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Westlake Legal Group > News Corporation (Page 216)

Gov. Northam Announces Launch of Opportunity Virginia

Westlake Legal Group 18779386_G Gov. Northam Announces Launch of Opportunity Virginia

“As governor, one of my highest priorities is ensuring that every Virginian has access to a good job and the skills to be successful, no matter who you are or where you’re from,” said Governor Northam. “This initiative will help Virginia use the Opportunity Zone tax incentive program created by Congress almost two years ago to bring needed investment to important projects being developed across the commonwealth. We are focused on pursuing economic growth that is inclusive and equitable, not just market-driven, and this partnership will bolster our efforts to improve economic opportunity for people in communities that have traditionally been underserved.”

Real Estate, and Personal Injury Lawyers. Contact us at: https://westlakelegal.com 

Obamacare Premiums to Fall and Number of Insurers to Rise Next Year

Westlake Legal Group 22dc-obamacare2-facebookJumbo Obamacare Premiums to Fall and Number of Insurers to Rise Next Year United States Politics and Government Trump, Donald J Patient Protection and Affordable Care Act (2010) Health Insurance and Managed Care

WASHINGTON — Nearly three years into President Trump’s aggressive efforts to undermine the Affordable Care Act, prices for the most popular type of health insurance plan offered through the health law’s federal marketplace will actually drop next year, and the number of insurers offering plans will go up.

Administration officials credited Mr. Trump with the resiliency of the law even as they echoed his contempt for it.

“The A.C.A. simply doesn’t work and is still unaffordable for far too many,” Alex M. Azar II, the secretary of health and human services, said on Monday. “But until Congress gets around to replacing it, President Trump will do what he can to fix the problems created by this system for millions of Americans.”

The 4-percent price decline is only the second time that average monthly premiums have dropped year-to-year since the marketplace opened in 2014, and it is a sign that the health law is stabilizing after several years of turmoil caused in part by Mr. Trump. Open enrollment for Obamacare starts on Nov. 1, but looming over it is an impending court decision on the law’s constitutionality in a case supported by the Trump administration that seeks to overturn the law.

Premiums rose sharply in the final years of the Obama administration, as Trump officials like to point out, largely because of losses insurers suffered as they tried to gauge the health needs of their new customers. But after Mr. Trump and Republicans in Congress tried unsuccessfully to repeal the law in 2017, the president took a number of steps to weaken it, all of which led to uncertainty that resulted in insurers raising prices.

Now, a correction is taking place. Some of the states with the biggest premium increases this year, including Delaware and North Dakota, will see the biggest decreases in 2020. There will be 20 more insurers selling plans next year in the federal marketplace, which is used by people in 38 states, bringing the total to 175. That will be the largest number of issuers since 2016. Only two states, Delaware and Wyoming, will have a single insurer selling plans under the law next year, compared with five states currently.

For a 27-year-old, premiums for a benchmark “silver” plan will cost an average $388 per month next year; for a family of four, they will average $1,520 per month. That is still expensive, but most people will qualify for federal subsidies that cover much or most of the cost.

For many of those who do not qualify for subsidies under the health law — people earning more than 400 percent of the poverty level, which comes to just under $50,000 for a single person — premiums will remain out of reach.

Deductibles, too, will continue to rise, with the median amount rising to $4,604, from $4, 471, for silver plans, which offer midlevel coverage. But people whose income is at or under 200 percent of the poverty level will have much lower deductibles, thanks to a different kind of discount required under the law that helps with out-of-pocket costs.

Prices and other information about next year’s Affordable Care Act plans in the 13 states that have their own marketplaces will be announced by those states. In all, 10.6 million people had health plans through the federal and state marketplace plans as of March, the last time the Trump administration released enrollment data.

