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It continues. SoftBank is now offering Adam Neumann $200M to leave its board of directors, give up his voting shares and support SoftBank's takeover: https://t.co/UDMKuoz2im
— Kate Clark (@KateClarkTweets) October 21, 2019
On the purely amoral metric of extracting money from rich people who aren’t as smart as him, Adam Neumann really is an extraordinary success story. https://t.co/y93I6IGINy
— Tom Gara (@tomgara) October 22, 2019
everyone involved in managing this company and it’s executives should be embarrassed to their corehttps://t.co/Fgus4e0VGy
— rat king (@MikeIsaac) October 22, 2019
It is almost like no one has heard of the sunk cost fallacy https://t.co/1veVcCgTY6
— JP Eggers (@jpeggers) October 21, 2019
Breaking on @WSJ:
— Liz Hoffman (@lizrhoffman) October 21, 2019
*Deadline tonight for WeWork rescue bids
*SoftBank offering $5bn loan, $1.5bn equity, $1bn to buy out existing investors & employees
*SoftBank exec Marcelo Claure would replace Adam Neumann as chairman
*JPM working on alternate package
*Deal values We ~$8bn
I'm confused. If the SoftBank package for WeWork includes "a $3 billion tender offer to employees at $20 a share" how does that inject money into the company? If you buy the shares from existing shareholders, the money doesn't go to the company. https://t.co/xZDL0VgHIO
— Josh Barro (@jbarro) October 21, 2019
Can we 100% wealth tax this dude and this dude only https://t.co/3kDqebxCnQ
— ???????? ????? (@pineconemacro) October 21, 2019
This makes perfect sense under the "You break it; You buy it" retail store model. https://t.co/ehAqy0uQhn
— Shira Ovide (@ShiraOvide) October 21, 2019
WeWork's Adam Neumann set to receive a $1.7 billion deal to step down from its board, which will include a $185M “consulting fee” from SoftBank and $500M of credit from the investor - WSJ https://t.co/xqHiMhBpyV
— CNBC Now (@CNBCnow) October 22, 2019
why is a company that cant afford to lay off its staff still valued at $8 billion https://t.co/vjsIZ2PmoO
— guy fieri 2020 campaign manager (@libbycwatson) October 22, 2019
it's weird that hundreds of extremely high-priced lawyers and bankers whose purported integrity undergirds the global financial system can conspire to convince investors that a company is worth $40 billion when it actually is worth maybe a tenth of that and no laws are broken?
— John Cook (@johnjcook) October 22, 2019
WeWork's Adam Neumann will get a $1.7 billion package to step down from the board, source confirms. https://t.co/EnVZyeyxFf
— CNBC (@CNBC) October 22, 2019
This has to be a land-speed record for death-spiral progression. #?? https://t.co/P4BDd7Lhv5
— Molly Wood (@mollywood) October 21, 2019
If Adam Neumann gets away with essentially embezzling SoftBank out of a billion dollars, should we congratulate or vilify him? It’s a tough call really.
— Can (@can) October 22, 2019
I want to be a tech guru failure too! https://t.co/SjfZyORR6X
— haunted dog (@zandywithaz) October 21, 2019
So, Neumann probably needs a $200 million "consulting fee" because he borrowed a pile of money against his WeWork stock to buy a string of homes and live like a king.
— Shira Ovide (@ShiraOvide) October 22, 2019
He needs to repay those loans, and his stock is worth garbage, so...consulting fee! https://t.co/udx41XYFBA
“Can’t afford layoffs because you can’t afford severance”
— Cube Warrior (@CubicleWarrior_) October 21, 2019
I have to admit, I have never even thought of this problem. How....how the hell does it get to that point? https://t.co/7sSsLLWyj7
Wow. Has any unicorn company unraveled so quickly? https://t.co/mwJJ3FoBRu
— Garrett M. Graff (@vermontgmg) October 21, 2019
I would also like $200 million to fail miserably at a real estate scam. Let’s motherfucking go https://t.co/nKKy56KZSw
— Patrick George (@bypatrickgeorge) October 22, 2019
So what’s the financial calculus, here? Is WeWork more worried about liability from lawsuits from former employees if it can’t offer them severance in exchange for a release of claims? https://t.co/EM88SJodkc
— Matt Pearce bargained a fair contract ? (@mattdpearce) October 22, 2019
I’ve read almost every book on startups, and somehow have just completely missed the chapters that covered this part of the strategy. https://t.co/H41lGA1kLz
— Aaron Levie (@levie) October 22, 2019
Scoop: SoftBank offers Adam Neumann $200 million to leave WeWork board, vote for its deal.
