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☆ WeWork Taps Directors With Bankruptcy Chops After Board Resignations
▼ + stars: | 2023-08-09 | by ( Alexander Gladstone | Akiko Matsuda | ) www.wsj.com time to read: 1 min

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Organizations: Wall Street

☆ Stock Market Today: Dow Futures Edge Up; WeWork Stock Tumbles
▼ + stars: | 2023-08-09 | by ( ) www.wsj.com time to read: +1 min

Stock futures were muted in early trading Wednesday, suggesting U.S. markets could stabilize after a pullback in the previous session . European shares were more buoyant, with Italian banks clawing back losses after Rome watered down a planned windfall tax. Stock futures edged higher. Oil prices rose. Italian banks recouped some of the previous day’s big losses, after Rome partially walked back plans for a windfall tax.

Persons: Rome, Brent Organizations: Nasdaq, Dow, Treasury, CSI Locations: Government, Europe, Rome

☆ WeWork could head to the scrapyard of American dreams. There's a stark warning in there for AI.
▼ + stars: | 2023-08-09 | by ( Hasan Chowdhury | ) www.businessinsider.com time to read: +4 min

WeWork's rise and fall offers a stark warning for the AI era. Companies racing for glory in the AI era would do well to learn from the over-exuberance in the WeWork saga. Since the launch of ChatGPT last year, private tech investors have abandoned their temporary pullback in startup investment to throw money at almost any company with AI in the name. ChatGPT's creator OpenAI has bagged billions of dollars from Microsoft, while venture capitalists announced $10.7 billion of generative AI startup deals in the first quarter of the year, per data firm Pitchbook. But equally, investors would be wise to learn from WeWork and look under the hood of any AI firm claiming it will fundamentally alter any market.

Persons: OpenAI, Adam Neumann, Jackal Pan, Getty Images Neumann, –, It's, Sam Hogan Organizations: Microsoft, Visual China, Getty Images Locations: American

☆ WeWork multitasked when it had just one job
▼ + stars: | 2023-08-09 | by ( Robert Cyran | ) www.reuters.com time to read: +3 min

NEW YORK, Aug 9 (Reuters Breakingviews) - WeWork (WE.N) took a decent idea and turned it into a ridiculous one. Occupancy declined and WeWork burned through another $300 million. WeWork agreed to take over loads of space when revenue was doubling each year and prices were far higher. Workspace-sharing providers can thrive again, too, if they remember that being cautious about puffing up their balance sheets is the main job. WeWork, valued at $47 billion in a private 2019 funding round, said in May it had completed a debt-for-equity recapitalization that eliminated $1.2 billion of debt.

Persons: Adam Neumann, Masayoshi Son, WeWork, Daniel Hurwitz, it’s, Sandeep Mathrani, Hurwitz, Jeffrey Goldfarb, Sharon Lam Organizations: Reuters, SoftBank, Video Communications, Thomson Locations: Swiss

☆ Here are Wednesday's biggest analyst calls: Nvidia, Rivian, Peloton, UPS, Eli Lilly, DraftKings and more
▼ + stars: | 2023-08-09 | by ( Michael Bloom | ) www.cnbc.com time to read: +6 min

UBS reiterates Home Depot and Lowe's as buy UBS said it sees next week's earnings reports for the home improvement retailers as a "low impact" event. JPMorgan upgrades DraftKings to neutral from underweight JPMorgan upgraded DraftKings mainly on valuation after Disney and Penn announced a partnership Tuesday. Bank of America reiterates Rivian as buy Bank of America said the electric vehicle maker is in the right place at the right time. UBS downgrades UPS to neutral from buy UBS downgraded the stock after its earnings report Tuesday and said it's concerned about cost pressures. Bank of America reiterates Nvidia as buy Bank of America said it's standing by its buy rating on the stock. "

