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10 things in tech you need to know today

Good morning! This is the tech news you need to know this Tuesday. WeWork is set to evaluate rescue proposals from SoftBank and JPMorgan on Tuesday. SoftBank's offer is expected to have more favorable terms for WeWork and cofounder Adam Neumann than what JPMorgan could line up with its group of investors. Facebook just removed dozens of fake accounts based in Russia and Iran that were spreading misinformation and trying to meddle in elections. This included nearly 200 accounts with more than 2...


Report: WeWork Delaying Mass Layoffs Because It Can't Afford Severance

WeWork, the company that is either a transformative way of life or a dangerously overleveraged real estate company posing as a cultish tech firm, is planning on laying off thousands of employees.Read more...
Tags: Wegrow Wework Welive Wedie, Wework, We Company, Adam Neumann, Softbank, Technology, Startups


SoftBank's WeWork takeover would lead to Adam Neumann's exit - sources

SoftBank Group offered nearly $10 billion (£7.71 billion) on Monday to WeWork and its shareholders under a takeover plan that would keep the U.S. office-space sharing start-up afloat and lead to the exit of its Chairman Adam Neumann, sources said.
Tags: businessNews


In leaked email, WeWork cofounder Miguel McKelvey tells employees 'it takes fortitude to continue to believe'

WeWork's dual CEOs sent an email last week confirming to employees that a financing deal was in the works but that this would not save them from planned layoffs. It included an inspirational message from WeWork cofounder Miguel McKelvey. In his email, McKelvey thanked employees and said he believed that the company had a great future ahead. "It's been a challenging period, and it takes fortitude to continue to believe," he wrote. For more stories about WeWork, click here. A couple of months a...


WeWork has reportedly postponed thousands of layoffs because it's too broke to pay workers severance

WeWork has delayed laying off thousands of workers, because it doesn't have enough cash to pay them severance, The Wall Street Journal reported Monday. The company reportedly could run out of cash by next month unless it gets new funding, and was planning on cutting jobs to save money. How the company will handle severance has been a hot topic of conversation, and employees are particularly concerned about the WeWork shares they hold. WeWork's board expected to review funding offers from SoftB...


SoftBank is planning on paying Adam Neumann $200 million to step aside if it takes over WeWork

SoftBank would pay WeWork cofounder Adam Neuman $200 million as part of its proposed deal to take over the struggling real-estate company, a source told Business Insider. As part of the deal, Neumann would give up his seat on WeWork's board and his voting shares, the source said. Neumann would also agree to support SoftBank's bid, Axios' Dan Primack reported. WeWork's board is expected to review competing bids from SoftBank and JPMorgan on Tuesday. Read all of Business Insider's WeWork coverag...


WeWork's had a terrible month, and now the company may be getting bailed out by SoftBank — here's everything that has happened since the embattled company filed to go public

In August, coworking company WeWork publicly filed its IPO paperwork. It was last privately valued at $47 billion. Since then, WeWork has had an exceptionally bad few months, as potential investors got their first look at WeWork's financials and people began to dig into the past behavior and business dealings of the company's CEO, Adam Neumann. In September, The Wall Street Journal reported that Neumann would be stepping down as CEO, but remain as chairman. Since then, the company has named ne...


SoftBank's WeWork financing would lead to Adam Neumann's exit - sources

SoftBank Group Corp offered close to $10 billion (£7.71 billion) to WeWork owner The We Company, its employees and its investors on Monday under a plan to keep the struggling U.S. office-space sharing start-up afloat that would lead to the exit of its co-founder and Chairman Adam Neumann, people familiar with the matter said on Monday.
Tags: businessNews


Report: SoftBank is taking control of WeWork at an ~$8B valuation

WeWork, once valued at $47 billion, will be worth as little as $7.5 billion on paper as SoftBank takes control of the struggling co-working business, CNBC reports. SoftBank, a long-time WeWork investor, plans to invest between $4 billion and $5 billion in exchange for new and existing shares, according to CNBC . The deal, expected to be announced as soon as tomorrow, represents a lifeline for WeWork, which is said to be mere weeks from running out of cash and has been shopping several of it...
Tags: Startups, TC, Venture Capital, Adam Neumann, Business, Chief Executive Officer, CNBC, Co-founder, Companies, Coworking, Economy, Jpmorgan, Softbank, SoftBank Group, Vice-chairman, Vision Fund


10 things in tech you need to know today

Good morning! This is the tech news you need to know this Monday. Oracle CEO Mark Hurd died aged 62 on Friday. Oracle employees and other tech workers took to Twitter to mourn the CEO and express their condolences to his friends and family over the weekend. Joe Biden and Elizabeth Warren slammed Mark Zuckerberg for his remarks on free speech and said Facebook is spreading lies that could impact the 2020 election. Biden's campaign accused Zuckerberg of "feigned concern" for free speech while Wa...


