SoftBank Group Announces Settlement Agreement with Adam Neumann and WeWork Special Committee
Tokyo, Japan – February 27, 2021 – SoftBank Group Corp. (“SoftBank”) today announced that it has entered into a settlement agreement with the Special Committee of the Board of Directors of WeWork Inc. (formerly referred to as The We Company) (“the Special Committee”) and WeWork’s founder, Adam Neumann. The terms of the settlement are confidential. When completed, the settlement agreement would resolve all claims brought in a lawsuit in the Delaware Court of Chancery, and is in the best interests of all parties.
“This agreement is the result of all parties coming to the table for the sake of doing what is best for the future of WeWork. SoftBank and WeWork have spent the past year transforming the WeWork business and executing on our plan towards profitability. With this litigation behind us, we are fully focused on our mission to reimagine the workplace and continue to meet the growing demand for flexible space around the world.” -- Marcelo Claure, Executive Chairman of WeWork, CEO of SoftBank Group International, and Corporate Officer, Executive Vice President and COO of SoftBank
About SoftBank Group
The SoftBank Group invests in breakthrough technology to improve the quality of life for people around the world. The SoftBank Group is comprised of SoftBank Group Corp. (TOKYO: 9984), an investment holding company that includes stakes in telecommunications, internet services, AI, smart robotics, IoT and clean energy technology providers; the SoftBank Vision Funds, which are investing up to US$100 billion to help extraordinary entrepreneurs transform industries and shape new ones; the SoftBank Latin America Fund, the largest venture fund in that region, and the SB Opportunity Fund, a US$100 million fund dedicated to investing in enterprises founded by entrepreneurs of color in the U.S.
To learn more, please visit https://global.softbank.
Releases, announcements, presentations and other information available from this page and elsewhere on this website were prepared based on information available and views held at the time of preparation and speak only as of the respective dates on which they are filed or used by SoftBank Group Corp. or the applicable group company, as the case may be. Such information is subject to change and may become out-of-date. Such information may also contain forward-looking statements which are by their nature subject to various risks and uncertainties that may cause actual results and future developments to differ materially from those expressed or implied by such statements. Please read legal notices in its entirety prior to viewing any information available on this website.