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 Smith 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 Japan ’s Nippon Telecom 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 .