Neumann Steps Down From WeWork Board, Gets Massive Handout From Softbank

Confirming the headline rumors from yesterday, The Wall Street Journal reports that Softbank will take control of WeWork with Adam Neumann stepping down from the board.

However, the details around Neumann’s payoff were dramatically under-reported as the journal reports that Softbank will provide the former CEO with around $1.7 Billion as part of the deal (and extend a $500 million line of credit to the kabbalah follower).

How do you know it’s the biggest bubble in history? This slide from Softbank pic.twitter.com/065dyDrwZW

— zerohedge (@zerohedge) September 8, 2019

Additionally, Neumann is expected to sell about $1 billion of stock to Softbank (and will receive a $185 million consulting fee from the Japanese tech giant).

A consulting fee for what? How to sell a dollar for 50c?

We wonder just how the 2,000 or so staff facing layoffs as soon as this deal is inked will feel about this…