The deal could be announced as soon as Tuesday and will value WeWork between $7.5 billion and $8 billion—an 83% decline from the $47 billion valuation the company received in January. Softbank, led by Japanese billionaire Masayoshi Son, plans to spend between $4 billion and $5 billion on new and existing equities to complete its takeover of WeWork. SoftBank may also pay Neumann about $200 million to leave the board of directors altogether, give up his voting shares and support SoftBank's takeover, Axios reported. On October 10, Forbes lowered net worth estimates for both Adam Neumann and his other co-founder, Miguel McKelvey, to below $1 billion each. Key background: WeWork has imploded over the last month, after it canceled its highly anticipated IPO and ousted CEO and founder Adam Neumann.

Source: Forbes October 21, 2019 20:03 UTC