As the market stabilizes, the health law is coming to serve almost exclusively the struggling families and individuals who qualify for federally subsidized coverage. In a call with reporters on Monday, Seema Verma, the administrator of the Centers for Medicare and Medicaid Services, which runs the online marketplace, said that from 2016 to 2018, the number of health-law enrollees who did not qualify for premium subsidies dropped by 2.5 million people, or 40 percent.

“It was inevitable that Obamacare’s affordability crisis would eventually increase the number of uninsured,” Ms. Verma said, pointing to new census data showing a rise in the number of higher-income Americans without insurance.

In 2018, 8.5 percent of the population lacked health insurance, according to the Census Bureau, up from 7.9 percent in 2017. But that was driven in large part by a decline in the number of children insured under government programs like Medicaid and the Children’s Health Insurance Program. The administration has taken steps to limit Medicaid eligibility for immigrants, and has supported efforts by some states to impose work requirements on Medicaid recipients.

[Read what is driving the rise in rates of uninsured children.]

The administration has also all but eliminated funding to promote enrollment under the law, through advertising and “navigators,” who once helped people sign up.

Ms. Verma and Mr. Azar praised Congress for zeroing out the tax penalty that the law imposed on people who go without health insurance; it did so as part of the 2017 tax overhaul. They also praised new rules pressed by Mr. Trump that encourage the sale of less expensive coverage that does not provide the comprehensive benefits required by the health law. Both moves, Ms. Verma said, elicited “a kneejerk chorus of dire predictions” that had not come to fruition.

A major reason that premiums have stabilized, she said, is the reinsurance programs that the Trump administration has approved in 12 states. Under these programs, states help insurers pay their largest medical claims, partly using federal funds. Three of the states that will see the biggest drops in premium costs next year — Delaware, Montana and North Dakota — have adopted reinsurance programs, Ms. Verma said.

A bill to spread such programs across the country, drafted by Republican Senators Lamar Alexander of Tennessee and Susan Collins of Maine, has been bottled up by Senator Mitch McConnell, the majority leader, who has opposed legislation to shore up the Affordable Care Act.

As always, how much people pay for a marketplace plan will heavily depend on where they live. Wyoming will have the highest average premiums next year — $723 a month for the benchmark plan for a 27-year-old, an increase of two percent. New Mexico will have the lowest average premiums — $282 a month for the benchmark plan for a 27-year-old, a decrease of six percent.

Asked about the court case seeking to invalidate the health law, Mr. Azar said a ruling in the plaintiffs’ favor would not change anything immediately because the defenders of the law would appeal to the Supreme Court.

“Our message would be, ‘Keep calm and carry on,’ ” Mr. Azar said. “There will be no immediate disruption to anybody. We will run the program the day after such a ruling the same way we ran the program the day before.”

Real Estate, and Personal Injury Lawyers. Contact us at: https://westlakelegal.com 

Gov. Northam Announces Launch of Opportunity Virginia

Westlake Legal Group 18779386_G Gov. Northam Announces Launch of Opportunity Virginia

“As governor, one of my highest priorities is ensuring that every Virginian has access to a good job and the skills to be successful, no matter who you are or where you’re from,” said Governor Northam. “This initiative will help Virginia use the Opportunity Zone tax incentive program created by Congress almost two years ago to bring needed investment to important projects being developed across the commonwealth. We are focused on pursuing economic growth that is inclusive and equitable, not just market-driven, and this partnership will bolster our efforts to improve economic opportunity for people in communities that have traditionally been underserved.”

Real Estate, and Personal Injury Lawyers. Contact us at: https://westlakelegal.com 

Ernst & Young Admits Women’s Training Included ‘Offensive Content’

Ernst & Young now admits it should not have offered a women’s leadership training last year that was full of outdated and demeaning advice for women.

The same day that HuffPost reported on the contents of the seminar, called Power-Presence-Purpose, the giant accounting firm distanced itself further from the program, which it had initially said was valued by some of its female executives.

