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☆ From Elon Musk to Sam Bankman-Fried, a bad week for market geniuses, but was it their fault?
▼ + stars: | 2022-11-12 | by ( Barbara Collins | ) www.cnbc.com time to read: +3 min

watch nowFrom the FTX bankruptcy and downfall of crypto "rock star" Sam Bankman-Fried to the chaos at Twitter, it has not been a good week for the geniuses of capitalism. "Without a doubt, Sam Bankman-Fried is a genius," said Yale School of Management leadership guru Jeffrey Sonnenfeld in an interview with CNBC's "Fast Money" on Thursday. "But what's hard is that somebody has to be able to put on the brakes on them and ask them questions. Tom Williams | CQ-Roll Call, Inc. | Getty ImagesBut boards are often unable to manage genius, Sonnenfeld said. Tesla shares have not been immune from Musk's Twitter takeover, with the stock plummeting this week after Musk told Twitter employees on Thursday he sold Tesla stock to "save" the social network.

☆ Japan's SoftBank returns to quarterly profit but unveils more Vision Fund pain
▼ + stars: | 2022-11-11 | by ( ) www.cnbc.com time to read: +2 min

SoftBank's Vision Fund, the brainchild of the company's founder Masayoshi Son, has faced a number of headwinds including a slump in technology stocks as a result of rising interest rates, a tough China market and geopolitics. Japan's SoftBank Group Corp reported its first quarterly profit in three quarters, buoyed by the sale of some of its stake in China's Alibaba even as its massive Vision Fund posted another heavy quarterly loss. Investment losses at flagship unit Vision Fund were 1.38 trillion yen ($9.75 billion) in the three months to September 30 as the value of its portfolio continued to slide. At SoftBank itself, net profit came to 3.03 trillion yen in the July-September second quarter. In the first quarter, the group had posted a 3.16 trillion yen loss.

☆ WeWork exits 40 U.S. locations after tepid forecast, shares slump
▼ + stars: | 2022-11-10 | by ( Kannaki Deka | ) www.reuters.com time to read: +2 min

Nov 10 (Reuters) - WeWork Inc (WE.N) forecast fourth-quarter revenue below estimates and said it will exit about 40 underperforming U.S. locations, sending shares down over 15%, as the workspace provider deals with high expenses and a strong U.S. dollar. "A recession is going to materially impact WeWork's operations because SMEs (small and medium-sized enterprises) are going to cut costs. WeWork expects fourth-quarter revenue of between $870 million and $890 million, below Wall Street targets of $923.8 million. WeWork went public in 2021 after a two-year struggle and currently has a market cap of around $1.77 billion. It reported third-quarter revenue of $817 million, below market expectations of $865 million, according to a Refinitiv poll of five analysts.

☆ WeWork to Close 40 U.S. Locations as Company Cuts Costs
▼ + stars: | 2022-11-10 | by ( Will Feuer | ) www.wsj.com time to read: 1 min

The office-sharing company WeWork is closing dozens of locations in the U.S.WeWork Inc. said it is closing about 40 underperforming locations in the U.S., with most of the closures expected this month as the office-sharing company cuts costs and seeks to turn a profit. WeWork declined to say where the affected buildings are.

☆ Sequoia Capital took a $213 million bath on FTX after the crypto exchange imploded. That's not that bad, VCs say.
▼ + stars: | 2022-11-10 | by ( Melia Russell | ) www.businessinsider.com time to read: +6 min

FTX investor Sequoia Capital has marked down its position to $0 as the crypto exchange crumbles. Sequoia Capital now views its $213.5 million investment in FTX as worthless as the crypto exchange teeters on the brink of collapse after an eleventh-hour deal to salvage the business fell apart. "Somehow Sequoia capital turned a FTX write down to zero into a humblebrag. It invested $150 million into FTX through its third growth fund, which Sequoia said totaled less than 3% of that fund's capital commitments. In its letter to investors, Sequoia said it does "extensive research and thorough diligence" on every investment it makes.

