Wework Co-Founder Neumann Sues Softbank
WeWork co-founder Adam Neumann filed a lawsuit against Japan’s SoftBank Group Corp and its Vision Fund on Monday for terminating a $3 billion tender offer to the office-sharing startup’s shareholders. The tender offer was part of a $9.6 billion rescue financing package that SoftBank agreed with WeWork in October and gave it control of the company. Since then, WeWork’s occupancy rates have plummeted amid the COVID-19 pandemic. In April, SoftBank said it would not press ahead with the tender offer because several pre-conditions had not been met, frustrating WeWork’s minority shareholders, who were expecting a payout. The investors included Adam Neumann.