WeWork founder misses out on $1 billion as SoftBank cancels share buyout www.cnn.com

Hong Kong (CNN Business) SoftBank is walking away from a sizeable chunk of its WeWork rescue package, which included a near billion dollar windfall for ousted founder Adam Neumann.
The Japanese tech company has backed out of a plan to buy $3 billion worth of shares in the coworking startup from existing shareholders and investors, according to statements from SoftBank and aspecial committee of WeWork's board.
SoftBank's chief legal officer, Rob Townsend, said in a statement on Thursday that the share purchase was subject to certain conditions agreed to in October.
"Several of those conditions were not met, leaving SoftBank no choice but to terminate the tender offer," he said.
SoftBank SFTBY Shares inclosed up 2.5% in Tokyo following the announcement.