☆ Check out the pitch deck that helped Recess, a Mark Cuban-backed startup that's disrupting live events, raise $5 million
▼ + stars: | 2022-11-10 | by ( Lucia Moses | ) www.businessinsider.com time to read: +4 min

Recess, an experiential marketing platform, just raised $5 million in Series A funding. Recess, an experiential marketing platform, just raised $5 million in Series A funding led by Data Point Capital and Spring Mountain Capital, bringing its total fundraise to $11.5 million, the company said. Recess' pitch is that it takes the time and hassle out of a cumbersome process of researching and coordinating events sponsorships. Recess then matches marketers with events and handles logistics like contracts, insurance verification, and pre-event coordination. Recess grew out of a media and events company, The Recess Music & Ideas Festival, started by Indiana University alums Jack Shannon and Deuce Thevenow.

☆ WeWork to exit 40 U.S. locations to cut costs, revenue outlook disappoints
▼ + stars: | 2022-11-10 | by ( ) www.reuters.com time to read: +1 min

Nov 10 (Reuters) - WeWork Inc (WE.N) said on Thursday it will exit about 40 locations across the United States and forecast current-quarter revenue below estimates as the flexible workspace provider faces high expenses and a strong U.S. dollar. WeWork went public in 2021 after a two-year struggle and currently has a market cap of around $1.77 billion. The New York-based firm also reported third-quarter revenue of $817 million, below market expectations of $865 million, according to a Refinitiv poll of five analysts. Net loss per diluted share came in at 75 cents per share, below estimates for a loss of 45 cents. WeWork expects fourth-quarter revenue to be between $870 million and $890 million, below expectations of $923.8 million.

☆ WeWork to exit 40 locations in U.S. to cut costs
▼ + stars: | 2022-11-10 | by ( ) www.reuters.com time to read: 1 min

Nov 10 (Reuters) - Flexible workspace provider WeWork Inc (WE.N) on Thursday said it will exit about 40 locations across the United States in a bid to cut costs. The closures, of about 41,000 workstations, are expected to pull down revenue but the simultaneous cost reductions will contribute roughly $140 million to annual adjusted core earnings. The move is a part of the company's effort to pare back expenses and reduce its debt load and lease obligationsWeWork's systemwide real estate portfolio consisted of 801 locations across 39 countries, as of Sept. 30. Reporting by Kannaki Deka in Bengaluru; Editing by Devika SyamnathOur Standards: The Thomson Reuters Trust Principles.

☆ Stocks making the biggest moves premarket: Tapestry, WeWork, Rivian and others
▼ + stars: | 2022-11-10 | by ( Peter Schacknow | ) www.cnbc.com time to read: +2 min

Tapestry slid 2% in premarket trading. Nio shares jumped 5.5% in premarket trading. AstraZeneca (AZN) – AstraZeneca gained 4.8% in premarket trading after the drug maker reported upbeat quarterly results and raised its full-year profit forecast. Bumble (BMBL) – Bumble slumped 14% in premarket action after issuing a weak current-quarter revenue forecast. ZipRecruiter (ZIP) – ZipRecruiter surged 12.6% in premarket trading after the online jobs site operator posted better-than-expected quarterly results and raised its full-year forecast.

☆ Peloton’s founders get a deserved do-over
▼ + stars: | 2022-11-09 | by ( ) www.reuters.com time to read: +2 min

NEW YORK, Nov 9 (Reuters Breakingviews) - Peloton Interactive’s (PTON.O) founders are climbing back up on their bikes. With WeWork founder Adam Neumann also recently scoring funding for a new idea, second chances are in vogue. In that sense, it’s like Peloton’s take on home exercise gear: a fancier version of an existing product, with added convenience. Peloton’s shares cratered after the virtual fitness company was overambitious during the pandemic, but it grew admirably. It pegs the addressable market for rugs at $120 billion by 2030 versus the $4 trillion wellness market Peloton touted in its initial public offering documents.

