What Beats a Golden Parachute? WeWork’s Adam Neumann to Receive $1.7B

What Beats a Golden Parachute? WeWork’s Adam Neumann to Receive $1.7B

5 years ago
Anonymous $xdcOWPpsb_

https://wccftech.com/what-beats-a-golden-parachute-weworks-adam-neumann-to-receive-1-7b/

WeWork employees are apparently furious that CEO and founder Adam Neumann is being paid by SoftBank (OTCMKTS:SFTBY), as part of a $5 billion bailout deal, $1.7 billion to walk away from his company and I am left wondering if I went into the wrong line of work. The break-down on this total amount includes a $1 billion payment for Neumann’s WeWork stock, a $185 million consulting fee and a $500 million dollar line of credit. The company, after having already invested more than $10 billion into the office space start-up, and that is probably functioning about as well as Office Space, is lining up another $5 billion in debt financing to attempt to save the fledgling company in a takeover. 

WeWork has flirted with disaster since it originally filed paperwork with the government to go public and it was shown the company was suffering massive losses, unscrupulous self-dealing behaviors and questionable governance with an unduly amount of control vested with Neumann and his spouse. They are currently swirling in rumors of insolvency with reports that the company is not even able to perform layoffs because it does not have the funds available to pay for employee severance.  Which begs the question, do they have the funds to pay their employees either? 

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