Illustration: Aïda Amer/Axios

WeWork's board this morning will vote on whether to accept a rescue package from SoftBank or one arranged by JPMorgan.

The big picture: SoftBank's package includes a massive bribe... errr, I mean golden parachute... errr, I mean "consulting contract" for Neumann.

  • But, as Axios first reported yesterday, there have been fairer votes in North Korea. Adam Neumann still controls the voting stock and he's got around 200 million reasons to support SoftBank.

The deal: In exchange, I'm told that he'll support the SoftBank transaction, give up his future voting rights, and step down as chairman. He'll also get a line of credit to help soften his existing liabilities, and get to participate big in a $3 billion tender offer for existing WeWork shares (at $20 a pop).

  • J.P. Morgan and partners like Starwood Capital were willing to really extend themselves, but paying Neumann to go away was a bridge too far. As CNBC's Alex Sherman tweeted, Jamie Dimon will do anything for love, but he won't do that.
    • As an aside: Dimon's personal involvement with WeWork, including in the IPO run-up, likely saves the jobs of underlings who otherwise could have been thrown under the bus.
  • Multiple sources say that WeWork's co-CEOs, Artie Minson and Sebastian Gunningham, will resign. This does not appear to be at the request of SoftBank, which will name Marcelo Claure as executive chairman and then launch a CEO search.
  • Minson and Gunningham did have a massive layoff plan ready to go, but now SoftBank will be in charge of the pink slips.
  • SoftBank's new investment will come off its balance sheet, not from its Vision Fund.
  • All WeWork shareholders, including employees and investors, are eligible to tender up to 33% of their shares. For Neumann that could mean up to a $970 million payday, but he'd still have around $2 billion of exposure.

The bull case is that SoftBank offers WeWork its best path to salvation, because it helps reward some long-term employees via the tender and isn't predicated on reviving the IPO for 2020. Plus, SoftBank clearly maintains sincere optimism for the business, or else it wouldn't throw so much good money after bad.

The bear case is that SoftBank enabled Neumann's worst impulses and, from the perspective of many insiders, helped set fire to the company's reputation in the first place. Plus, there's the head-scratching decision late last month to have Claure help identify cost-saving and revenue opportunities at WeWork, even though SoftBank already had two directors on the WeWork board.

The bottom line: You break it, you own it.

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Trump tightens screws on ByteDance to sell Tiktok

Illustration: Aïda Amer/Axios

President Trump added more pressure Friday night on China-based TikTok parent ByteDance to exit the U.S., ordering it to divest all assets related to the U.S. operation of TikTok within 90 days.

Between the lines: The order means ByteDance must be wholly disentangled from TikTok in the U.S. by November. Trump had previously ordered TikTok banned if ByteDance hadn't struck a deal within 45 days. The new order likely means ByteDance has just another 45 days after that to fully close the deal, one White House source told Axios.

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Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 9:30 p.m. ET: 21,056,850 — Total deaths: 762,293— Total recoveries: 13,100,902Map.
  2. U.S.: Total confirmed cases as of 9:30 p.m ET: 5,306,215 — Total deaths: 168,334 — Total recoveries: 1,796,309 — Total tests: 65,676,624Map.
  3. Health: CDC: Survivors of COVID-19 have up to three months of immunity Fauci believes normalcy will return by "the end of 2021" with vaccine — The pandemic's toll on mental health — FDA releases first-ever list of medical supplies in shortage.
  4. States: California passes 600,000 confirmed coronavirus cases.
  5. Cities: Coronavirus pandemic dims NYC's annual 9/11 Tribute in Light.
  6. Business: How small businesses got stiffed — Unemployment starts moving in the right direction.
  7. Politics: Biden signals fall strategy with new ads.

Harris: "Women are going to be a priority" in Biden administration

Sen. Kamala Harris at an event in Wilmington, Del. Photo: Drew Angerer/Getty Images

In her first sit-down interview since being named Joe Biden's running mate, Sen. Kamala Harris talked about what she'll do to fight for women if elected VP, and how the Democrats are thinking about voter turnout strategies ahead of November.

What they're saying: "In a Biden-Harris administration women are going to be a priority, understanding that women have many priorities and all of them must be acknowledged," Harris told The 19th*'s Errin Haines-Whack.