☆ Stocks week ahead: How the midterms could affect Wall Street
▼ + stars: | 2022-11-06 | by ( Paul R. La Monica | ) edition.cnn.com time to read: +8 min

Investors are more than happy when politicians bicker but don’t actually enact any new laws that may hurt corporate profits. If Republicans get the House, tax hikes are dead in the water,” said David Wagner, a portfolio manager with Aptus Capital Advisors. That’s because there are some areas of consensus for the White House and Republican lawmakers. Congress and the White House may spend more time bickering than trying to pass legislation. Ameriprise chief market strategist Anthony Saglimbene said on a conference call last week about the midterms that stocks have historically gone up after elections, no matter which party controls the White House and Congress.

☆ Here are Friday's biggest analyst calls: Roblox, WeWork, Krispy Kreme, Boeing, Coinbase & more
▼ + stars: | 2022-11-04 | by ( Michael Bloom | ) www.cnbc.com time to read: +6 min

Here are Friday's biggest calls on Wall Street: Bank of America reiterates Roblox as buy Bank of America said it's standing by shares of the stock heading into earnings next week. JPMorgan downgrades Funko to neutral from overweight JPMorgan downgraded the pop culture toy company, noting it sees too much uncertainty. " Piper Sandler downgrades Atlassian to neutral from overweight Piper said it sees a slowdown in subscription billings for the software developer. " Bank of America reiterates Krispy Kreme as buy Bank of America said "brand health is strong but FX, UK, promos weigh," heading into Krispy Kreme earnings Nov. 15. Jefferies reiterates Topgolf Callaway Brands as buy Jefferies said it sees 200% upside in shares of the golf company. "

☆ Midterms could be a positive catalyst for stocks as investors await next big inflation report
▼ + stars: | 2022-11-04 | by ( Patti Domm | In | ) www.cnbc.com time to read: +6 min

There are two big hurdles for markets in the week ahead - another potentially hot consumer inflation report and the Congressional midterm elections. "100% of the time, the S & P 500 has been up 12 months after the midterm election." Midterm rallies Stocks tend to gain in the final months of midterm election years, and strategists have been expecting the market to move higher. CFRA Chief Market Strategist Sam Stovall said even when interest rates are climbing, the midterm election has been a catalyst for stocks. He examined market performance in other midterm election years when interest rates were going up.

☆ BITG says WeWork shares could nearly triple, citing 'opportunity in uncertainty'
▼ + stars: | 2022-11-04 | by ( Carmen Reinicke | ) www.cnbc.com time to read: +3 min

It's time to snap up shares of WeWork, according to analysts at BTIG. The firm on Thursday initiated coverage of the workspace real estate company with a buy rating and a price target of $7.50. WeWork set for profitability WeWork has plunged more than 70% since it went public in 2021 via a special purpose acquisition company, or SPAC. "Over time, we expect WeWork to transition to a more mature balance sheet, which could support future growth of the company's operating platform," he said. On the downside, WeWork could be hit by a harder and longer global recession, which could reduce demand for flexible workspace.

☆ The real reason so many remote workers are refusing to go back to the office: their dogs.
▼ + stars: | 2022-11-02 | by ( Drew Limsky | ) www.businessinsider.com time to read: +7 min

According to a survey by Digital.com, 75% of workers say they want to stay home with their pets instead of going into the office. Similarly, the ASPCA reports 90% of dogs adopted during the pandemic are still in the home. Pup owners surveyed by Veterinarians.org said their dogs inspired them to get out more and try new outdoor activities. Google, WeWork, Tripadvisor, Etsy, and even Ben & Jerry's also permit dogs in the office. In numerous surveys, workers have stressed the value they put on flexibility; many say it's even more important than money or advancement.

