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Illustration: Aïda Amer/Axios

WeWork said in a statement Wednesday it has accepted a multibillion-dollar rescue package from SoftBank that gives the Japanese firm an 80% stake in the company.

Why it matters: Per Axios' Dan Primack, who first reported that the deal was about to happen, it'a dramatic development in a "saga that has seen the embattled company plunge from a $47 billion valuation to below $8 billion."

What's happening: WeWork said SoftBank had committed to providing significant funding, including "$5 billion in new financing and the launching of a tender offer by SoftBank of up to $3 billion for existing shareholders."

  • "Additionally, SoftBank will be accelerating an existing commitment to fund $1.5 billion," WeWork said.
  • WeWork founder and non-executive chairman Adam Neumann will become a "board observer." The size of the board will be expanded, and it will receive voting control over Neumann’s shares.

What's next: WeWork said its board would appoint SoftBank Group Corp. COO Marcelo Claure executive chairman of the WeWork board of directors, "effective upon closing of the accelerated $1.5 billion payment commitment."

Go deeper: How SoftBank plans to save WeWork

Editor's note: This article has been updated with new details throughout.

Go deeper

1 hour ago - World

Special report: Trump's U.S.-China transformation

Illustration: Aïda Amer/Axios

President Trump began his term by launching the trade war with China he had promised on the campaign trail. By mid-2020, however, Trump was no longer the public face of China policy-making as he became increasingly consumed with domestic troubles, giving his top aides carte blanche to pursue a cascade of tough-on-China policies.

Why it matters: Trump alone did not reshape the China relationship. But his trade war shattered global norms, paving the way for administration officials to pursue policies that just a few years earlier would have been unthinkable.

McConnell: Trump "provoked" Capitol mob

Senate Majority Leader Mitch McConnell (R-Ky.) said on Tuesday that the pro-Trump mob that stormed the U.S. Capitol on Jan. 6 was "provoked by the president and other powerful people."

Why it matters: Trump was impeached by the House last week for "incitement of insurrection." McConnell has not said how he will vote in Trump's coming Senate impeachment trial, but sources told Axios' Mike Allen that the chances of him voting to convict are higher than 50%.

2 hours ago - Politics & Policy

GOP leaders skip Trump sendoff in favor of church with Biden

House Speaker Nancy Pelosi (D-Calif.), Senate Majority Leader Mitch McConnell (R-Ky.), Senate Minority Leader Chuck Schumer (D-N.Y.) and House Minority Leader Kevin McCarthy (R-Calif.) in July. Photo by Erin Scott-Pool/Getty Images

Congressional leaders, including House GOP leader Kevin McCarthy and Senate Majority Leader Mitch McConnell, will skip President Trump's departure ceremony in Maryland tomorrow morning in favor of attending mass with incoming President Joe Biden ahead of his inauguration, congressional sources familiar with their plans tell Axios.

Why it matters: Their decision is a clear sign of unity before Biden takes the oath of office.

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