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 ...