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October 23, 2019 02:52 pm

2,000 WeWork Employees To Lose Their Jobs As Former CEO Adam Neumann Prepares To Walk Away With at Least $1 Billion

WeWork's value has tumbled, about 2,000 employees are being cut and many investors are nursing losses after the firm's bailout. But founder Adam Neumann is still a billionaire. From a report: SoftBank's proposed rescue package of WeWork involves Neumann selling about $1 billion of stock and getting a $185 million consulting fee from the Japanese firm even as the deal values the struggling office-sharing company at $8 billion, according to people familiar with the transaction. That's down from an estimated $47 billion at the start of the year. Neumann will leave the company's board though he still can assign two seats. On these terms, Neumann's net worth would be at least $1 billion, according to calculations by the Bloomberg Billionaires Index. While that's a fraction of what it was on paper in January -- the last time SoftBank made an investment in WeWork -- it's a remarkable return from a business that has never made a profit and seen its initial public offering spurned by skeptical investors.

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