WeWork cofounder and previous CEO Adam Neumann, who once referred to as his partnership with SoftBank’s Masa Son “stunning”, is now suing the Japanese conglomerate — and his language has altered significantly.
In the lawsuit, Neumann accuses SoftBank of backing out of a essential provision of its virtually $ten billion bailout of the coworking business, which SoftBank agreed to in Oct. The offer gave SoftBank manage of the business and provided a $three billion tender offer you to WeWork’s early shareholders, but SoftBank withdrew the tender offer you past thirty day period. Neumann would have been the most significant beneficiary of the tender offer you, cashing out $970 million worth of his stake. Other early buyers and employees would have also offered shares in the offer you.
In his complaint, Neumann alleges that SoftBank “doubled down on their abuse of ability” and argues that its “deteriorating” money placement motivated its