☆ Rep. Marjorie Taylor Greene suffers large financial loss one year after buying stock in a company that's trying to merge with Trump's 'Truth Social' platform
▼ + stars: | 2022-10-24 | by ( Madison Hall | ) www.businessinsider.com time to read: +5 min

One year ago, Rep. Marjorie Taylor Greene invested between $15,001 and $50,000 in a SPAC that wants to merge with Trump's "Truth Social" platform. It's been a tumultuous year for Truth Social and Digital World Acquisition Corp. since Greene and Bucshon invested. Trump — still banned from Twitter — uses Truth Social to post statements and screeds, and Google this month added the Truth Social app to its Google Play Store. But Truth Social usage is underwhelming, even after an uptick in downloads following the FBI's raid in August on Trump's Mar-a-Lago residence. An Insider analysis previously found Perry Greene invested hundreds of thousands into corporations that openly champion social causes Marjorie Taylor Greene opposes.

☆ Stocks making the biggest moves in the premarket: Tesla, WeWork, Alibaba and more
▼ + stars: | 2022-10-24 | by ( Peter Schacknow | ) www.cnbc.com time to read: +2 min

Alibaba (BABA) – Alibaba tumbled 12.3% in premarket trading after the release of weaker-than-expected China GDP data. China Tech Stocks – China-based tech stocks are under pressure after President Xi secured a third leadership term, leading to speculation of a continued crackdown on the country's tech sector. ServiceNow (NOW) – ServiceNow added 2.5% in premarket trading after Guggenheim upgraded the stock to "buy" from "neutral." Medtronic added 1% in premarket trading. Williams-Sonoma fell 2.5% in premarket action.

☆ Stocks making the biggest moves midday: Avis, Pinduoduo, Starbucks, Alibaba and more
▼ + stars: | 2022-10-24 | by ( Michelle Fox | ) www.cnbc.com time to read: +3 min

People wait in line at Avis rental agency in the Miami International Airport Car Rental Center. Starbucks — Starbucks' shares dropped more than 5% in midday trading. Avis Budget Group — Shares of the rental car company jumped more than 12% after being upgraded by JPMorgan to overweight from neutral. Analysts believe car rental prices will remain elevated longer than investors believe. Tractor Supply Company — Shares of Tractor Supply Company rose 5.5% along with the market.

☆ Here are Monday's biggest analyst calls: Apple, Meta, Chevron, AT&T, Disney, Coinbase & more
▼ + stars: | 2022-10-24 | by ( Michael Bloom | ) www.cnbc.com time to read: +7 min

Here are Monday's biggest calls on Wall Street: Jefferies downgrades Williams-Sonoma to underperform from hold Jefferies said it's concerned about a softer macro environment. Wells Fargo reiterates Disney as overweight Wells said it continues to like the stock heading into earnings in early November. " Bank of America downgrades Meta to neutral from buy Bank of America said it's concerned about an ad spending slump heading into earnings later this week. Mizuho reiterates Coinbase as neutral Mizuho said it's staying neutral on Coinbase as losses continue to "linger" on the company's platform. Bank of America reiterates Apple as neutral Bank of America said it sees a balanced risk-reward heading into Apple earnings later this week.

☆ These 15 people are shaping the office of the future, designing meeting pods, hologram calls, and buildings that actually make workers healthier
▼ + stars: | 2022-10-24 | by ( Robert Davis | ) www.businessinsider.com time to read: +27 min

These 15 power players are just a handful of the people designing workplaces to balance productivity, interaction, and employee well-being through indoor-air-quality monitoring systems, building amenities, holographic meeting spaces, and more. AftershipCities like Austin, Texas; Nashville, Tennessee; and Raleigh, North Carolina, began offering business-relocation incentives during the pandemic to boost their workforces and help increase occupancy in office buildings. Room's office suite includes a phone booth, a meeting room, an open meeting room, and a focus room. Room also makes a soundproof meeting room that fits two people, a more open meeting booth, and a focus room designed for quiet concentration. "The future of office work needs to be guided by a new, genuine form of flexibility in which the work, not the workers themselves, become even more malleable," Petersen writes.

