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WeWork Board Accepts $10 Billion Takeover Plan From SoftBank

9 monthes ago   |   By The Huffington Post

The the deal will reportedly rescue WeWork, and current chair Adam Neumann will exit with $1.7 billion.
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SoftBank is reportedly paying WeWork founder Adam Neumann $1.7 billion to step off the board

SoftBank is reportedly paying WeWork founder Adam Neumann $1.7 billion to step off the board

9 monthes ago   |   By Business Insider

SoftBank is about to take control of WeWork, as the office-sharing firm battles to stay afloat, according to a Wall Street Journal report .
WeWork founder and former CEO Adam Neumann is set to receive almost $1.7 billion from the Japanese investor as part of the deal, which will see him step off the board, the Journal reported. Neumann will reportedly sell about $1 billion in shares to SoftBank, plus receive an additional loan and consulting fee.
Business Insider earlier reported that Neumann will also give up his voting shares as part of the bailout.
WeWork had also been subject to a...
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WSJ: SoftBank, WeWork's largest investor, takes control of the embattled office company, with co-founder Adam Neumann stepping down

WSJ: SoftBank, WeWork's largest investor, takes control of the embattled office company, with co-founder Adam Neumann stepping down

9 monthes ago   |   By Business Insider

WeWork's largest investor, SoftBank, will take control of WeWork, the Wall Street Journal reported Tuesday.
WeWork's board of directors had two bailout options from SoftBank and JPMorgan. SoftBank's deal reportedly won out.
The Japanese investor will provide WeWork co-founder Adam Neumann with almost $1.7 billion. He'll step down from the board, where he's currently the chairman, and will receive a $185 million consulting fee as well as a $500 million credit line, per the Wall Street Journal.
The embattled office company, whose valuation was as high as $47 billion just a few months ago...
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WeWork's Adam Neumann will reportedly get a $1.7 billion deal to step down from board

WeWork's Adam Neumann will reportedly get a $1.7 billion deal to step down from board

9 monthes ago   |   By CNBC

WeWork's Adam Neumann will reportedly get $1.7 billion in stock, cash and credit to leave the board and give up his voting rights in a deal with SoftBank that's expected as early as Tuesday.
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Facing criticism over handling of arrests during unrest, State's Attorney...

Facing criticism over handling of arrests during unrest, State's Attorney Kim Foxx defends dropping cases

CHICAGO - Cook County State's Attorney Kim Foxx faced criticism from downtown business owners, the police superintendent and her political rivals Monday over her approach to... Read more ...

New York's MTA wants safer COVID-19 iPhone unlocking, and so should you

New York's MTA wants safer COVID-19 iPhone unlocking, and so should you

A prominent public transportation system has asked Apple to improve the iPhone's face-based unlocking system for public use. Here's how that should happen. Read more ...

A California judge ruled that Uber and Lyft have to classify their drivers...

A California judge ruled that Uber and Lyft have to classify their drivers as employees, not contractors

Uber and Lyft will have to treat their California drivers as employees rather than independent contractors, a judge ruled Monday. The two companies were sued by the California... Read more ...

MGM Resorts soars 25% after IAC buys 12% stake, calling it 'once in a decade...

MGM Resorts soars 25% after IAC buys 12% stake, calling it 'once in a decade opportunity'

MGM Resorts soared as much as 25% on Monday after IAC said it bought a 12% stake in the company for approximately $1 billion. IAC Chairman Barry Diller called investing in MGM... Read more ...

Inside McDonald's year of scandals and its race to fix its reputation as the...

Inside McDonald's year of scandals and its race to fix its reputation as the fast-food giant sues its ex-CEO over alleged sexual relationships with employees

McDonald's filed a new lawsuit alleging that former CEO Steve Easterbrook had sexual relationships with three coworkers and destroyed evidence of these... Read more ...

McDonald's files lawsuit against former CEO alleging he had multiple sexual...

McDonald's files lawsuit against former CEO alleging he had multiple sexual relationships with employees and lied to investigators

McDonald's is filing a lawsuit against former CEO Steve Easterbrook. On Monday, the fast-food giant filed litigation against Easterbrook, alleging that the former CEO destroyed... Read more ...

Putin congratulates Lukashenko on winning presidential vote in Belarus

Putin congratulates Lukashenko on winning presidential vote in Belarus

Vladimir Putin has congratulated his Belarusian counterpart Alexander Lukashenko on retaining his job following Sunday's election, expressing hope that he will continue to... Read more ...

Amazon rebrands Twitch Gaming as Prime Gaming to broaden audience

Amazon rebrands Twitch Gaming as Prime Gaming to broaden audience

Amazon has rebranded its Twitch Gaming membership benefits program to Prime Gaming. The move is part of an attempt to broaden its appeal. Read more ...

Ohio Gov. Mike DeWine entered a pact to buy thousands of COVID-19 antigen...

Ohio Gov. Mike DeWine entered a pact to buy thousands of COVID-19 antigen tests. After a false positive, he's more skeptical

Ohio Gov. Mike DeWine tested positive for COVID-19 on August 6, but subsequent tests came back negative. Speaking to CNN, the Republican governor said the experience points to... Read more ...

Hong Kong media tycoon Jimmy Lai predicted that he would be arrested under...

Hong Kong media tycoon Jimmy Lai predicted that he would be arrested under China's new national security law, but said he would still stay and fight

Jimmy Lai, one of Hong Kong's most prominent pro-democracy voices, arrested under China's new national security law on Monday. Lai, who partly owns the publisher of the... Read more ...