Persons: BTIG, it's, JPMorgan, Berenberg, Marqeta, Rivian, Jefferies, Eli Lilly, GLP, LLY, Wells, Wells Fargo, Jensen Huang, Goldman Sachs Organizations: Bank of America, Walmart, UBS, JPMorgan, Disney, Penn, Barclays, Dish, State, EV, UPS, Industries, " Bank of America, Nvidia Locations: 2Q24, LLY, GTLS

☆ SoftBank’s Arm-twisting fails to convince
▼ + stars: | 2023-08-09 | by ( ) www.reuters.com time to read: +2 min

Shareholders already had good reason to take that with a pinch of salt. The Japanese conglomerate’s 478 billion yen ($3.3 billion) net loss, which missed analysts’ estimates, included an increase in the carrying value of chip designer Arm, even though revenue dipped. That allowed the company’s Vision Fund to post a $1.1 billion profit, its first in six quarters. But investors in the Japanese group will be waiting a long time for SoftBank’s new campaign to pay off. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Masayoshi Son, Yoshimitsu Goto, ’, Navneet, Arm’s, Antony Currie, Una Galani, Thomas Shum Organizations: MELBOURNE, Reuters, SoftBank, Fund, Vision Fund, Twitter, Siemens, Thomson

☆ From prized startup to bankruptcy: WeWork's tumultuous path
▼ + stars: | 2023-08-09 | by ( ) www.reuters.com time to read: 1 min

A sign is seen outside offices run by WeWork in Philadelphia, Pennsylvania, U.S. September 30, 2019. REUTERS/Mark Makela Acquire Licensing RightsNov 6 (Reuters) - WeWork (WE.N), the SoftBank Group-backed (9984.T) startup, sought U.S. bankruptcy protection on Monday after its bets on companies using more of its office-sharing space soured. Below is a timeline of WeWork developments since mid-2019:Reporting by Kannaki Deka and Shubham Kalia in Bengaluru; Editing by Milla Nissi, Varun H K and Jamie FreedOur Standards: The Thomson Reuters Trust Principles.

Persons: Mark Makela, Kannaki Deka, Milla Nissi, Jamie Freed Organizations: WeWork, REUTERS, SoftBank, Thomson Locations: Philadelphia , Pennsylvania, U.S, Bengaluru

☆ WeWork just warned it might fail, signaling commercial real estate is in serious trouble
▼ + stars: | 2023-08-09 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +5 min

The shared-workspace giant's woes may spell trouble for commercial real estate as a whole. "Excess supply in commercial real estate, increasing competition in flexible space and macroeconomic volatility drove higher member churn and softer demand than we anticipated, resulting in a slight decline in memberships," he said. What does this mean for commercial real estate? Commercial real estate has been one of the hardest-hit sectors of the US economy over the last year. Its failure could be a "systematic shock" to commercial real estate in many American cities, Stijn Van Nieuwerburgh told The New York Times in June.

Persons: WeWork, David Tolley, Elon Musk, Charlie Munger, Jeff Greene, Ross Perot, Van Nieuwerburgh Organizations: Service, Investors, Federal Reserve, Ross Perot Jr, New York Times, Columbia Business School Locations: Wall, Silicon

☆ Stocks making the biggest moves premarket: Penn Gaming, Lyft, WeWork and more
▼ + stars: | 2023-08-09 | by ( Pia Singh | ) www.cnbc.com time to read: +3 min

Its share price, which was below $1 since early this year, dropped to $0.05 in premarket trading. Lyft — Shares lost almost 6% premarket after the ride-hailing company announced its second-quarter earnings. Meanwhile, adjusted per share earnings came in at 16 cents, beating estimates of a loss of 1 cent per share. Bumble — Dating platform Bumble slid 2.8% even after the company beat expectations for its second quarter on both lines. Analysts surveyed by Refinitiv were expecting a loss of 9 cents per share on $219 million of revenue.

