Feb 14, 2020 - Economy & Business

SoftBank executive muddles details of ousted WeWork CEO's exit package

Former WeWork CEO Adam Neumann. Photo: Michael Kovac/Getty Images for WeWork

Marcelo Claure, a SoftBank executive who's currently doubling as WeWork's executive chairman, told CNBC on Tuesday that people misunderstand ousted CEO Adam Neumann's exit package: "To say that he has walked away with over a billion dollars is totally false."

Why it matters: Claure intentionally muddled the present and past tense. Neumann indeed will walk away with over $1 billion, he just hasn't done so yet because SoftBank's tender offer for WeWork shares hasn't closed. Neumann, currently living in Israel, is able to tender up to $970 million worth of shares. That's on top of the nearly $200 million he already received to give up his voting rights, and a $500 million credit line to repay existing loans.

Go deeper: WeWork's Adam Neumann to step down as CEO

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SoftBank to cut its stake to get T-Mobile's Sprint deal done

Illustration: Rebecca Zisser/Axios

T-Mobile and Sprint announced a revised merger agreement that will see SoftBank getting a smaller share of the combined company, while most shareholders will receive the previously agreed upon exchange rate. The companies said they hope to get the deal as early as April 1.

Why it matters: The amended deal reflects the decline in Sprint's business, while leaving most shareholders' stake intact and removing another hurdle to the deal's closure.

Softbank CEO looks to quell investor nerves

SoftBank CEO Masayoshi Son. Photo: Tomohiro Ohsumi/Getty Images

SoftBank CEO Masayoshi Son on Monday promised institutional investors that he'll do a better job of listening to their concerns, but stopped well short of saying that they'll change his mind.

The state of play: Son was "interviewed" by Goldman Sachs investment banking co-head Dan Dees, at a private event in New York.

Gaming company Roblox now worth $4 billion

Photo credit should read Lionel Bonaventure/AFP via Getty Images

Roblox, a Silicon Valley-based gaming platform, has raised $150 million in new venture capital funding led at a $4 billion valuation led by Andreessen Horowitz. The company also will launch up to a $350 million tender for existing holders.

Why it matters: If your young kid or tween is paying online social games, chances are they're playing Roblox. The big question for investors, though, is if Roblox can hold onto users as they age.