— Dan Primack (@danprimack) October 21, 2019
(well, technically to buy his voting shares) https://t.co/MLMAtUjevF
SoftBank will have invested a total of c$15billion in a business now valued at around half that. Pretty disastrous https://t.co/NqgAb0kpqw
— Rory Cellan-Jones (@ruskin147) October 21, 2019
They need rescue financing, in part, TO FIRE MANY PEOPLE.
— Shira Ovide (@ShiraOvide) October 21, 2019
I just have no words. https://t.co/1PJsX0IPu4
WeWork’s Valuation Falls to $8 Billion Under SoftBank Rescue Offer https://t.co/C6GvuvE0kr
— James Mackintosh (@jmackin2) October 21, 2019
+"WeWork also is planning to cut thousands of employees, but delayed the layoffs earlier this month because it couldn’t afford the severance costs, people familiar with the matter said"
I am both happy and sad that I've never been bad enough at anything to have somebody pay me $200m to leave... https://t.co/j703XhY0rr
— Laura Klein (@lauraklein) October 22, 2019
I will accept a mere $100MM to not be on WeWork's board, DMs are open https://t.co/FXbusf8TVR
— ???????????? (@eparillon) October 21, 2019
I’ll do it for half off https://t.co/2IM15grMP8
— Matthew Panzarino (@panzer) October 21, 2019
I know some people, primarily the employees, got screwed but all I am saying is if you joined a SoftBank funded company, you already threw caution into the wind.
— Can (@can) October 22, 2019
struggling to comprehend how much money you have to lose and how quickly you have to lose it in order to get paid $200 million to stop https://t.co/0GnTS2yOX3
— Jon Green (@_Jon_Green) October 22, 2019
Dear. Lord.
— Shira Ovide (@ShiraOvide) October 21, 2019
WeWork "delayed the layoffs earlier this month because it couldn't afford the severance costs."
How did this board let it get so bad? You can ditch the CEO, but where is EVERYONE ELSE?https://t.co/WvSpBpv0Fr
SoftBank to take control of WeWork, spending $4-$5bn on new equity and existing shares in the We Company, sources tell @CNBC. The deal values We Co. between $7.5-$8bn and could be announced as soon as tomorrow. https://t.co/mJmZYEBfRp pic.twitter.com/IPqlNLr9PH
— Holger Zschaepitz (@Schuldensuehner) October 21, 2019
$1.7 BILlON to ONE GUY for failing spectacularly in a country where people are rationing their insulin and six-year olds are being publicly shamed for school lunch debt. If people can look away from Trump for just one second, they’d see he’s just one symptom of a crumbling order. https://t.co/69zW6fbMGI
— zeynep tufekci (@zeynep) October 22, 2019
NEW: SoftBank is set to take control of WeWork in a deal that slashes the co-working company's valuation from $48 billion to around $8 billion, CNBC reportshttps://t.co/IYcZm5t6Cr
— Axios (@axios) October 21, 2019
The goal of every Capitalist is to reach the point where there is no penalty for failure. Congrats to Adam https://t.co/ccpGLQgYPp
— Tom Joad the Wet Sprocket (@Adequate_Scott) October 21, 2019
i love to spend $10B on a company i value at $8B specifically so the company has enough money to fire people, in a normal economy with normal incentives that aren't even perverse https://t.co/RSdspoERI4
— Patrick Cosmos (@veryimportant) October 22, 2019
From $48 bil to $8 bil. Just in case you’re thinking about buying a VC IPO scam stock. Let this be a lesson. Great to see SoftBank falling on its sword instead of killing public investors. #WeWork is clearly a scam stock. https://t.co/qjgKjKOhVJ
— Ross Gerber (@GerberKawasaki) October 21, 2019
With Neumann's earlier share sales, accepting this deal would take him very close to being a billionaire, which lolhttps://t.co/ne7PflNNW5
— Ryan Mac ? (@RMac18) October 21, 2019
The dumbest corporate takeover since the Oppenheimer-Palmieri Group and Entertainment Marketing took over Crazy Eddie in a hostile proxy battle thinking it was a golden goose, when it was a massive fraud. $WE #WEWORK https://t.co/ceFERsjmFe
— Sam E. Antar (@SamAntar) October 21, 2019
A payout equal to 2.2 F-35As to stop running a bad company poorly is a hell of a grift https://t.co/a7e3nL2WQb https://t.co/qxkAAV9mJ6
— Kelsey D. Nuclear Aftermatherton (@AthertonKD) October 22, 2019
WeWork story has everything. Icarus over extension, dumb sovereign money, a messianic founder, and ultimately and as usual, the crushing of a large number of little people https://t.co/0LBYKvpzqx
— Nesrine Malik (@NesrineMalik) October 22, 2019
Just so it's clear, this means a company apparently desperately in need of cash will not get all of this SoftBank cash.