“There is no question that elements of the program included offensive content that is inconsistent with our core beliefs,” EY said in a statement it first provided to The Hill late on Monday, hours after HuffPost’s story had sparked widespread criticism.

At the training in June 2018, women were told their brains were smaller than men’s, that they shouldn’t show skin in the workplace because “sexuality scrambles the mind,” and that they shouldn’t speak face to face with men because it’s perceived as aggressive.

Westlake Legal Group 5da726972100001a0e34a1f3 Ernst & Young Admits Women’s Training Included ‘Offensive Content’

ISABELLA CARAPELLA / HUFFPOST Portions of the PPP presentation obtained by HuffPost.

EY also said in its latest statement that it had canceled the Power-Purpose-Presence program entirely. The company had initially told HuffPost last week that, after a review, it would just not offer PPP in its “current form.”

It changed tack on Monday in the face of growing condemnation.

“The Power-Presence-Purpose program has been canceled. This voluntary program, which was delivered to a small group of approximately 150 EY professionals, does not reflect EY’s values or culture and should not have been offered to any of our women,” the company said in its statement. “To ensure this can never happen again, we are undertaking a comprehensive review of our processes and controls around program content as there is no question that elements of the program included offensive content that is inconsistent with our core beliefs.”

Real Estate, and Personal Injury Lawyers. Contact us at: https://westlakelegal.com 

New Jersey teen arrested in Rutgers sexual assault case

Westlake Legal Group quad2 New Jersey teen arrested in Rutgers sexual assault case Robert Gearty fox-news/us/us-regions/northeast/new-jersey fox-news/us/education/college fox-news/us/crime/sex-crimes fox news fnc/us fnc fe646121-8bda-5ca3-b9ae-0f4ad6502800 article

New Jersey teen is under arrest after authorities say he groped a Rutgers student while she slept after sneaking into her unlocked dorm room.

The arrest of the 17-year-old, who was not a Rutgers student, was announced Monday by Middlesex County Acting Prosecutor Christopher Kuberiet. The teen was being prosecuted as a juvenile and his name wasn’t released.

The accuser said she was sleeping in her Quad 2 dorm room on the Rutgers Livingston Campus in Piscataway when she was groped Sunday morning, according to reports.

RUTGERS STUDENT REPORTS SEXUAL ASSAULT BY MAN WHO SNEAKED INTO HER DORM ROOM

She said the stranger fled when she woke up.

Kuberiet said the juvenile faced charges of aggravated sexual contact, criminal sexual contact and burglary.

“The criminal sexual contact is aggravated because it occurred during the course of a burglary,” he said.

NEW YORK COLLEGE STUDENT PRETENDS TO BE AUTISTIC, SCARES OFF SEXUAL OFFENDER LIKE ‘SHE HAD SEEN ON TELEVISION’

Students told the New York Post the suspect was a local high school student who was often seen lurking around campus and had a history of breaking into students’ dorm rooms.

One student told the paper that Rutgers officials had been told about the juvenile’s behavior by concerned students but they did nothing to ban him from the campus.

“He barged into my room before without knocking and thank God my roommate was there,” Emmanuel Azuonwu said.

CLICK HERE TO GET THE FOX NEWS APP 

A Rutgers representative would not answer questions about the incident, citing the investigation, the Post reported.

Westlake Legal Group quad2 New Jersey teen arrested in Rutgers sexual assault case Robert Gearty fox-news/us/us-regions/northeast/new-jersey fox-news/us/education/college fox-news/us/crime/sex-crimes fox news fnc/us fnc fe646121-8bda-5ca3-b9ae-0f4ad6502800 article   Westlake Legal Group quad2 New Jersey teen arrested in Rutgers sexual assault case Robert Gearty fox-news/us/us-regions/northeast/new-jersey fox-news/us/education/college fox-news/us/crime/sex-crimes fox news fnc/us fnc fe646121-8bda-5ca3-b9ae-0f4ad6502800 article

Real Estate, and Personal Injury Lawyers. Contact us at: https://westlakelegal.com 

Under Armour Founder Kevin Plank to Step Down as C.E.O.

