt out the full cost of its bitter divorce from WeWork co-founder Adam Neumann, detailing a settlement worth hundreds of millions of dollars.
Neumann has received cash, stock awards and fees worth close to $450m in a settlement which has been the subject of fraught negotiations since he was forced to step down from the co-working company as chief executive in 2019, after a failed attempt at an initial public offering.
With WeWork targeting a second run at an IPO, this time via a merger with a blank-cheque company, the agreement is an attempt to break with the past. SoftBank regards the hefty cost as a reasonable price to pay to “put the Neumann era behind them”, said a person familiar with the negotiations.
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