— Shira Ovide (@ShiraOvide) October 21, 2019
Presumably Neumann gets bought out, at least in part? Or existing investors? https://t.co/whqvBWBowp pic.twitter.com/xX7fauDiLg
jpmorgan assembling a $5b rescue package for wework that values it at under $8b... that’s a pretty far cry from $47b (or what goldman was pitching at $90b+!!). do they think we are all stupid or what https://t.co/KXtXw9Vbgu
— Tricksy Chou ??♀️ (@triketora) October 19, 2019
Claure is Sprint's current executive chairman and former CEO. If he's good enough for Softbank to swoop him in to rescue WeWork, why can't he rescue Sprint instead of selling the thing to T-Mobile? https://t.co/91lmXA0oL9 pic.twitter.com/msqFsR4yqX
— nilay patel (@reckless) October 21, 2019
I am not entirely sure why Adam Neumann is not currently surrounded by a mob with torches and pitchforks. https://t.co/h6KlE7GQdh
— Matt Pearce bargained a fair contract ? (@mattdpearce) October 22, 2019
Important question: How is this tender offer structured? Because if SoftBank is bailing out other existing WeWork investors and executives who are responsible for breaking this company...{speechless} https://t.co/JomB2PqHn1 pic.twitter.com/yE3BHxb5fT
— Shira Ovide (@ShiraOvide) October 22, 2019
More like WHEEEEEEEEEEEWork, am I right? https://t.co/z0J9OWHYyK
— Ed Bott (@edbott) October 21, 2019
@WeWork being taken over by @SoftBank at a more realistic valuations. Will this be enough to save the embattled flexible office company? #WeWork @placetech @HollandCT_PT @MetaPropNYC @ColProptech @spanishproptech @unissu_global @FilmoRealty @cresa_uon https://t.co/9WGZvyOjr9
— Proptech Africa_Official (@AfricaProptech) October 22, 2019
Breaking: SoftBank will take control of WeWork at less than $8B valuation, Adam Neumann will lose role as chairman https://t.co/mFDYh8qxZc
— David Jeans (@DavidJeans2) October 21, 2019
$7 billion is a pretty impressive valuation — unless it was $47 billion just a few months ago. So this is a humbling deal for WeWork, but check back later this fall... https://t.co/R6qvcGY8TF @DavidJeans2 @trdny
— Erik Engquist (@erik_engquist) October 21, 2019
To WeWork’s credit, it did elevate my consciousness of corporate bullshit https://t.co/K2tVuPZToU
— Sophia Kunthara? (@SophiaKunthara) October 22, 2019
im amazed that adam took more money on his way out the door https://t.co/MW1xVBE6Rc
— alex (PVD) (@alex) October 22, 2019
If this deal goes through, SoftBank will have invested $10bn+ and lent $5bn more to a company that's worth $8bn today.