Westlake Legal Group 22underarmour-sub2-facebookJumbo Under Armour Founder Kevin Plank to Step Down as C.E.O. Under Armour Inc Plank, Kevin A (1972- ) Appointments and Executive Changes

Under Armour’s founder and chief executive, Kevin Plank, is stepping down after more than 20 years at the helm of the athletic gear brand he started from his grandmother’s basement while in college.

Patrik Frisk, the company’s president and chief operating officer, will become the chief executive on Jan. 1, the company said in a statement. He will continue serving as president.

Mr. Plank, 47, described Mr. Frisk, 56, as “the right person” to serve as the company’s next C.E.O. Mr. Frisk, a retail industry veteran who previously led the footwear company the Aldo Group, joined Under Armour in 2017.

“As my partner during the most transformative chapter in our history, he has been exceptional in his ability to translate our brand’s vision into world-class execution by focusing on our long-term strategy and re-engineering our ecosystem through a strategic, operational and cultural transformation,” Mr. Plank said in a statement.

Mr. Plank has been the chief executive since starting the retailer in 1996. He will become the company’s executive chairman and brand chief.

The company, which had $5 billion in annual sales in 2018, has struggled in recent years. The stock is down about 30 percent in the past three years. Mr. Frisk will be charged with turning Under Armour around.

Last year, the company cut around 400 jobs to streamline a business suffering from slowing growth.

Under Armour is a competitor of the much larger sports brand Nike and has had major deals with Major League Baseball and athletes like basketball star Stephen Curry, N.F.L. quarterback Cam Newton and the ballerina Misty Copeland.

Mr. Plank has sought to distance himself from the Trump administration. In 2017, he was one of several C.E.O.s who resigned from a presidential business council over President Trump’s response to a violent white nationalist rally in Charlottesville, Va., that left a woman dead.

Mr. Plank had come under fire earlier that year after praising Mr. Trump’s business approach as “a real asset.” Under Armour’s celebrity endorsers, including Mr. Curry and the movie star Dwayne Johnson, were quick to rebuke Mr. Plank, and he placated them by taking out a full-page newspaper ad that indicated his comments “did not accurately reflect my intent.”

Last year, The Wall Street Journal reported that the company had a culture of inappropriate behavior toward women, including visits to strip clubs often attended by Mr. Plank that were charged to corporate cards. In response to the report, Mr. Plank said: “We can and will do better.”

Real Estate, and Personal Injury Lawyers. Contact us at: https://westlakelegal.com 

Gov. Northam Announces Launch of Opportunity Virginia

Westlake Legal Group 18779386_G Gov. Northam Announces Launch of Opportunity Virginia

“As governor, one of my highest priorities is ensuring that every Virginian has access to a good job and the skills to be successful, no matter who you are or where you’re from,” said Governor Northam. “This initiative will help Virginia use the Opportunity Zone tax incentive program created by Congress almost two years ago to bring needed investment to important projects being developed across the commonwealth. We are focused on pursuing economic growth that is inclusive and equitable, not just market-driven, and this partnership will bolster our efforts to improve economic opportunity for people in communities that have traditionally been underserved.”

Real Estate, and Personal Injury Lawyers. Contact us at: https://westlakelegal.com 

How do you navigate: Google Maps or Waze?

CLOSEWestlake Legal Group icon_close How do you navigate: Google Maps or Waze?

Police are not going to love this new feature on Google Maps. Veuer’s Natasha Abellard has the story. Buzz60

It’s always been a wonder why Google has two fantastic navigation apps under one umbrella. What does Google get from people going to Waze? Shouldn’t they all just be at Google Maps? 

New features to Google Maps make this question more relevant. Forbes suggests those features mean a “death knell” to Waze.

