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☆ Silicon Valley Founders and VCs Are Making Sobriety Popular
▼ + stars: | 2023-05-04 | by ( Samantha Stokes | ) www.businessinsider.com time to read: +8 min

Sellers is among a growing contingent in the tech community that's going alcohol-free. From founders to investors, members of the startup community are eschewing booze in the name of staying sharp — and healthy. "About six months ago, I stopped drinking alcohol. That's really hard because in this industry, you have to be high energy. That's really hard because in this industry, you have to be high energy.

☆ This real estate company helps developers pivot between hotel, short- and long-term living spaces. See the pitch deck behind its $65 million funding round.
▼ + stars: | 2023-05-01 | by ( Alex Nicoll | ) www.businessinsider.com time to read: +3 min

Things have changed drastically in the world of real estate since the coronavirus upended life three years ago. It has also set up a real estate fund in the OpCo/PropCo model, for purchasing real estate on its own. "If you strip down the emotional piece of it, the most valuable real estate is real estate that has an increased cash flow and reduced volatility," Fudin said. The company is now betting on another post-COVID trend — the conversion of obsolete office buildings into other uses, such as housing. Placemakr recently announced a $65 million Series C, with capital raised from experienced proptech venture capital players Camber Creek and real estate investors like Bernstein Management Corporation.

☆ A San Francisco office building was worth $300 million before the pandemic. Now, it could sell for only $60 million — a perfect example of why downtowns are in trouble
▼ + stars: | 2023-04-28 | by ( Britney Nguyen | ) www.businessinsider.com time to read: +3 min

A 22-story office tower in San Francisco that was worth $300 million in 2019 is for sale. The office tower, which sits at 350 California Street, was previously worth around $300 million during its last sale, office brokers told The Journal. The building's expected decline in value reflects the current crisis facing the real-estate industry across the US, and remote work's heavy impact on San Francisco's office buildings, in particular. Over a quarter of San Francisco's office space is empty as well, according to CBRE. Last summer, for example, Salesforce had half of its Salesforce Tower office space listed for lease as a sublet.

☆ Read the pitch deck a social-gaming startup used to raise $7 million to disrupt fantasy sports by catering to Gen Z audiences who want shorter, faster play
▼ + stars: | 2023-04-28 | by ( Ashley Rodriguez | Nhari Djan | ) www.businessinsider.com time to read: +4 min

Champions Round is a social media platform for fantasy sports. Read the 13-page pitch deck Champions Round used to to fundraise. Champions Round also plans to introduce tools that would allow creators or brands to build their own games and earn a cut of the revenue generated from them. The company shared with Insider the exact deck used to pitch potential investors during its latest round. Here are 13 key slides from the pitch deck Champions Round used to raise its Series A round:

☆ Remote work is 'bullshit,' says real-estate billionaire Sam Zell, to cheers from fellow execs who profit from offices
▼ + stars: | 2023-04-23 | by ( Alex Nicoll | ) www.businessinsider.com time to read: +4 min

Sam Zell said at a conference last week that remote work is "a bunch of bullshit." Office doomers abound, but real estate professionals t hink they just don't get it. Sam Zell, the notorious "Grave Dancer" of commercial real estate known for his salty tongue, is always happy to have a platform. He was in a cheeky mood, at least when the conversation turned to today's third-rail of commercial real estate: office properties abandoned by remote workers. The trend and dire outlook had real estate giant Brookfield defaulting on a loan tied to offices this month for the second time this year.

☆ WeWork receives non-compliance notice from NYSE
▼ + stars: | 2023-04-18 | by ( ) www.reuters.com time to read: +1 min

April 18 (Reuters) - WeWork Inc (WE.N) said on Tuesday that it had received a non-compliance notice from the New York Stock Exchange, as its stock closed below $1 on average over a consecutive 30 trading-day period. Shares of the flexible workspace provider were down 2% at 48 cents in aftermarket trade. The notice will not result in immediate de-listing and the company will have six months to regain compliance, WeWork said. The company benefited from a pandemic-driven shift to flexible work outside traditional offices but has been feeling the impact from mass layoffs across the tech sector. WeWork shares have fallen 65% year to date, resulting in a market capitalization of $360.9 million, according to Refinitiv data.