WeWork is set to evaluate rescue proposals from SoftBank and JPMorgan on Tuesday

Proposals to bail out WeWork are due on Monday, and the board will likely meet on Tuesday to decide on its options. Both offers will value WeWork at $8 billion or under, a far cry from its $47 billion January valuation. SoftBank's offer is expected to have some more favorable terms for WeWork and cofounder Adam Neumann than what JPMorgan could line up with its group of investors. The embattled office company, whose valuation was as high as $47 billion just a few months ago, was set to run out ...


WeWork just agreed to SoftBank's bailout which values the company between $7.5 billion and $8 billion, according to CNBC

WeWork is taking a bailout from SoftBank, a deal which will value the company between $7.5 billion and $8 billion, CNBC reported on Monday.  The embattled office company, whose valuation was once as high as $47 billion just a few months ago, was set to run out of money next month. WeWork had planned to raise billions from going public this fall, but its initial public offering was shelved after investors raised questions about its business model and leadership.  For more WeWork stories, click ...


WeWork to give SoftBank control of company as part of bailout that values it between $7.5 billion and $8 billion, according to CNBC

Proposals to bail out WeWork are due on Monday, and the board will meet on Tuesday to evaluate its options. Both offers will value WeWork at $8 billion or under, a far cry from its $47 billion January valuation. SoftBank's offer is expected to have some more favorable terms for WeWork and co-founder Adam Neumann than what JPMorgan could line up with its group of investors. The embattled office company, whose valuation was once as high as $47 billion just a few months ago, was set to run out of...


Adam Neumann planned for his children and grandchildren to control WeWork

WeWork cofounder Adam Neumann didn’t plan for his family’s control of WeWork to end at his death but he expected it be controlled by future generations of Neumanns, too, says Business Insider. The outlet reports that in a speech Neumann gave to employees in January of this year, footage of which it says it has viewed, Neumann is seen saying that WeWork isn’t “just controlled — we’re generationally controlled.” He reportedly goes on to say that while the five children he shares with wife Rebek...
Tags: TC, Tech, SEC, WeWork, Fast Company, BI, Neumann, Adam Neumann, Robert Jackson, Rebekah Neumann, Perpetual Dual-class Shares, BI Neumann


Adam Neumann told staff earlier this year his family had 100% control of WeWork and even in 300 years, his descendants would be in control as 'the moral compass of the company'

Adam Neumann told staff he planned to have his family control WeWork indefinitely at the company's all-staff meeting in January, according to a video leaked to Business Insider.  The now-ousted founder said at the company's January all-hands meeting that he and his family control the company "100%." He contrasted his situation with Google and Facebook, where he said founders have lost control. He said his five young children would "stay the moral compass of the company" and that even in 300 ye...
Tags: Google, Facebook, Los Angeles, Trends, Silicon Valley, WeWork, Signal, Neumann, Adam, Adam Neumann, Rebekah, Neumanns, WeGrow, Mark -LSB- Zuckerberg, Meghan Morris, Adam Rebekah Neumann


Leaked video reveals Adam Neumann told staff earlier this year that his family had 100% control of WeWork and that even in 300 years his descendants would be in control

Adam Neumann told staff at an all-hands meeting in January that he planned to have his family control WeWork indefinitely, according to a video leaked to Business Insider. The founder, who was ousted last month, said he and his family controlled the company "100%." He contrasted his situation with Google and Facebook, where he said founders had lost control. He said his five young children would "stay the moral compass of the company" and that even in 300 years his descendants could control We...
Tags: Google, Facebook, Los Angeles, Trends, Silicon Valley, WeWork, Signal, Neumann, Adam, Adam Neumann, Rebekah, Rebekah Neumann, Neumanns, WeGrow, Mark -LSB- Zuckerberg, Meghan Morris


Compass CEO: No plans for IPO in next 18 months

Robert Reffkin told The Real Deal that Compass doesn't plan to go public in the 18 months but declined to say if WeWork's struggles have anything to do with it.
Tags: Technology, Ipo, Softbank, Radio, WeWork, Compass, Industry News, Maelle Gavet, Adam Neumann, Joseph Sirosh, Brokerage, Select, Public Offering, Robert Reffkin, CFO Kristen Ankerbrandt, Compass stock