But please enjoy both while we have them. Google has two great navigation apps, but each has distinct differences, and both are 100% free. So why not mix and match?

However, Google comes with a cost: your personal privacy. More on that below. 

How they’re different

In a nutshell, Waze is bare-bones and just the facts. Use it to find the best route anywhere, usually through some crazy side streets you’ve never been on before, with little advertising clogging up your ride. Traffic results come from crowd-sourcing. Wazers are connected to the master Waze machine, which alerts the computer to where traffic is backed up. 

Google Maps is more full-featured, with links to local restaurants, bars, coffee shops, listings of nearby events and how to get there, whether you’re driving, on foot, on a bicycle or public transportation.

What Google Maps has that Waze doesn’t is this really nasty habit from Google to track everywhere you’ve gone, even if the Google Maps app isn’t open

Oversubscribed? You probably can’t even count how all that you’ve subscribed to

What’s new with Google Maps are new Waze-like tools, like the ability for people to report crashes, speed traps and traffic slowdowns from their iPhone. This has been available on Android phones, and now it’s been opened to Apple’s iOS. 

Additionally, Google added the ability to report four new types of incidents – construction, lane closures, disabled vehicles, and objects on the road (like debris) – to alert others about these potential obstructions. 

This, indeed, makes Google Maps more like Waze. 

A year at the wheel: Waze nabs 1 million riders on anniversary of carpool experiment

Spy at home: Hey Google and Alexa, how easy is it to take control?

I spoke with the CEO of Waze recently, who told me that Waze is a separate, independent unit within Google that doesn’t need to grab users’ data like Google does. Waze makes money with location-based ads within its maps. Say, like a Chevron logo over its position on the map. 

But the trend is crystal clear. Google Maps is becoming more like Waze all the time –with the addition of all those ads and consumer tracking. 

Earlier this year, Google brought speed limits and speed trap alerts to the app and also added features like being able to add a stop to the route while driving and to view nearby gas prices.

Waze has a carpool feature to connect riders with passengers and help get cars off the road, and it lets you connect to Facebook friends from within the app. 

Apple recently overhauled its Maps app to make it more competitive with Google and Waze, but I had a poor experience on recent test drives, with directions to take a “slight right,” when a “hard right” was necessary and road directions that seemed out of the way and not on the money like Google and Waze.

Which app is best for you? I’m sticking with Waze (for as long as it remains independent) for two clear reasons. One, the directions always seem to be the most accurate and two, the app doesn’t track my whereabouts even when the app is closed, which Google Maps does.

And what does Google say about the differences between both apps? 

It sent USA TODAY the following statement: “Google Maps and Waze share certain features, but they offer different benefits. 

Waze has built a passionate community of drivers who connect with one another to save time while on the road, and has deep relationships with municipal organizations and first responders. Google Maps provides useful driving directions, and even integrates the incident reporting Waze users provide, but offers much more. We see Maps as a tool that helps people navigate, explore, and get things done with features like transit crowdedness predictions, restaurant wait times, and activity booking. 

Readers: Which app is your favorite and why? We’d love to hear from you on Twitter, where I’m @jeffersongraham

Read or Share this story: https://www.usatoday.com/story/tech/2019/10/22/google-maps-starting-look-like-waze-which-nav-app-better/4057831002/

Real Estate, and Personal Injury Lawyers. Contact us at: https://westlakelegal.com 

A Half Million 2020 Census Jobs: Will They Be Filled In Time?

Westlake Legal Group img_9802-b4ebb77a3dcbf37f3a00428b78ec88249a0b92b3-s1100-c15 A Half Million 2020 Census Jobs: Will They Be Filled In Time?

Census Bureau partnership specialist Zakera Ahmed (left) and Jeff Behler, a regional director with the bureau, share information about the 2020 census at an elementary school in Corona, N.Y., in July. Hansi Lo Wang/NPR hide caption

toggle caption

Hansi Lo Wang/NPR

Westlake Legal Group  A Half Million 2020 Census Jobs: Will They Be Filled In Time?