Persons: WeWork, —, Lyft, Bumble, DraftKings, Marqeta, Refinitiv, — CNBC's Hakyung Kim, Yun Li, Alex Harring, Jesse Pound Organizations: SEC, Penn Entertainment, Disney's ESPN, Penn, ESPN Bet, ESPN, Revenue, JPMorgan, Disney, Technologies Locations: StreetAccount

☆ WeWork Has Sent a Distress Signal. Here’s What to Know.
▼ + stars: | 2023-08-09 | by ( Santul Nerkar | ) www.nytimes.com time to read: +1 min

WeWork, which promised to revolutionize the way people work alongside one another, announced in a financial filing on Tuesday that it had “substantial doubt” it would stay in business. That declaration raises questions about not only the company’s viability but also the future of commercial real estate. Here’s what you need to know about WeWork’s past and prospects. WeWork was founded in 2010 by Adam Neumann and Miguel McKelvey, tech entrepreneurs who used the funds from the sale of their previous co-working start-up, Green Desk. WeWork’s vision was to create a “physical social network” that would appeal to a new class of workers who were freelancing or working from home.

Persons: WeWork, Adam Neumann, Miguel McKelvey Organizations: Green

☆ Here are 20 stocks Jim Cramer is watching Wednesday, including Datadog and IFF
▼ + stars: | 2023-08-09 | by ( Jim Cramer | ) www.cnbc.com time to read: +3 min

In Customer relationship management software, the CNBC Investing Club owns Salesforce (CRM). Again do not dismiss this one and Alteryx (AYX) as I think that there is real weakness in this quarter's enterprise software market. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB.

Persons: WEN, Jim Cramer's, Jim Cramer, Jim Organizations: Palo Alto, JPMorgan, CNBC, Club, Mizuho, Datadog, Bloomberg, Boston, Citi, Barclays, Brands, RBC, Holdings, PepsiCo, Jim Cramer's Charitable Locations: Wells

☆ WeWork Raises Doubt About Its Survival
▼ + stars: | 2023-08-08 | by ( Alexander Saeedy | Ben Glickman | ) www.wsj.com time to read: 1 min

Organizations: Wall Street

☆ WeWork raises going-concern doubt, shares tank
▼ + stars: | 2023-08-08 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Brendan McDermid/File photoAug 8 (Reuters) - WeWork Inc (WE.N) on Tuesday raised "substantial" doubt about its ability to continue as a going concern and said three board members had stepped down, sending its shares down 27% in extended trading. The company had previously said its actions to restructure debt and operations had eased worries over its ability to continue as a going concern. WeWork struck deals in March to cut its debt by about $1.5 billion and extend the date of some maturities to preserve cash. WeWork on Tuesday said it was still continuing its search for a permanent CEO and that it had added four board members after three members stepped down. Reporting by Ananta Agarwal and Chavi Mehta in Bengaluru; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

Persons: Brendan McDermid, WeWork, Sandeep Mathrani, Andre Fernandez, Mathrani, Ananta Agarwal, Chavi Mehta, Anil D'Silva Organizations: New York Stock Exchange, REUTERS, WeWork, Thomson Locations: New York City, U.S, Bengaluru

☆ From $40 billion to 'going concern' — WeWork warns of possible bankruptcy
▼ + stars: | 2023-08-08 | by ( Jordan Novet | ) www.cnbc.com time to read: +4 min

"Our losses and negative cash flows from operating activities raise substantial doubt about our ability to continue as a going concern," WeWork said in a filing with the SEC on Tuesday. The company had a net loss in the first half of the year of $700 million after losing $2.3 billion in 2022. WeWork said its revenue grew just 3.6% year over year in the second quarter and declined 4% in the U.S., where it gets 41% of its sales. In the second quarter, the company contributed $6 million of WeWork's revenue, down from $10 million in the second quarter of 2022, according to the filing. Key factors for whether WeWork can remain a going concern include limiting capital expenditures, increasing revenue and seeking capital through debt or equity issuance.