☆ Some new offices are mini towns with their own restaurants, doctor offices, and hotels. Workers actually want to go.
▼ + stars: | 2023-04-13 | by ( Alex Nicoll | ) www.businessinsider.com time to read: +9 min

The idea is getting replicated from the Bell Labs location, or Bell Works New Jersey, Keating said. The spaces run by Bell Works' own coworking brand, CoLab, are nearly 100% occupied. At Bell Works New Jersey, Zucker partnered with Toll Brothers to build a 185-home 55-and-over community. At BRIC, tenants can take advantage of a dozen art galleries, some of which show the work of building tenants. A lobby area near offices at Bell Works Chicagoland.

☆ WeWork adopts shareholder rights plan to protect ability to reduce future tax bills
▼ + stars: | 2023-04-07 | by ( ) www.reuters.com time to read: +1 min

April 7 (Reuters) - WeWork Inc. (WE.N) on Friday said it has adopted a "poison pill" to limit its shareholders from increasing stakes, which would make it difficult for the company to use its net operating loss (NOL) carryforwards to reduce tax. As of Dec. 31, 2021, WeWork had about $6.9 billion of U.S. federal NOLs and $6.6 billion of state NOLs that could be available to offset its future federal taxable income and state taxable income, the company said in a statement. The company, which offers workstations, private offices and customized floor plans, had enjoyed a pandemic-driven shift to flexible work outside traditional offices, but is now gearing up for a potential fallout from a likely economic downturn. The Tax Asset Preservation Plan is intended to reduce the likelihood of such an "ownership change" at WeWork by deterring any person or group from acquiring beneficial ownership of 4.9% or more of company's outstanding Class A common stock, the company added. Reporting by Jaiveer Singh Shekhawat in Bengaluru; Editing by Mark PorterOur Standards: The Thomson Reuters Trust Principles.

☆ WeWork CEO Sandeep Mathrani: Today's occupiers are looking for turnkey solutions
▼ + stars: | 2023-03-29 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWeWork CEO Sandeep Mathrani: Today's occupiers are looking for turnkey solutionsWeWork CEO Sandeep Mathrani joins 'Squawk Box' to discuss his views on the state of work, pressures on WeWork's business, and more.

☆ WeWork reaches deals to cut debt, extend maturities
▼ + stars: | 2023-03-17 | by ( ) www.reuters.com time to read: +2 min

Under the deals announced Friday, key investor SoftBank Group Corp's (9984.T) $1.0 billion unsecured notes would be converted to equity. The Japanese company held a stake of about 46% in WeWork before the restructuring was announced, as per Refinitiv data. About $1.9 billion of pro-forma debt will now mature in 2027, WeWork said, adding that it would have less than $2.0 billion in net debt once the deal closes. WeWork, which went public in 2021 after a two-year struggle, is yet to post a quarterly profit. PJT Partners LP advised WeWork on the debt restructuring, while Houlihan Lokey advised SoftBank.

☆ WeWork reaches deal to convert $1 billion of SoftBank's debt to equity
▼ + stars: | 2023-03-17 | by ( ) www.reuters.com time to read: +1 min

March 17 (Reuters) - WeWork Inc (WE.N) said on Friday it had reached a deal to convert about $1 billion of key investor SoftBank Group Corp's (9984.T) unsecured notes into equity, in an effort to restructure its finances. Shares of the company rose 2.2% to $1 before the bell. Last month, WeWork forecast weak current-quarter revenue in a sign that its business was feeling the heat of mass layoffs, as companies reduce their real estate footprint. In January, the New York-based company also planned to eliminate about 300 roles across countries after announcing last year that it would exit about 40 underperforming U.S. locations due to high expenses and a strong U.S. dollar. Reporting by Kannaki Deka and Priyamvada C in Bengaluru; Editing by Maju Samuel and Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

