BusinessNews

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

10 days 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

10 days 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

10 days 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.
Read more ...

 

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

10 days 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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Earth is headed for its second warmest year in recorded history

Earth is headed for its second warmest year in recorded history

Data from the U.S. government sure seems to indicate that the Earth is warming (despite what the current leadership may say). Apparently, the globe just experienced the... Read more ...

The New York state attorney general is investigating WeWork amid layoffs

The New York state attorney general is investigating WeWork amid layoffs

Reuters reported that the New York State Attorney General is investigating WeWork in the latest crisis facing the embattled workspace giant. The company confirmed that it had... Read more ...

Chick-fil-A no longer funding Salvation Army, Fellowship of Christian Athletes

Chick-fil-A no longer funding Salvation Army, Fellowship of Christian Athletes

ATLANTA - Atlanta-based Chick-Fil-A has stopped donating to The Salvation Army and the Fellowship of Christian Athletes, two organizations that have come under fire from LGBTQ... Read more ...

Boeing shareholders are suing the board, alleging 'careless' handling of the...

Boeing shareholders are suing the board, alleging 'careless' handling of the 737 Max development and the crisis that followed

Boeing's board members were careless in their oversight of the Boeing 737 Max , leading to a "loss of credibility in the marketplace, a damaged reputation and billions in... Read more ...

The coming fight over who controls digital health data

The coming fight over who controls digital health data

Spending for consumer digital healthcare companies is set to explode in the next few years; the Office of the National Coordinator for Health Information Technology is... Read more ...

Carla Fried: No-commission trading is a threat to your investing success

Carla Fried: No-commission trading is a threat to your investing success

In October, discount brokerage firms were falling all over each other trying to hand out what looks like an enticing treat: no commissions when you trade stocks, mutual funds... Read more ...

'Not on Netflix' and proud of it, Tubi boasts in ads

'Not on Netflix' and proud of it, Tubi boasts in ads

Netflix. Disney+. HBO Max. Apple TV+. For anyone getting tired of all the mounting number of streaming sites charging a monthly fee for shows and movies, a lesser-known service... Read more ...

DOJ to throw out decades-old film business regulations. But what impact will...

DOJ to throw out decades-old film business regulations. But what impact will it have?

The so-called Paramount decrees - the regulations that have governed Hollywood since the heyday of Marilyn Monroe - are taking their final bow. The U.S. Justice Department is... Read more ...

Coty climbs after agreeing to pay $600 million for a majority stake in Kylie...

Coty climbs after agreeing to pay $600 million for a majority stake in Kylie Jenner's makeup line

Coty announced Monday that it agreed to pay $600 million for a majority stake in Kylie Cosmetics, the makeup line owned by Kylie Jenner. Shares of Coty gained as much as 4.9%... Read more ...

A professor specializing in drug crime used his knowledge to launder $2.5...

A professor specializing in drug crime used his knowledge to launder $2.5 million of dirty Venezuelan money, federal prosecutors claim

Professor Bruce Bagley wrote a textbook on drug trafficking and organized crime. Now federal prosecutors claim he used his knowledge to launder $2.5 million of dirty Venezuelan... Read more ...