Persons: WeWork, Adam Neumann's, Masayoshi Son, Neumann, Daniel Hurwitz, Sandeep Mathrani, David Tolley Organizations: SEC, SoftBank, U.S, Intelsat, Apple Locations: Australia, Sydney, U.S

☆ SoftBank posts surprise loss even as Vision Fund back in black after five quarters
▼ + stars: | 2023-08-08 | by ( Ryan Browne | ) www.cnbc.com time to read: +5 min

SoftBank reported a surprise loss in the first quarter covering April-June, despite an investment gain from its massive tech-focused Vision Fund. Here's how the company did:The SoftBank group reported a net loss attributable to owners of the parent of 477.6 billion yen ($3.3 billion). The tech conglomerate, which engages in venture capital investing through its Vision Fund, has had its fair share of ups and downs. The brainchild of founder Masayoshi Son, SoftBank's Vision Fund comprises Vision Fund 1 and Vision Fund 2 and invests in high growth stocks. Misra was instrumental in the early days of the Vision Fund, which was launched in 2017.

Persons: SoftBank, GoTo, Masayoshi Son, Son, Yoshimitsu Goto, Rajeev Misra, Misra, — CNBC's Arjun Kharpal, Sheila Chang Organizations: Vision Fund, Vision, Silicon, Nvidia Locations: Alibaba, Indonesian, U.S

☆ WeWork Cites ‘Substantial Doubt’ That It Can Stay in Business
▼ + stars: | 2023-08-08 | by ( Peter Eavis | More About Peter Eavis | ) www.nytimes.com time to read: 1 min

WeWork, which lost billions of dollars building and operating a global empire of co-working spaces, warned investors on Tuesday that it might not be in business for much longer. “Substantial doubt exists about the company’s ability to continue as a going concern,” the company said in a financial filing. The announcement did not come as a surprise. WeWork’s stock has been trading for pennies for months as investors concluded that the company’s financial obligations and losses had become overwhelming. WeWork’s stock lost nearly a fourth of its value in trading after the announcement on Tuesday, which was issued after market hours along with the company’s quarterly earnings.

Persons: Sandeep Mathrani

☆ WeWork warns it has 'substantial doubt' about whether it can keep going as a business
▼ + stars: | 2023-08-08 | by ( Lakshmi Varanasi | ) www.businessinsider.com time to read: +3 min

WeWork warned Tuesday that it had "substantial doubt" about its ability to keep operating. The company reported a loss and a decline in memberships in its second-quarter earnings. Co-working company WeWork is apparently in troubled waters. In its second quarter earnings report on Tuesday, the company said there's "substantial doubt" about its ability to keep going as a business. WeWork reported a net loss of $397 million on consolidated revenue of $844 million for the quarter.

Persons: WeWork, they're, David Tolley, Tolley, Sandeep Mathrani Organizations: Morning, P, NYSE, Bloomberg

☆ WeWork says it has ‘substantial doubt’ about its ability to stay in business
▼ + stars: | 2023-08-08 | by ( Samantha Delouya | ) edition.cnn.com time to read: +2 min

“Substantial doubt exists” about WeWork’s ability to continue to stay in business, due to the company’s losses, projected cash needs, and increased member turnover, according to the company’s second quarter earnings release. WeWork management outlined a plan to improve the company’s financial health, saying that its ability to stay in business is “contingent upon successful execution” over the next 12 months. In the second quarter, the company reported a net loss of $397 million, an improvement compared to its net loss of $635 million in the second quarter last year. The company’s stock plunged more than 20% in after-hours trading on Tuesday. Overall, WeWork’s stock is down 85% since the start of this year.

Persons: David Tolley, WeWork, Adam Neumann, Sandeep Mathrani Organizations: CNN, Sycamore Partners

☆ SoftBank sues social media startup it invested in, alleging it faked user numbers
▼ + stars: | 2023-08-04 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +2 min

SoftBank's Vision Fund filed suit against the founders of one of its portfolio companies Monday, alleging that they artificially inflated user metrics, lied to the fund about performance and bilked the fund for millions. Buzzy social media startup IRL launched in April 2021 and was seemingly "one of the fastest growing social media apps for Generation Z," the complaint in San Francisco federal court alleges. SoftBank was invested in the company due to its apparently low cost, "strong" user engagement that left it "well positioned for further viral growth" in the same way Facebook and Twitter exploded. SoftBank believed that IRL had 12 million monthly active users. Past missteps from SoftBank include large positions in allegedly fraudulent crypto exchange FTX and devalued property company WeWork .

