T-Mobile CEO John Legere Is Being Handed WeWork’s CEO Position
Recently, T-Mobile CEO John Legere has been offered a very good post such that he can let off his current regalia. John Legere is in talks with WeWork about filling up the space left by Adam Neumann. The earlier WeWork CEO decided to leave his position during the middle of company’s turbulent phase after asking for $1.7 Billion. In 2012, Legere took charge of T-Mobile and since then the company has had its shares only boosting by 240% and turned into the third-largest carrier in the entire US. It has become a strong competitor for Verizon and AT&T. The company also has plans to collaborate with Sprint.
WeWork hopes that Legere is able to change the workspace and technology of the company to help it overcome this turbulent phase. The company has been able to bounce back last year all because of its largest shareholder SoftBank’s multi-billion-dollar life raft. T-Mobile and WeWork have not responded. Sprint has major parts of its share owned by Softbank and the shareholder is believed to have helped hire Sprint CEO Marcelo Claure who was the reason behind the Sprint and T-Mobile merger. The world is basically run by few of the major companies while the smaller ones struggle to make a place for themselves.
Similarly, SoftBank has decided to take complete control over the littered workspace of the company, WeWork. The deal is expected to cost WeWork between $7.5 Billion and $8 Billion on a pre-funding basis. The company’s management will be taken care by SoftBank Executive Marcelo Claure. The Japanese company is ready to spend between $4 Billion and $5 Billion on new funding and existing shares. SoftBank will offer a $3-billion tender along with a $1.5-billion acceleration of equity and $5 Billion in syndicated arrears. SoftBank assumes that the large cash flow will help speed up WeWork’s target increase and also help it become cash flow positive and profitable.