WeWork co-founder Neumann nears settlement with SoftBank

WeWork co-founder Adam Neumann is in talks to settle his lawsuit against backer SoftBank Group Corp., which may see the company buy half the shares it originally agreed to, back in 2019. — Bloomberg

WeWork co-founder Adam Neumann is in advanced talks to settle his lawsuit against the co-working company’s biggest backer SoftBank Group Corp., according to people familiar with the matter.

Under the terms of the potential settlement, SoftBank would purchase half of the WeWork shares it originally agreed to buy in 2019, said one the people, who asked not to be identified because the talks are still private.

That means Neumann would be able to sell close to US$500mil (RM2.021bil) in stock, and that SoftBank would pay about US$1.5bil (RM6.06bil) overall. The shares are being sold at the same price agreed upon in 2019, the person said.