— Liz Hoffman (@lizrhoffman) October 21, 2019
More from me @maureenmfarrell here https://t.co/ppzzZSOdEr https://t.co/5HwoqiiLB3
Has your company ever been so broke that it can’t afford to fire people? https://t.co/UWwUurpuYU pic.twitter.com/BCvY6aSmMr
— Matt Pearce bargained a fair contract ? (@mattdpearce) October 22, 2019
I've never seen a company be unable to afford layoffs: "WeWork also is planning to cut thousands of employees, but delayed the layoffs earlier this month because it couldn’t afford the severance costs" https://t.co/82bbXMN4ku
— Sheel Mohnot (@pitdesi) October 22, 2019
WeWork’s board is expected to meet tomorrow to weigh emergency-financing options including a takeover by SoftBank Group Corp. https://t.co/Xym87ml0wM
— محمد الخميس (@M7mdAlkhamis) October 22, 2019
“WeWork also is planning to cut thousands of employees, but delayed the layoffs earlier this month because it couldn’t afford the severance costs, people familiar with the matter have said.”https://t.co/6JbgOwNi7F
— Coworker.org (@teamcoworker) October 22, 2019
WeWork is planning to cut thousands of employees, but delayed the layoffs earlier this month because it couldn’t afford the severance costs https://t.co/85JBqeP2bV
— Anthony DeRosa? (@Anthony) October 22, 2019
ソフトバンクがWeWorkに評価額$8Bで$5Bの融資と$1.5Bの出資を提案。
— 黒田 健介 ＠Scrum Ventures (@kurokensu) October 22, 2019
評価額は、ソフトバンクが直近出資した際の$47Bから約1/6まで低下。
ソフトバンクG、ビジョンファンドを合わせると、評価額$8Bの同社に合計$15B以上を投じてきたことになる（出資$10B+融資$5B）https://t.co/KafmgE1lOs
It's hard to square these facts. https://t.co/qBOoLZwUuJ https://t.co/cxIndIbBTA pic.twitter.com/G80JGjsf1D
— EL (@evan_lorenz) October 22, 2019
WeWork's largest investor, SoftBank, is reportedly taking control of the struggling company, infusing the cash-strapped firm with a rescue funding package.
— Vox (@voxdotcom) October 22, 2019
Here’s how the coworking startup, once valued at $50 billion, got to this point: https://t.co/zdIo2gf8xI
The WeWork mess, explained https://t.co/i8KJZUGN6B
— Recode (@Recode) October 22, 2019
The WeWork mess, explained https://t.co/CA6ltN7IM1 pic.twitter.com/amIaW3xxDA
— Eco Vegan (@ecoVegan1) October 22, 2019
WeWork's founder/CEO Adam Neumann messing up the company's pending IPO....sounds eerily familiar, even in the nonprofit sector.#founderitis, anyone? https://t.co/YSHe7JI3RS
— Jess Birken ? (@JessBirken) October 16, 2019
WeWork was once valued at $47 billion.
— Vox (@voxdotcom) September 30, 2019
Today it announced it's withdrawing the filing of its S-1 statement with the SEC, postponing its much anticipated IPO. https://t.co/xmUhQMF5FS
SoftBank are paying Adam Neumann $1.7bn to shut up and go away.
— Sharon O'Dea (@sharonodea) October 22, 2019
If any investment funds are reading this I’d just like to put it out there that I’d piss off for an extremely competitive price. Perhaps as little as a billion dollars. https://t.co/iReES1ui8U
WeWork valuation slashed from $47 billion to $8 billion in a matter of weeks. And Neumann gets ???ONE POINT SEVEN BILLION DOLLARS??? to walk away from board. This is madness. https://t.co/osl8qUaHGF
— Jon Keegan (@jonkeegan) October 22, 2019
Softbank to take control of Wework #WeWork #SoftBank https://t.co/6l1xgDVIlk
— Marc Iyeki (@MarcIyeki) October 22, 2019
SoftBank has reached a deal to take control of WeWork, that would hand co-founder Adam Neumann nearly $1.7 billion and sever most of his ties with the company https://t.co/xBXvGfdnXa
— Emma Graham (@themmagraham) October 22, 2019
How is Elizabeth Holmes facing prison time while Adam Neumann is walking away from his con with $1.7B? Must be real good to be a white man. https://t.co/P9AQdQhLcr #wework #conartistry
— Heather Glenn Wade (@hglennwade) October 22, 2019
WSJ News Exclusive | SoftBank to Take Control of WeWork https://t.co/Klk1o9CiYs 日本の借金王が借金で首が回らなくなった賃貸オフィス業者に日本の銀行から借金で集めた金を投入でしょうかね…。それ、元は日本の預金者からの金ですが…
— Yuta Kashino (@yutakashino) October 22, 2019
