BusinessNews

WeWork, ex-CEO Neumann, Softbank sued over botched IPO, plummeting value

6 monthes ago   |   By Reuters

WeWork officials, including co-founder and former Chief Executive Adam Neumann, are being sued by minority shareholders to recoup losses as the shared workspace provider pulled its initial public offering and saw its value plunge more than 87%.
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WeWork's value plunged more than 80% to below $5 billion last quarter, SoftBank says. Here's why that's a staggering drop

WeWork's value plunged more than 80% to below $5 billion last quarter, SoftBank says. Here's why that's a staggering drop

6 monthes ago   |   By Business Insider

SoftBank slashed its pre-bailout valuation of WeWork by more than 80% to below $5 billion last quarter.
The humbling price tag represents a dizzying drop from WeWork's $47 billion valuation in January, and values the coworking startup at nearly the same amount as five years ago.
The valuation also suggests WeWork is worth less than H&R Block and Macy's, cofounder and former CEO Adam Neumann cashed out the equivalent of 14% of his company's total worth, and WeWork's property and equipment might be worth more than the entire business.
Read more ...

 

Breakingviews TV: SoftBank flop

6 monthes ago   |   By Reuters

Nov 8 - The Japanese company led by Masayoshi Son unveiled a $5 bln writedown on WeWork, Uber and other soured bets. Robyn Mak and Alec Macfarlane discuss what this means for SoftBank's financial health, and whether its visionary founder can restore investor confidence.
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WeWork's value plunged more than 80% to below $5 billion last quarter, SoftBank says. Here's why that's a staggering drop

WeWork's value plunged more than 80% to below $5 billion last quarter, SoftBank says. Here's why that's a staggering drop

6 monthes ago   |   By Business Insider

SoftBank slashed its pre-bailout valuation of WeWork by more than 80% to below $5 billion last quarter.
The humbling price tag represents a dizzying drop from WeWork's $47 billion valuation in January, and values the coworking startup at nearly the same amount as five years ago.
The valuation also suggests WeWork is worth less than H&R Block and Macy's, cofounder and former CEO Adam Neumann cashed out the equivalent of 14% of his company's total worth, and WeWork's property and equipment might be worth more than the entire business.
Read more ...

 


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Atlanta-based Coca-Cola, Delta CEOs speak out against racism in wake of...

Atlanta-based Coca-Cola, Delta CEOs speak out against racism in wake of protests against police brutality

As protesters faced off against National Guard troops near Centennial Park after George Floyd's death while under the knee of a Minneapolis police officer, some of Atlanta's... Read more ...

How COVID-19 is accelerating the need for digital B2B payments

How COVID-19 is accelerating the need for digital B2B payments

By James Anderson, executive vice president of global commercial products, Mastercard In offices around the world, millions of dollars are waiting. Checks are piling up in the... Read more ...

Construction Spending Decreased in April

Construction Spending Decreased in April

From the Census Bureau reported that overall construction spending decreased in April: Construction spending during April 2020 was estimated at a seasonally adjusted annual... Read more ...

Apple closes stores across the US over safety concerns amid George Floyd...

Apple closes stores across the US over safety concerns amid George Floyd protests

On May 25, a 46-year-old black man named George Floyd died in Minneapolis after a white police officer pinned his knee to Floyd's neck for several minutes during an... Read more ...

Lockdowns ease in Florida, Europe with new tourism rules

Lockdowns ease in Florida, Europe with new tourism rules

ROME - The first day of June saw coronavirus restrictions ease from Asia to Europe to the United States on Monday, even as U.S. protests against police brutality sparked fears... Read more ...

Facebook employees stage virtual walkout in protest of company's stance on...

Facebook employees stage virtual walkout in protest of company's stance on Trump posts

Some Facebook employees are virtually walking out today to challenge the company's lack of response to President Donald Trump's posts pertaining to protests in light of the... Read more ...

The Latest: Pakistan says it's relaxing a ban on tourism

The Latest: Pakistan says it's relaxing a ban on tourism

The Latest on the coronavirus pandemic. COVID-19 causes mild or moderate symptoms for most people. For some, especially older adults and people with existing health problems... Read more ...

Seattle's mayor says white men are responsible for 'much of the violence and...

Seattle's mayor says white men are responsible for 'much of the violence and destruction' across the US following George Floyd's death

Seattle mayor Jenny Durkan said Monday that white men are responsible for "much of the violence and destruction" in the city and across the US. "I want to acknowledge that much... Read more ...

Stocks pull back on Wall Street as trade worries flare again

Stocks pull back on Wall Street as trade worries flare again

Stocks are opening lower on Wall Street as traders worry that trade tensions could flare again with China and as protests spread across the U.S. against police brutality... Read more ...

Fauci just criticized Moderna for touting preliminary data on its...

Fauci just criticized Moderna for touting preliminary data on its coronavirus vaccine, but said the results look 'very promising'

Several companies have been racing to develop a vaccine for the novel coronavirus, and research efforts are moving faster than ever before. Moderna, which just entered its... Read more ...