By: The Guardian
May 27, 2021
WeWork founder Adam Neumann received $245m in company stock and $200m in cash earlier this year, part of an enormous exit package from the office rental company he led to dizzy heights before its equally dramatic fall.
The award comes nearly two years after a disastrous attempt by the company to go public and the ousting of Neumann.
The post-divorce payout, the Wall Street Journal reported on Thursday, is part of a renegotiation of Neumann’s 2019 exit package with primary investor SoftBank, and designed to clear the way for a new effort to list WeWork as part of a special-purpose acquisition company.
In addition to the $245m grant, Neumann received $200m in cash, was able to refinance $432m in debt on favorable terms, and allowed a finance company controlled by the former chief executive to sell $578m in WeWork stock.