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