WeWork is reportedly working on a weird corporate structure for its upcoming IPO that would give massive tax benefits to early insiders, but not to those who buy in later.

According to the Financial Times, the new structure means CEO Adam Neumann and other insiders will pay an individual income tax rate.

Anyone buying shares in the IPO will be taxed at a corporate and individual level.

The move follows some other curious manoeuvres by WeWork, namely Neumann selling his shares and borrowing against his remaining holdings to the tune of $700 million.

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WeWork has created a weird corporate structure ahead of its public float which will unlock massive tax benefits for its CEO and early insiders, but won't necessarily benefit shareholders buying in at the IPO.