Ahead of the crucial non-farm payrolls report on Friday, data showed U.S. private payrolls increased more than expected in February, pointing to continued labor market strength. BlackRock's chief investment officer of global fixed income, Rick Rieder, said the Fed could raise rates to 6% and keep them there for an extended period of time to fight inflation. "Unless we get some data over the course of the next two weeks, we really don't know which way we should be landing. Unfortunately the most important piece of the data doesn't come until Friday, that's why we've got a market that's meandering a bit." ET, Dow e-minis were up 33 points, or 0.1%, S&P 500 e-minis were up 4.25 points, or 0.11%, and Nasdaq 100 e-minis were up 19.75 points, or 0.16%.

Traders drastically increased their bets that the U.S. central bank will raise rates by 50 basis points later this month, with money market futures pricing in a 64.1% chance of such a move. BlackRock's chief investment officer of global fixed income, Rick Rieder, said the Fed could raise rates to 6% and keep them there for an extended period of time to fight inflation. ET (1315 GMT) is expected to show private employers hired 200,000 workers in February after adding 106,000 jobs in January. Occidental Petroleum Corp (OXY.N) gained 3.1% after Warren Buffett's Berkshire Hathaway Inc (BRKa.N) increased its stake in the oil company to about 22.2%. Reporting by Sruthi Shankar in Bengaluru, additional reporting by Amruta Khandekar Editing by Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

☆ The world's first 3D-printed rocket is about to launch into space. Here's how it could beat Elon Musk's SpaceX to Mars.
▼ + stars: | 2023-03-08 | by ( Marianne Guenot | ) www.businessinsider.com time to read: +2 min

Relativity Space wants to be for rockets what Tesla was for electric cars, says Ellis. Tim Ellis, CEO of Relativity Space. Relativity spaceEllis, CEO and co-founder of Relativity Space, said his eureka moment came while working at Jeff Bezos' Blue Origin. Ellis decided he would disrupt the rocket business by putting metal 3D printers at the core of the manufacturing process. "The way you have to design for a nearly entirely 3D printed rocket is very different," he said.

☆ Futures edge higher after Wall St selloff on Powell remarks
▼ + stars: | 2023-03-08 | by ( ) www.reuters.com time to read: +3 min

Traders drastically increased their bets that the U.S. central bank will raise rates by 50 basis points later this month, with money market futures pricing in a 64.1% chance of such a move. BlackRock's top fixed-income investor Rick Rieder said the Fed could raise rates to 6% and keep them there for an extended period of time to fight inflation. ET (1315 GMT) is expected to show private employers hired 200,000 workers in February after adding 106,000 jobs in January. Occidental Petroleum Corp (OXY.N) gained 2.5% after Warren Buffett's Berkshire Hathaway Inc (BRKa.N) increased its stake in the oil company to about 22.2%. Reporting by Sruthi Shankar in Bengaluru, additional reporting by Amruta Khandekar Editing by Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

☆ Stocks making the biggest moves midday: Stitch Fix, Tesla, WeWork, Campbell Soup and more
▼ + stars: | 2023-03-08 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +3 min

United Natural Foods — The organic food company tumbled 27% after posting earnings for its fiscal second quarter that missed analyst expectations. Stitch Fix — The styling company saw shares drop 10% after it reported weaker-than-expected revenue for the latest quarter as well as a wider-than-forecast loss. The Omaha-based conglomerate bought nearly 5.8 million shares of the oil company in a few trades on Friday, Monday and Tuesday, bumping Berkshire's ownership to 22.2%. Campbell Soup Company — Campbell Soup saw shares rise nearly 2% after its fiscal second quarter earnings, revenue and margins beat analysts' expectations. The company's revenue also topped expectations, coming in at $637 million compared to $625 million anticipated by Refinitiv analysts.

