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by inthewoods
1276 days ago
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He got the payout of $480m as a settlement for stepping down. But he also got a $1b when Softbank bought out shareholders: "Neumann led WeWork to a failed attempt at an initial public offering in 2019 and was ousted shortly afterward. As part of the original bailout effort, SoftBank had agreed to buy $3 billion in stock from WeWork investors, including close to $1 billion from Neumann." https://www.latimes.com/business/story/2021-02-26/softbank-s... |
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Neumann had lines of credit from banks secured by his wework equity. Kind of like a home equity line of credit but with stock instead of a home.