<p>WeWork co-founder and former Chief Executive Adam Neumann is nearing a settlement with SoftBank Group Corp that could include a nearly $500 million cut in his payout from the office space-sharing company's new owner, according to a person familiar with the matter.</p>.<p>The settlement would put to rest a prolonged legal battle between Neumann and Softbank, which dates back to 2019 when WeWork's IPO plans fell apart.</p>.<p>It would also clear the decks for WeWork as it pursues a talks to go public through a merger with a special purpose acquisition company (SPAC).</p>.<p>SoftBank had agreed in October 2019 to purchase around $3 billion in WeWork stock belonging to Neumann as well current and former WeWork employees. SoftBank later contested its obligation to purchase the shares.</p>.<p>Under the new proposed terms, SoftBank would purchase around half the shares it had originally agreed to buy, the source said, requesting anonymity as the matter is private.</p>.<p>SoftBank declined to comment. WeWork was not immediately available for comment. The talks were reported earlier by the Wall Street Journal.</p>.<p>SoftBank, which poured more than $13.5 billion into WeWork, was pulled into a legal dispute with directors at WeWork after backing out of a $3 billion tender offer agreed when it bailed out the office-sharing firm following a flopped IPO attempt. </p>
<p>WeWork co-founder and former Chief Executive Adam Neumann is nearing a settlement with SoftBank Group Corp that could include a nearly $500 million cut in his payout from the office space-sharing company's new owner, according to a person familiar with the matter.</p>.<p>The settlement would put to rest a prolonged legal battle between Neumann and Softbank, which dates back to 2019 when WeWork's IPO plans fell apart.</p>.<p>It would also clear the decks for WeWork as it pursues a talks to go public through a merger with a special purpose acquisition company (SPAC).</p>.<p>SoftBank had agreed in October 2019 to purchase around $3 billion in WeWork stock belonging to Neumann as well current and former WeWork employees. SoftBank later contested its obligation to purchase the shares.</p>.<p>Under the new proposed terms, SoftBank would purchase around half the shares it had originally agreed to buy, the source said, requesting anonymity as the matter is private.</p>.<p>SoftBank declined to comment. WeWork was not immediately available for comment. The talks were reported earlier by the Wall Street Journal.</p>.<p>SoftBank, which poured more than $13.5 billion into WeWork, was pulled into a legal dispute with directors at WeWork after backing out of a $3 billion tender offer agreed when it bailed out the office-sharing firm following a flopped IPO attempt. </p>