SoftBank to Take Control of WeWork https://t.co/F3Ynic3kLq
— Scott Kupor (@skupor) October 22, 2019
SoftBank’s billions have turned WeWork into its own private hotel California, while Adam Neumann walks away with a cool $1 bln. https://t.co/md33uAPnS8
— Tom Buerkle (@tombuerkle) October 22, 2019
It’s a great time to be a fuckup: SoftBank has reached a deal to take control of WeWork, that would hand co-founder Adam Neumann nearly $1.7 billion and sever most of his ties with the company https://t.co/Addl1XV81g
— Rani Molla (@ranimolla) October 22, 2019
이번에 WeWork 경영권을 확보하면서 소프트뱅크가 애덤뉴먼과 진행한 딜은... 소뱅이 인심이 좋아도 너무 좋네요. 거의 호구이심. https://t.co/2FSC0mjjwM
— JJ's view (@JJspeech) October 22, 2019
How To Torch $39B While Making Money For Yourself is 100% the headline of the day. https://t.co/MMuUE2c9YV
— Natasha Mascarenhas (@nmasc_) October 22, 2019
5WPR CEO & Founder @RTorossian5wpr spoke to @BBCWorld about #WeWork. You can read what he had to say here: https://t.co/dF6YlcJUOn #pr #publicrelations
— 5WPR / 5W PR (@5W_PR) October 22, 2019
Softbank has spent $19B investing into a now (and still over valued) $8B company.
— Kirk Lubimov (@KirkLubimov) October 23, 2019
With rescue package WeWork 'hands co-founder Neumann $1.7bn payout'.
Most important question to ask a #startup is what pain point it solving. $we solves nothing.#venture
https://t.co/ijvAvpRj3T
"Ronn Torossian, chief executive of the public relations firm 5WPR, called the exit package a "win" for Mr Neumann, who was forced out as chief executive last month after #WeWorks's planned flotation ran into trouble." for @BBC https://t.co/pTSMSOVlVX pic.twitter.com/uJ82ZjOXxG
— Ronn Torossian (@RTorossian5wpr) October 22, 2019
WeWork’s board is expected to meet tomorrow to weigh emergency-financing options including a takeover by SoftBank Group Corp. https://t.co/wrHiBJ6CjQ via @WSJ
— CREtech (@DiscoverCREtech) October 22, 2019
WeWork's largest investor, SoftBank, is reportedly taking control of the struggling company, infusing the cash-strapped firm with a rescue funding package.
— Recode (@Recode) October 23, 2019
Here’s how the coworking startup, once valued at $50 billion, got to this point: https://t.co/5XaVHDdLew
This caught me up on the WeWork mess, and I liked that. But I also appreciated the attribution these @Recode reporters gave to other journalists' work cited throughout the story. ? https://t.co/hYcOipwZte
— Brittany Meiling (@BrittanyMeiling) October 22, 2019
With its failed CEO getting almost $2B after running this thing into the ground! Talk about failing upward! Yet all of those employees who toiled for years for options are getting totally screwed. #weworkfail
— Barbara Clarke (@beclarke) October 22, 2019
SoftBank to Take Control of WeWork https://t.co/B5EUxr525b @WSJ pic.twitter.com/8jaWLAOA8b
48 billion valuation down to 8 billion and you give the guy a 1.7 billion dollar payday?
— David C Lowery (@davidclowery) October 23, 2019
SoftBank has reached a deal to take control of WeWork, that would hand co-founder Adam Neumann nearly $1.7 billion and sever most of his ties with the company https://t.co/At3rmvc15Z
1) I honestly don’t know how the math worked here. In SV startups, early stage investors can see their equity converted to common and company recapped when a struggling company raises money with a tough pay to play provision. https://t.co/YkMjoWeskl
— Bilal Zuberi (@bznotes) October 23, 2019
SoftBank has reached a deal to take control of WeWork, that would hand co-founder Adam Neumann nearly $1.7 billion and sever most of his ties with the company https://t.co/Klk1o9TUn2 4兆円の借金のある落ち目の賃貸事業を救うために1800億円を創業者に追加で払うって…
— Yuta Kashino (@yutakashino) October 22, 2019
In case your wondering how messed-up VC land is, Adam Neumann is getting paid $1.7bn as an exit package for being crap at his job...https://t.co/8mGsUt5H4l
— Vikas Shah MBE (@MrVikas) October 22, 2019