SoftBank Group Corp. is set to take control of WeWork after securing a deal that could hand co-founder Adam Neumann a nearly $1.7 billion windfall and sever most of his ties with the troubled office-space startup. WeWork, in danger of running out of cash in the coming weeks, chose a rescue offer from SoftBank over a competing proposal from JPMorgan Chase & Co., according to people familiar with the matter. It had asked both parties to submit proposals by a deadline yesterday.

Source: Wall Street Journal October 22, 2019 12:16 UTC