Census Bureau partnership specialist Zakera Ahmed (left) and Jeff Behler, a regional director with the bureau, share information about the 2020 census at an elementary school in Corona, N.Y., in July.

Hansi Lo Wang/NPR

With less than five months until the 2020 census is fully underway, the federal government is already seeing signs of potential hurdles to staffing up in time for the national head count.

The low unemployment rate and delays in processing background checks have hindered hiring this year for early rounds of census jobs, including positions at local census offices and those involved with setting up outreach partnerships with local organizations.

Next year, the bureau plans to train and hire close to a half million temporary workers to knock on doors and interview people in households who don’t fill out a census form themselves by late spring. The bureau is launching a national campaign at a news conference in Phoenix on Tuesday to recruit 2.7 million job applicants.

These census workers, known as enumerators, are expected to play a key role in completing the constitutionally mandated head count of every person living in the U.S. That’s because the bureau expects fewer than seven in 10 household members to self-respond to the census online, by mail or over the phone, according to the results of a national survey the bureau conducted last year.

The challenge of a tight labor market

Census results guide how an estimated $880 billion a year in federal tax dollars are distributed for schools, Medicare and other public services in local communities. The numbers also determine the number of congressional seats and Electoral College votes each state gets for the next decade.

Selling the chance to “help shape your community’s future,” the Census Bureau’s new ads for 2020 census jobs are also emphasizing “good pay” and “flexible hours” to try to attract people who are already working and may be looking for a side gig next spring and summer.

Hourly rates for enumerators can range from $13.50 to $30 depending on the position’s location.

But in some parts of the country, the Government Accountability Office has found the pay rate for jobs at local census offices hasn’t been high enough to attract qualified applicants. The tight labor market has forced the bureau to raise rates this year in some areas to more competitive levels.

Delays in background checks

Delays in processing background checks for applicants who are offered a job have also thrown a wrench into the bureau’s early hiring plans.

The bureau is currently more than three months behind in bringing all 1,501 partnership specialists, who coordinate local census outreach, fully on board by the bureau’s original target date of June 30. As of Oct. 15, 1,475 partnership specialists are working, according to Michael Cook, the bureau’s spokesperson.

“Our challenge is not getting people to apply,” Albert Fontenot, the Census Bureau’s top official for the 2020 count, explained during a public meeting in February. “It’s just getting them through the system.”

Since then, the bureau increased its staff for formally vetting applicants’ history to get through the backlog.

Tim Olson, the bureau’s associate director for field operations, said he doesn’t expect the background check process to take as long for the half-million enumerators expected to be hired next year. Those positions, Olson added, only need a fingerprint check by the FBI.

“If they’re clean, they can be hired immediately,” Olson said. “That process with anybody who does not have any negative hit on their record, that happens at about two to three hours.”

Background check controversies

The bureau has run into other issues with its background check process in the past.

The Office of the Inspector General of the Commerce Department, which oversees the bureau, concluded in a 2018 report — titled “The Bureau’s Background Check Office Is Not Fully Prepared for the 2020 Census” — that “applicants who may be unqualified or unfit may nevertheless pass a background check and then be sent to the homes of U.S. residents to collect personal information for the Bureau.”

In 2016, the bureau entered into a $15 million settlement of a federal class-action lawsuit filed by black and Latinx workers who applied for 2010 census jobs. The bureau had screened for applicants who had ever been arrested, including those who were never convicted of a crime, and asked them to provide paperwork to explain their record within 30 days. That requirement, the plaintiffs’ attorneys argued, disproportionately shut out African American and Latinx applicants from census jobs.

As part of the settlement, the bureau agreed to review its process for criminal background checks for the 2020 census.

Asked if any of the recent backlogs are related to the changes made for the settlement, Cook, the bureau’s spokesperson, did not provide a direct response.

