The pressure on top executive Adam Neumann of WeWork is increasing. According to insiders, other mangers would try to persuade the co-founder of the of shared workspaces broker to leave.
Among them also Masayoshi Son, the founder of SoftBank and the largest investor in WeWork. Allegedly the board meets Monday and would like to appoint Son as non-executive chairman.
The 40-year-old Neumann has been controversial for some time. Investors’ objections for a long time included the fact that WeWork paid rent to Neumann and lent him money. His voting rights were also too large. The company has therefore already taken steps to improve compliance with internal and external rules. Neumann also gave back a million-dollar bonus in shares.
WeWork has little time to take steps. The company must have completed its IPO before the end of the year in order to, among other things, continue to have access to a $ 6 billion loan.
Peretz M. is an accomplished economist and financial journalist with a deep understanding of the global economy and financial markets. He is a regular contributor to EconomicInform, where he provides expert analysis and commentary on current economic trends and events. With a strong educational background in economics, Peretz has a talent for breaking down complex economic concepts for a general audience and is able to provide insightful perspectives on a wide range of economic issues.