9/22/2019, 10:30 PM (Source: TeleTrader)
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Report: SoftBank's Son wants WeWork CEO out

We Co.'s largest investor is part of a group of the startup's directors which are planning to fire Adam Neumann from the position of chief executive, CNBC reported on Sunday, citing information obtained from unnamed insiders. The board should apparently meet next week to discuss the options, one of which is said to be making the powerful cofounder the nonexecutive chairman. SoftBank Group Corp.'s chief executive Masayoshi Son reportedly joined the initiative.

The alleged switch follows an unconfirmed report that the crew of a private plane Neuman flew on last year found marijuana after he landed in Israel. It also comes after what people familiar with the matter said was a fiasco with plans for a stock market debut of WeWork, the real estate rental company's main business.

However, We Co. has insisted it still plans to float the shares this year. The Wall Street Journal learned from anonymous sources that SoftBank, which holds the biggest part of the company together with its Vision Fund, planned to cover up to a third of what was supposed to be a $3 billion offering.

Breaking the News / IT