WeWork has been thrown a lifeline from Softbank, with a multi-billion dollar rescue deal.
In a statement, Softbank said it would provide $5bn (£3.9bn) in new financing and up to $3bn for existing shareholders of the struggling property firm. The Japanese conglomerate will increase its existing stake in WeWork to roughly 80%.
It’s expected to include a sizeable payout for co-founder Adam Neumann, who will leave the board but retain “observer” status.
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