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WeWork founder and former CEO Adam Neumann is set to receive almost $1.7 billion from the Japanese investor as part of the deal, which will see him step off the board, The Journal reported.

Neumann will reportedly sell about $1 billion worth of shares to SoftBank, plus receive additional credit and a consulting fee.

WeWork’s main backer, SoftBank, will reportedly give its cofounder and former CEO Adam Neumann almost $1.7 billion as part of a takeover deal that will see him resign from the office-sharing firm’s board.

The Journal reported that SoftBank’s takeover deal valued WeWork at about $8 billion, a fraction of the valuation the firm hoped to achieve when it floated.