Depends entirely on contractual details likely not broadly known. Those details have not been broadly reported or discussed. In general in a generic sense it’s quite common for investors (those writing actual cheques into the business) to be made whole again and then some before options holders or others get to come to the table. First dibs on the rewards goes to those that took the most risk.

Reports out now are saying the likely market cap of the company is less than the cash raised by the company. Speaking generally that’s typically a beyond ugly situation for non-investors hoping their stake/options is going to make them some $. Think about it... it wouldn’t be right for some employee equity/options holder to get money while investors lose money.

Haven’t seen much written about the details specific to We/WeWork, but given all the crazy governance issues identified to date with its corporate structure it wouldn’t be surprising if such clauses are very complex.