“This decade, we have worked with legal experts, law enforcement officials, and advocacy leaders to make sure our hiring process for the 2020 Census” protects “the public’s safety and trust,” as well as gives “every applicant who is fit to serve a fair opportunity to do so,” Cook said in a written statement that mirrored a bureau flyer about background checks.

In May, the bureau became embroiled in another controversy when a FOX 46 news report revealed that a local census office in Charlotte, N.C., had hired a registered child sex offender. As a result of that case, Cook said that “nothing has changed” with the bureau’s current background check process.

“We’ve put measures in place to ensure that all staff are following the established, rigorous background check procedures we have in place,” Cook added.

“Devastating” impact?

This year’s delays in processing background checks for partnership specialists have some former Census Bureau officials worried.

Arnold Jackson, who served as the chief operating officer for the 2010 census and as a consultant on the 2020 census to the Commerce Department, said he’s concerned about how the backlog may affect areas where partnership specialists are tasked to conduct outreach to help ensure all groups are counted.

Calling the program a “secret weapon,” Jackson added that it “puts the individuals who are hired face to face with key influence leaders in various communities, many of which are non-majority communities.”

If there are any delays in hiring the half-million enumerators the bureau needs next spring and summer, Jackson said the impact on the 20-20 census could be “devastating.”

Just like staffing for a political campaign or a military surge, getting census workers ready for the count has a lot to do with timing.

“They’re only in play for a limited amount of time — sometimes six months, sometimes a year,” Jackson said. “If you miss that window, the cost of the recovery goes through the roof.”

It could also have a lasting cost on the census results. Some households may not be included in the official population count unless they receive a personal visit by a census worker. According to Census Bureau research on self-response rates to last year’s test run of the 2020 census, those households are likely to be disproportionately from communities of color.

Real Estate, and Personal Injury Lawyers. Contact us at: https://westlakelegal.com 

WeWork, Rejected by Wall Street, Accepts Lifeline From SoftBank

Westlake Legal Group 22wework-sub-facebookJumbo WeWork, Rejected by Wall Street, Accepts Lifeline From SoftBank WeWork Companies Inc SOFTBANK Corporation Co-Working

WeWork has agreed to be taken over by its largest outside investor, SoftBank, two people with knowledge of the matter said, in a deal that ends weeks of uncertainty for the troubled shared office space company.

SoftBank had invested about $10.5 billion in WeWork; it will now have to pour billions more into the company, cut costs and stabilize the business.

The sale marks a humbling moment for WeWork. It values the company at just under $8 billion, compared to the $47 billion that SoftBank reckoned it was worth in January, people with knowledge of the bid said on Monday.

Not long ago, WeWork had been seeking to sell shares to stock investors to keep funding its growth. But that initial public offering was scrapped last month after Wall Street investors balked at its huge losses and unusual corporate governance structure.

In addition to the takeover offer from SoftBank, WeWork’s board had also been considering a $5 billion debt financing offer from JPMorgan Chase.

The SoftBank deal will mean a huge payout for Adam Neumann, WeWork’s co-founder who stepped down as chief executive last month. Under Mr. Neumann, the company grew at a breakneck pace, drawing ardent backers like SoftBank’s chief executive, Masayoshi Son, and making Mr. Neumann wealthy.

But prospective investors for the company’s initial offering were skeptical of his leadership, and existing WeWork backers — including SoftBank — pushed for his ouster.

Yet Mr. Neumann will receive roughly $1.7 billion in consideration as part of the SoftBank deal, according to the people with knowledge of the offer. The Japanese technology giant will buy roughly $1 billion worth of WeWork shares from him, and give him about $500 million worth of financing to repay a credit line he had taken out from JPMorgan. Mr. Neumann also will receive a $185 million consulting fee.

In exchange, he will back the SoftBank deal and step down from WeWork’s board.

The Wall Street Journal previously reported the terms of the deal.

This is a developing story and will be updated.

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