More shock from the WeWork scandal: SoftBank intends to spend $ 200 million to “oust” founder Adam Neumann from the company.

Business Insider reported that a source close to Adam Neumann could receive $ 200 million as part of a SoftBank proposal to leave WeWork, the company he founded.

Accordingly, Neumann will relinquish his position on WeWork’s board of directors as well as voting stock and assist SoftBank to take over the company. Representatives of the startup shared the office and the Japanese corporation declined to comment on the information. Meanwhile, it was reported that the company was still wondering between the SoftBank offer and the initial JP Morgan debt package.

SoftBank is expected to submit a proposal to the board of WeWork on Monday. Directors will meet the next day to review the deal, as well as the expected competitive proposal from JPMorgan.

However, both options will cost WeWork below $ 8 billion, which is completely different from the $ 47 billion the company raised in the January financing round. indefinitely, the report also said WeWork will run out of money within the next month.

Neumann’s financial status is still uncertain

With a sizable stake in the company, the $ 200 million sum is undoubtedly too small compared to what Neumann could have achieved if WeWork went public.

According to Business Insider, it is not clear how this payment will affect Neumann’s overall financial situation. In the WeWork IPO, the founder borrowed about $ 380 million from a group of creditors, including JPMorgan, using his WeWork shares as collateral. Banks may have to ask Neumann to deposit, requiring more collaterals amid a sharp decline in the value of the startup stock.

Once the $ 200 million agreement is approved, it will be the end of the complete collapse of Neumann. From a founder, a CEO acclaimed by investors, with the ambition of becoming a billionaire, holding most control of WeWork, but after a series of scandals, Neumann was forced to resign as CEO and now, The prospect of being “kicked off” from the company that was built by itself is not far away.