WeWork never figured out how to make money. Mr Adam Neumann sure did. Read more at straitstimes.com.
Co-founder and former CEO Adam Neumann managed to extract huge amounts of cash from WeWork even as he was forced out.It has US$19 billion of liabilities and US$15 billion of assets. Long-time investors, including Softbank Group and the Vision Fund, will add to the enormous losses they have already taken on the venture.
While battering his reputation, the exit left him with plenty of liquidity, and he is still worth US$1.7 billion, according to the Bloomberg Billionaires Index. The former CEO’s name was mentioned 197 times in a merger filing alongside eye-watering payouts, including a US$185 million non-compete agreement, US$106 million settlement payment and US$578 million received for shares sold by Mr Neumann’s We Holdings to SoftBank.
The bankruptcy process is expected to take months and will decide how creditors divide the remains of the company.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Commentary: Gutted and reformed, WeWork might just work this timeWeWork should emerge from bankruptcy protection with a much less ugly balance sheet, says Chris Bryant for Bloomberg Opinion.
Read more »
How SoftBank's bets on WeWork totaled $16 billionNEW YORK : SoftBank Group Corp, the Japanese conglomerate led by Masayoshi Son, invested about $16 billion in WeWork in the years that led up to the flexible-workspace company's bankruptcy, according to Reuters calculations.
Read more »
In Pictures: China sees unexpected snowfall grounding flights, forcing school closuresRead more at straitstimes.com.
Read more »
In Pictures: Star-studded appearances at the 2023 Earthshot Prize AwardsRead more at straitstimes.com.
Read more »
Today in Pictures, Nov 8, 2023Read more at straitstimes.com.
Read more »
Ex-Malaysia minister Syed Saddiq resigns as Muda leader after graft verdict but vows to clear nameThe 30-year-old is the first politician to face a whipping sentence after being found guilty of corruption. Read more at straitstimes.com.
Read more »