SoftBank Has More Riding on WeWork Than Even Its Co-Founder
- Executives spoke to analysts Wednesday about the planned IPO
- Adam Neumann is expected to also own 29% once his shares vest
SoftBank Group Corp. and its affiliates own about 29% of WeWork ahead of its initial public offering, an executive for the co-working company said in a meeting with analysts this week. The sizable stake, which hasn’t been disclosed publicly, indicates that the Japanese conglomerate’s fortunes are tied up in a big way to the performance of WeWork.
WeWork held a private meeting Wednesday to brief analysts on the business in New York, where the company is based. According to a person with direct knowledge of the matter, a WeWork executive also said in the meeting that Adam Neumann, the co-founder and chief executive officer, will eventually own about 29% as well. He currently has about 22%, which will rise to 29% over time after his stock vests, the WeWork executive said.