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Ex-WeWork CEO Adam Neumann to Get $1.7 Billion in SoftBank Takeover Deal

Thousands of WeWork employees are reportedly set to be laid off.

WeWork has reportedly accepted SoftBank's rescue offer that would give former CEO Adam Neumann almost $1.7 billion and value the company at $8 billion, The Wall Street Journal reports. The company is said to have chosen SoftBank's offer over a proposal from JPMorgan Chase. Neumann, who was previously ousted from the chief executive role, has reportedly promised to work exclusively with WeWork for four years and step down as the chairman of the board of We Co. He will also reportedly hold a minority stake in the company. While Neumann will reportedly walk away with an enormous windfall, thousands of employees of the company are set to be laid off and holding stock options worth $20 a share. According to Bloomberg, about 2,000 employees are being cut. This comes after WeWork's much-hyped initial public offering fell flat after the company's management and valuation were scrutinized.