“It is not unusual for the world’s leading technology disruptors to experience growth challenges as the one WeWork just faced,” Masayoshi Son, chairman and chief executive of SoftBank, said in a news release. SoftBank has now invested more than $13 billion in the cash-burning start-up, a move that has rattled investors. ADNeumann was ousted as chief executive last month amid allegations of self-dealing and reports of erratic and eccentric behavior that put the company at risk. Now, Neumann will leave the company he helped found in 2010, his exit sweetened by $1.7 billion in cash and credit from SoftBank. ADJ.P. Morgan, one of WeWork’s biggest external shareholders, had been competing with SoftBank for WeWork’s financial rescue.

Source: Washington Post October 23, 2019 12:22 UTC