from Hacker News

WeWork gave ex-CEO Neumann $245M stock deal to clear way for listing

by hkmurakami on 5/27/21, 11:42 AM with 1 comments

• by hkmurakami on 5/27/21, 11:43 AM

  "In ad­di­tion, the fi­nal pack­age gave him nearly $200 mil­lion in cash, let him re­fi­nance $432 mil­lion in debt on fa­vor­able terms and al­lowed an en­tity Mr. Neu­mann con­trols to sell $578 mil­lion in We­Work stock."

  "Ex­ec­u­tive-sev­er­ance ex­perts said the pack­age stands out not only for its enor­mous size, but also given Mr. Neu­mann’s record. The val­u­a­tion of We­Work, which he co-founded in 2010, fell to around $8 bil­lion when he left from $47 bil­lion in early 2019. In all, We­Work has raised more than $11 bil­lion to build a com­pany worth $7.9 bil­lion, not in­clud­ing debt."