WeWork is Done

That didn’t take long. Today SoftBank takes control of WeWork. Co-founder Adam Neumann gets $1.7 billion windfall, but has to leave the board. He now has no involvement in the company other than as a shareholder.

Mr. Neumann is clearly very good at lighting other people’s money on fire. The only explanation for the enormous payout to the disgraced former CEO is that SoftBank believes this gives them a chance of keeping the value of WeWork above $0.