Being Boring Is Hard

The legal industry won’t experience anything like WeWork’s $47B flameout, but that makes our problems more intractable.
Tags: Law, IPOs, WeWork, Biglaw, James Goodnow, Adam Neumann


WeWork's valuation could reportedly slip below $8 billion as part of SoftBank's proposed bailout of the embattled company

SoftBank is reportedly eyeing a plan to rescue WeWork from its precarious financial situation that would value the company below $8 billion, according to a new report from Bloomberg. The embattled office-sharing company is weighing competing bailout plans from SoftBank and JPMorgan in order to avoid running out of cash, which could reportedly happen as soon as next month. A sub-$8 billion valuation from SoftBank would be a steep drop-off from the $47 billion the Japanese investment group priva...
Tags: Verizon, Softbank, Trends, Bloomberg, WeWork, Wall Street Journal, Jpmorgan, AT T, Adam Neumann, Saritha Rai, Gillian Tan Sonali Basak Michelle Davis, public Co


Airbnb's losses reportedly doubled last quarter — and it could spell disaster for the company's rumored attempt to go public

Airbnb doubled its year-over-year losses in the first quarter, according to a report from The Information. The firm reportedly spent $367 million in the first quarter on sales and marketing, a 58% increase from the year-ago period. The news comes as the home-share company eyes a move to public markets in 2020 and Wall Street flees cash-burning tech firms. Visit the Business Insider homepage for more stories. Airbnb's rumored bid to go public in 2020 may face new hurdles as the home-share com...
Tags: Lyft, Hollywood, Trends, Information, Credit Suisse, Airbnb, Goldman Sachs, Morgan Stanley, Reuters, Adam Neumann, Peloton, Robert Shiller, SmileDirectClub


Airbnb's losses reportedly doubled last quarter — and it could spell disaster for the company's attempt to go public

Airbnb doubled its year-over-year losses in the first quarter, according to a report from The Information. The firm reportedly spent $367 million in the first quarter on sales and marketing, a 58% increase from the year-ago period. The news comes as the home-share company eyes a move to public markets in 2020 and Wall Street flees cash-burning tech firms. Visit the Business Insider homepage for more stories. Airbnb's bid to go public in 2020 may face new hurdles as the home-share company rep...
Tags: Lyft, Hollywood, Trends, Information, Credit Suisse, Airbnb, Goldman Sachs, Jeff Bezos, Morgan Stanley, Reuters, Adam Neumann, Peloton, Robert Shiller, SmileDirectClub


In an era of infighting on startup boards, founders are on the hunt for 'independent' board members

An outside director, or independent board member, is considered the neutral party on a startup board. They typically have no major investment unlike a venture capitalist who represents their firm. This individual can be a confidant for a founding chief executive because they often bring operating experience to the table. Outside directors are in high demand as founders and investors jostle for control in the aftermath of WeWork's IPO disaster. Check out Business Insider's special series — Foun...
Tags: Los Angeles, Trends, Patagonia, Yerdle, Silicon Valley, WeWork, Salesforce, UC Berkeley, Upfront Ventures, Asana, Zendesk, Mark Suster, CHAN, Adam Neumann, Ruben, Chandra


Salesforce billionaire Marc Benioff says Facebook should be broken up: 'They’re after your kids'

Marc Benioff has suggested Facebook should be broken up, joining a growing list of business and political figures who have made the same suggestion. Speaking to CNN on Wednesday, the Salesforce founder and co-CEO criticized the social media giant on a number of fronts, including its perceived addictiveness, its acceptance of lies in political ads, and its preoccupation with acquiring personal data. This is not the first time Benioff has criticized Facebook – he likened the firm to "cigarettes"...
Tags: Facebook, Congress, Navy, Russia, Elizabeth Warren, Trends, Ukraine, Cnn, David Marcus, Warren, Biden, Chris Hughes, Libra, Marc Benioff, Yahoo Finance, Adam Neumann


10 things in tech you need to know today

Good morning! This is the tech news you need to know this Thursday. Insiders told Business Insider that a celebrity-centered religious sect deeply influenced how Adam Neumann ran WeWork before its spectacular collapse. As Adam and Rebekah Neumann built WeWork into a $47 billion coworking giant, the couple relied on the teachings of the Kabbalah Centre, a spiritual organization whose high-pressure donation tactics have drained multiple former members' bank accounts, sources told Business Inside...
Tags: Amazon, Facebook, Mark Zuckerberg, UK, Softbank, Nbc News, US, Trends, Netflix, Canada, David Marcus, Boris Johnson, WeWork, Cma, Wall Street Journal, Libra