☆ For $15k and a signed NDA, students at Kanye West's unaccredited Donda Academy start the day with 'full school worship' before parkour enrichment classes
▼ + stars: | 2022-10-22 | by ( Katherine Tangalakis-Lippert | ) www.businessinsider.com time to read: +9 min

The unaccredited pre-K through 12th-grade school, Donda Academy, costs $15,000 per year to attend, Rolling Stone reported. In comparison, Donda Academy charges $15,000 per student, Rolling Stone reported, with about half of students receiving some sort of financial aid. Donda Academy, its principal, Brianne Campbell; assistant principal, Allison Tidwell; and sports director Shayla Scott did not respond to Insider's requests for comment. Tamar Andrews, an educational consultant for Donda Academy, confirmed to Rolling Stone that parents are asked to sign an "informal agreement" to enroll. "The process of Donda school is for the parishioners, for the attendees," Yusef told Rolling Stone.

☆ SoftBank loses most from UK e-commerce flop
▼ + stars: | 2022-10-18 | by ( ) www.reuters.com time to read: +2 min

LONDON, Oct 18 (Reuters Breakingviews) - SoftBank Group (9984.T) is seeing the ugly side of the beauty business. The Japanese technology investor on Monday said it had agreed to sell its stake in UK e-commerce group THG (THG.L) for a mere $35 million, compared with an acquisition price in 2021 of more than $540 million. SoftBank was an eager supporter of the one-time tech darling. Investors once thought SoftBank and Son could effectively anoint sector winners by offering them seemingly limitless funding. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ Google's hologram video call booths want to make you 'feel like you're there'—and they might be coming to your office
▼ + stars: | 2022-10-16 | by ( Tom Huddleston Jr. | ) www.cnbc.com time to read: +3 min

In fact, it might not be long before you're attending a virtual work meeting with lifelike, 3D representations of your colleagues. That's the future Google is working toward: The company says it's expanding testing of its Project Starline, 3D video call booths where you can chat with holographic versions of your friends, family or coworkers. Google has not yet revealed its ultimate plans for the technology, including whether it'll eventually look to sell the 3D video booths to companies, consumers or both. In offices, the booths could theoretically be useful for meetings with remote workers, job candidates or corporate clients in other countries. Bill Gates has predicted that within a few years, "most virtual meetings" could take place in the metaverse, using those types of digital avatars.

☆ A founder built an executive team of former Amazon, Starbucks, and WeWork employees. Here are the 3 ways small-business owners can attract top talent.
▼ + stars: | 2022-10-14 | by ( Alexandra York | ) www.businessinsider.com time to read: +6 min

He shared his advice for other small-business owners looking to build an all-star executive team. This article is part of Talent Insider, a series containing expert advice to help small business owners tackle a range of hiring challenges. Today Odeko has 470 employees, including an executive team of six made up of former employees from Starbucks, WeWork, Squarespace, and Bed Bath & Beyond. Atkinson spoke with Insider about the importance of building a robust executive team and how to attract top talent to your small business. Retain top employees by investing in their growthMany business owners have a difficult time letting go of responsibility, Atkinson said.

☆ It's time for Mark Zuckerberg to step down
▼ + stars: | 2022-10-13 | by ( Linette Lopez | ) www.businessinsider.com time to read: +8 min

Mark Zuckerberg should quit. He should step down from his position as CEO of Meta and let someone else manage Facebook, WhatsApp, and Instagram. Zuckerberg was so excited about legs that he jumped for joy as he talked about them. Zuckerberg already has two very profitable platforms — Facebook and Instagram — but their popularity is declining. Internally, employees told the Times, Meta workers refer to metaverse projects as MMH, or "Make Mark Happy,'' projects.

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