Oct 31 2019, 2:42 AMOct 31 2019, 9:11 AMOctober 31 2019, 2:42 AMOctober 31 2019, 9:11 AM
WeWork confirmed it has received $1.5bn from SoftBank. The payment triggered a number of governance changes, including Marcelo Claure officially taking over from co-founder Adam Neumann as chairman of the company and the assignment of five seats on the board to SoftBank. WeWork also said it had appointed Jeff Sine, lawyer and co-founder of M&A investment bank Raine Group as a new independent director. Sine is close to SoftBank’s Masayoshi Son and advised on several deals including mergers negotiation between Sprint and T-Mobile. SoftBank is understood to be seeking approval of its WeWork bailout package from Committee on Foreign Investment (CFIUS) in the US, according to Bloomberg citing a person familiar with the plans.