SoftBank Wires $1.5 Billion to WeWork Before Cash Runs Out

WeWork said it received an early payment of $1.5 billion from SoftBank Group Corp., as the co-working company was weeks away from running out of money.

As a result, a slate of governance changes went into effect Wednesday, including the replacement of co-founder Adam Neumann as chairman and the assignment of five board seats to SoftBank, which will take a majority stake. WeWork also said it appointed a new independent director to the board, Jeff Sine, co-founder of financial firm Raine Group.