Persons: Masayoshi, SoftBank, Abraham Shafi, Noah Shafi, Yassin Aniss, Abraham Shafi's Organizations: Vision Fund, Facebook, Twitter, IRL, U.S . Securities, Exchange Commission Locations: San Francisco, SoftBank

☆ Movies to Sell Us on the American Dream - The New York Times
▼ + stars: | 2023-08-03 | by ( Pamela Paul | ) www.nytimes.com time to read: +1 min

If there’s anything more American than apple pie, it’s Coca-Cola, Levi’s and Harley-Davidson. No wonder so many of the latest movies tell the stories behind these beloved brands. The 1980s and ’90s, for one thing, which in these movies looks like a relative golden era. And in these movies, it was a time when the right nerd/ne’er-do-well/eccentric with the right combination of charm, chutzpah and ingenuity could make his or her dream come true. All you needed — or so we’d like to think — was the right story to sell.

Persons: Davidson, —, there’s “ Barbie Organizations: Mattel, Apple, Facebook Locations: Cheetos

☆ It’s official: Silicon Valley’s entire business model is a scam
▼ + stars: | 2023-07-18 | by ( Adam Rogers | ) www.businessinsider.com time to read: +13 min

The problem is, conservative economists at the University of Chicago have spent the past 50 years insisting that under capitalism, predatory pricing is not a thing. Predatory companies could never recoup their losses, which meant predatory behaviors are irrational. Lots of economists have come up with solid counter-counterarguments to the Chicago School's skepticism about predatory pricing. A company that engages in predatory pricing and its late-stage investors might not recoup, but the venture investors do. "If people in Silicon Valley start thinking about this as a predatory pricing scam, then I think the late-stage investors will start asking questions."

Persons: Matt Wansley, Wansley, we're, Uber, Cardozo, Sam Weinstein, gobs, you've, —, Brooke, Spencer Waller, Matsushita, Weinstein —, Justice Department —, it's, Weinstein, Matt, that's, Will Uber, Waller, David, Maurer, they've, Adam Rogers Organizations: Lyft, Big Tech, Cardozo School of Law, Justice Department, University of Chicago, Chicago School, Supreme, Matsushita Electric Industry Co, Zenith Radio Corp, Brooke Group, Brown & Williamson Tobacco Corp, United, Loyola's School of Law, Venture, Matsushita, VCs, Chicago, Loyola, pharma, aha, Wansley Locations: United States, Chicago, Silicon Valley, Silicon

☆ Heineken, Sbarro Pizza, TGI Fridays, and WeWork said they would leave Russia in response to its brutal war against Ukraine. Investigators say it's still business as usual.
▼ + stars: | 2023-07-11 | by ( Brent D. Griffiths | ) www.businessinsider.com time to read: +5 min

Heineken, Sbarro Pizza, TGI Fridays, WeWork, and other companies are still doing business in Russia, investigators found. Investigators downgraded a list of companies, including WeWork, Shell, Heineken, tobacco giant Philip Morris, Mondelez — the maker of Oreos —, Carl's Jr., TGI Fridays, and Sbarro Pizza. Huntsman Corporation, a chemical giant founded by the father of Ambassador Jon Huntsman, said it has working hard to leave the Russian market. The entire list of companies that have left the Russian market can be seen here. A condensed list of the companies that have been downgraded after promising to leave Russia can be read here.