The Kabbalah Connection: Insiders say a celebrity-centered religious sect deeply influenced how Adam Neumann ran WeWork before its spectacular collapse

As Adam and Rebekah Neumann built WeWork into a $47 billion coworking giant, the couple relied on the teachings of the Kabbalah Centre, a spiritual organization whose high-pressure donation tactics have drained multiple former members' bank accounts, sources told Business Insider. Kabbalah Centre Rabbi Eitan Yardeni was a regular sight at WeWork offices, where former employees said he helped put together at least one deal, met with company executives, and in at least one instance spoke to the ...
Tags: New York, Saudi Arabia, Softbank, New York City, Israel, Los Angeles, Trends, Karen, Brooklyn, Egypt, Judaism, Italy, Mexico City, Moscow, Manhattan, Madonna


WeWork says it has 527,000 'memberships' but that's not as straightforward as it seems

WeWork bills itself as being more affordable than traditional leases where the tenant is on the hook for everything from their own construction costs to coffee, according to the prospectus it filed for its now-postponed IPO. But the way WeWork counts customers, which it calls "members" and "memberships," isn't as straightforward as it seems, multiple sources have told Business Insider. WeWork's S-1 filing says it has 527,000 "memberships," but based on the way WeWork calculates memberships, an...
Tags: Ipo, Boston, San Francisco, Trends, Manhattan, Miami, WeWork, Denver, Signal, Joe, Adam Neumann, Julie Bort, Fruit Company, Joe s Fruit Company


SoftBank reportedly plans to offer $5 billion in financing to WeWork without majority control, offering an alternative to JPMorgan's high-interest option

SoftBank is preparing to offer WeWork a $5 billion financing deal with less restrictive terms than an earlier version under consideration, Nikkei Asian Review reported on Wednesday. JPMorgan is also working with 100 potential investors on a refinancing package with a high interest rate.  WeWork needs to make a decision soon, since the embattled office company could run out of money by the end of next month. For more WeWork stories, click here.  As WeWork faces a cash crunch, its biggest inves...
Tags: Amazon, New York, Wall Street, Softbank, Trends, Sprint, WeWork, Wall Street Journal, Signal, Business Insider, University Of Michigan, Jpmorgan, Neumann, Adam Neumann, Masayoshi Son, Claure


'The plumbing isn't broken': Goldman Sachs' CEO says WeWork's failed IPO could improve private markets

WeWork's collapsed initial public offering isn't proof that private markets are broken, and it could even change them for the better, Goldman Sachs CEO David Solomon said on the bank's third-quarter earnings call. "I don't think the plumbing is broken," Solomon said. "I think the IPO process is alive and well in the United States." Solomon predicted the WeWork fiasco could fuel a shift towards smaller investments, faster flotations, and greater transparency in private markets. Read more of Bus...
Tags: Trends, United States, Goldman Sachs, WeWork, Jeff Bezos, Neumann, Adam Neumann, Solomon, David Solomon, Howard Marks, Goldman Sachs CEO


The most outrageous splurges of tech billionaires, from Richard Branson's private island to Jeff Bezos' $65 million private jet

Tech billionaires have been known to make extravagant purchases from time to time.  Amazon founder Jeff Bezos spent $65 million dollars on an eight-seater private jet, while Elon Musk splurged on the submarine car from the James Bond film "The Spy Who Loved Me."  Check out 23 of the most outrageous purchases made by tech billionaires.  The richest people in tech are some of the world's biggest billionaires — and have plenty of money to spare for extravagant purchases. While many of these tech...
Tags: Google, Amazon, Facebook, Mark Zuckerberg, Japan, Spacex, Elon Musk, New York, Texas, London, Microsoft, Washington, Jay Z, Boston, San Francisco, Trends


Goldman Sachs quietly unloaded some of its WeWork shares while its investment bankers were pitching the company a $60 billion-plus IPO (GS)

Goldman Sachs had sold some of its stake in WeWork even as the investment bank was pitching the coworking company for a highly lucrative IPO mandate.  The bank unloaded shares at two earlier fundraising rounds when the WeWork mega-investor SoftBank gave employees and earlier investors a chance to sell their stake, according to a person with knowledge of Goldman's actions. The bank assigned a "much more modest" valuation to the company than the $47 billion value set earlier this year, or the $6...
Tags: Ipo, Softbank, Trends, Goldman Sachs, WeWork, Morgan Stanley, Goldman, Wall Street Journal, Financial Times, Stewart Butterfield, Jpmorgan, Neumann, Adam Neumann, Betsy Graseck, Graseck