WeWork board members likely won’t hold a meeting to discuss Adam Neumann’s future atop the company until later this week, Bloomberg reported. That pushes back a meeting that was expected to occur Monday, The Information reported. People familiar with the matter told us Monday that the situation remains fluid.
Bloomberg also reports that Benchmark may be in SoftBank’s corner as the Japanese conglomerate looks to push Neumann out. Benchmark, which was also involved in Travis Kalanick’s ouster from Uber, was WeWork’s first big outside investor. Neumann, however, still has power to fire board members through his 10-1 supervoting shares.
Expect both Neumann and SoftBank to scramble for new leverage to try to get their way.