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Tech & Science Adam Neumann reportedly tried and failed to get Apple to invest in WeWork: ‘This was the Hail Mary’

08:10  24 september  2019
08:10  24 september  2019 Source:   businessinsider.com.au

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Apple turned Neumann down. The proposal came around the same time that SoftBank was getting pushback about massively increasing its investment in WeWork from the main backers of its 0 billion Vision Fund, according to the report. " This was the Hail Mary

WeWork co-founder Adam Neumann agreed on Tuesday to resign as chief executive of the U.S. office-sharing company and give up majority voting control, bowing to pressure from some of his investors . This was a blow for SoftBank, which was hoping for We Company's IPO to bolster its

a close up of a man: WeWork CEO Adam Neumann reportedly reached out to Apple last year about a possible partnership. WeWork CEO Adam Neumann reportedly reached out to Apple last year about a possible partnership.

Adam Neumann apparently thought WeWork and Apple would make for a great team.

People at Apple, however, weren't exactly convinced.

Last fall, Neumann got the bright idea that Apple would be a good partner for WeWork and could help shore up its cash balance,Vanity Fair's Gabriel Sherman reported Monday. He thought it was such a good idea that he flew to the San Francisco Bay Area to pitch it to Luca Maestri, Apple's chief financial officer, at the iPhone maker's headquarters, Sherman reported. It's unclear what the deal would have entailed or how it would have worked, but as part of it, Apple would have made an investment in WeWork, according to the report.

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WeWork co-founder and former Chief Executive Officer Adam Neumann intends to file suit against SoftBank Where to Invest Million. Apple Faces Shortages in Power Chips for iPhone 12. The special committee members -- investor Lew Frankfort and Benchmark Capital’s Bruce Dunlevie -- filed suit on April 7 over the failed stock purchase, which stopped WeWork from being able to access

Former WeWork CEO Adam Neumann will get up to .7 billion to walk away from the company and give up his voting rights, according to people familiar with the matter. SoftBank will pay Neumann up to 0 million for his shares, a 5 million consulting fee and will offer him 0 million in credit to

Maestri and Apple turned him down, Sherman reported.

Representatives for WeWork and Apple did not immediately respond to emails seeking comment.

The meeting happened about the same time that Saudi Arabia and Abu Dhabi, the two biggest backers of SoftBank's Vision Fund, which, in turn, is the biggest bank-roller of WeWork, were souring on the real estate giant. At the time, SoftBank was considering investing an additional $US16 billion ($AU23 billion) in the company, but ended up putting just $US1 billion ($AU1.5 billion) directly into the company.

Neumann's partnership proposal with Apple was a kind of last-ditch effort to secure new funding for his company while keeping it private, an unnamed source familiar with the meeting told Sherman.

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Neumann stepped down on Monday under pressure from investors including Masayoshi Son. Previously, the company claimed he was Adam Neumann was mentioned 169 times in WeWork IPO filing — way more than Steve Jobs, Bill Gates, or Elon Musk when their companies went public.

What happened to WeWork ? If you are in the startup world, you must know about WeWork . Chances are you are actually sitting in one, right now. The company was not only far, far from being profitable, but Adam had been living an eccentric executive life that was costing the company millions.

"This was the Hail Mary," the source said. "There was Adam's idea that there was some way out."

The potential deal actually was a small one, a source close to Neumann told Sherman.

The failure of the Apple meeting and the much-reduced investment from SoftBank spurred Neumann to push for an initial public offering to raise more funds, according to Sherman's report. WeWork postponed its IPO last week amid resistance from potential investors.

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    This is interesting!