Friday, March 29

Tag: WeWork war

SoftBank Turns against WeWork’s parent CEO Neumann
BUSINESS

SoftBank Turns against WeWork’s parent CEO Neumann

(Reuters) - SoftBank Group, the biggest investor in Wework co-working is exploring ways to replace Adam Neumann as chief executive, four people familiar with the matter said on Sunday. The rare showdown between SoftBank and one of its biggest investments comes after We Company postponed its initial public offering (IPO) last week, following pushback from perspective investors, not just over its widening losses, but also over Neumann’s unusually firm grip on the company. This was a blow for SoftBank, which was hoping for We Company’s IPO to bolster its profits as it seeks to woo investors for its second $108 billion Vision Fund. It invested in We Company at a $47 billion valuation in January, yet stock market investor skepticism led to the startup considering a potential...