Persons: Jeffrey Sonnenfeld, expeditiously, Philip Morris, Mondelez, Oreos, Carl's Jr, Carl's, Shell, Jon Huntsman, Gary Chapman, Sonnenfeld, Vladimir Putin Organizations: Yale, Heineken, Service, CNN, Investigators, Shell, Huntsman Corporation, Huntsman Locations: Russia, Wall, Silicon, Ukraine, Shell, Heineken, Russian, South Africa

☆ Heineken, Unilever and Oreo maker Mondelez accused of breaking promises to leave Russia
▼ + stars: | 2023-07-10 | by ( Matt Egan | ) edition.cnn.com time to read: +9 min

It’s shameful and unethical.”Sonnenfeld, who has testified before Congress about companies leaving Russia, is not accusing these corporations of breaking the law. ‘Implied endorsement of the Putin regime’The “poster child” for this problem is the popular Dutch brewing giant Heineken, Sonnenfeld said. In March 2022, just one month after the invasion of Ukraine, Heineken won praise for promising to leave Russia. “We expect a significant financial loss to the Heineken company. The Yale research said Mondelez shows “no tangible signs of progress towards exiting” and continues to do business in Russia.

Persons: Vladimir Putin, Jeff Sonnenfeld, Philip Morris, ” Sonnenfeld, “, ”, ‘, Putin, Sonnenfeld, Steven Tian, ExxonMobil –, ” Heineken, ” Mondelez, Mondelez, That’s, Lipton, Mark Dixon, Nestle, Kit Kat, Purina, Sbarro, Carl’s Jr, Carl’s, Yale, Tim Calkins, Calkins Organizations: New York CNN Business, Yale, Heineken, Unilever, CNN, ”, Institute . Yale, BP, ExxonMobil, Nabisco, Kyiv School of Economics, Agency, Nestle, WeWork, Mondelez, McDonald’s, Starbucks, Restaurants Holdings, CKE, Northwestern University’s Kellogg School of Management Locations: Russia, Ukraine, Moscow, Russian, ”, American, South Africa

☆ Co-working office spaces have expanded rental options beyond WeWork
▼ + stars: | 2023-07-01 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +6 min

Enter the co-working space, which allows for a bit of everything. From shopping malls to private mansions to hotels and gyms, co-working spaces are becoming more creative in the remote work era — with a boost from startups building platforms to connect companies with spaces for rent. Airstreams and yurtsThe dominant co-working venues for years were WeWork and other communal spaces in downtown office buildings. Gilbreath from Liquidspace said that co-working spaces have expanded outside urban cores and financial districts, and rental spaces are becoming quirkier. “Co-working spaces have usually been centrally located in big buildings,” said Amina Moreau, founder of Radious, which calls its business the Airbnb of office rentals and meeting spaces in residential areas.

Persons: it’s, “, ”, Prithwiraj Choudhury, Nicholas Bloom, Bloom, can’t, Jacob Bates, Mark Gilbreath, WeWork, Liquidspace, Amina Moreau, ” Moreau Organizations: New, New York CNN, Harvard Business School, Stanford University, Companies, US General Services Administration, Mobile, Minneapolis Grain Exchange Locations: New York, San Francisco, Chicago, Denver, Montreal, Minneapolis, Portland , Oregon, “

☆ SoftBank CEO Masayoshi Son thinks his firm will 'rule the world' thanks to its AI investments. Believe it or not, that's not as far-fetched as his previous claims.
▼ + stars: | 2023-06-22 | by ( Thomas Maxwell | ) www.businessinsider.com time to read: +4 min

SoftBank CEO Masayoshi Son says the firm will be a winner in the AI race thanks to its investments. Arm, a key player in the design of AI chipsets and SoftBank's AI ambitions, is anticipated to go public soon. In a past presentation, Son predicted that life expectancy would increase to over 200 by the year 2400 and that humans will someday learn to coexist with intelligent robots. In 2017, SoftBank's Son predicted that humans will learn to co-exist with intelligent robots within the next 30 years. In a 2017 presentation, SoftBank speculated that humans will someday be able to communicate telepathically.

Persons: Masayoshi Son, SoftBank, WeWork, it's, ByteDance, SoftBank's, Son, Elon, Neuralink . Son, SoftBank Son Organizations: Morning, Vision, SoftBank, Elon Musk's, Neuralink Locations: Coronavirus, Neuralink .

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