☆ WeWork in talks with investors to restructure over $3 bln debt - NYT
▼ + stars: | 2023-03-07 | by ( ) www.reuters.com time to read: +1 min

March 7 (Reuters) - WeWork Inc (WE.N) is in talks with investors to restructure its outstanding debt of more than $3 billion and raise more cash, the New York Times reported on Tuesday. Yardi, a real estate software provider in Santa Barbara, California, is among the investors considering new investment in the company, the people told the newspaper. Japan's SoftBank Group Corp (9984.T), which is both WeWork's largest shareholder and its largest debtor, is playing a key role in the negotiations but is not expected to put any additional money into the company, the report said. WeWork did not immediately respond to a Reuters request for comment. Reporting by Ananya Mariam Rajesh in Bengaluru; Editing by Maju SamuelOur Standards: The Thomson Reuters Trust Principles.

☆ WeWork turns core profit in Dec for the first time since listing
▼ + stars: | 2023-02-16 | by ( ) www.reuters.com time to read: +1 min

Feb 16 (Reuters) - WeWork Inc (WE.N) on Thursday said it turned a core profit in December for the first time since it went public, helped by cost cuts. The office-sharing firm, which went public in 2021, said for the "first time in WeWork’s history", the company achieved an adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) profitability for December 2022. The New York-based company also announced its exit from 40 U.S. locations. WeWork said it expects current-quarter revenue to be between $830 million and $855 million and adjusted EBITDA to be in the range of a $25 million loss to breakeven. Its adjusted EBITDA for the fourth quarter was negative $26 million, compared to negative $283 million a year ago.

Arm technology powers most global smartphones and the company counts Apple Inc (AAPL.O) and Qualcomm Inc (QCOM.O) as customers. The China business is the exclusive distributor of Arm chip technology in China and develops and sells its own chip designs based on Arm. In 2021, the China business paid Arm about $500 million, the two sources said. “The Arm Ltd IP business part of Arm China is performing very well and we are positioned for continued growth going forward. SoftBank and Arm China did not respond to requests for comment.

Arm technology powers most global smartphones and the company counts Apple Inc (AAPL.O) and Qualcomm Inc (QCOM.O) as customers. The China business is the exclusive distributor of Arm chip technology in China and develops and sells its own chip designs based on Arm. “The Arm Ltd IP business part of Arm China is performing very well and we are positioned for continued growth going forward. SoftBank and Arm China did not respond to requests for comment. Wu is credited with expanding the China business, according to two sources familiar with the company.

☆ Billionaire investor Marc Andreessen warns remote work is 'not a good life' for young workers
▼ + stars: | 2023-02-14 | by ( Grace Kay | ) www.businessinsider.com time to read: +3 min

Marc Andreessen said remote work has "detonated" the role of office relationships in people's lives. The billionaire said during a summit that young remote workers are "cut off from everything." It's not the first time Andreessen has addressed the rise of remote work. Last year, he said remote work could cause an "earthquake" in how we live. In 2021, he said in a blog post that remote work was "a consequence of the internet that's maybe even more important than the internet."

☆ Investors need to embrace these stocks that we love
▼ + stars: | 2023-02-12 | by ( Paul R. La Monica | ) edition.cnn.com time to read: +8 min

I’ve typically done this stock picking feature in early to mid February as a Stocks We Love type of story, pegging it to Valentine’s Day. The restaurant stocks in particular could do well. Inflation is obviously still a concern for big consumer brands. Consumer prices rose 6.5% over the past 12 months through December, down from a 7.1% pace in November. Up nextMonday: Earnings from TreeHouse Foods (THS), Avis Budget (CAR), FirstEnergy (FE), IAC (IAC) and PalantirTuesday: US CPI; Japan GDP; UK employment report; earnings from Coca-Cola, Asahi Group, Marriott (MAR).

☆ A disappointing 2022 has led some Goldman Sachs partners to ask: Is it time for a change at the top?
▼ + stars: | 2023-02-09 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +6 min

On tap, we've got stories on why not-so-flashy land is actually the hottest investment on Wall Street, the firms minting money by navigating FTX's bankruptcy, and the coolest houses on Airbnb. It's only February, but the Ides of March might be coming to Goldman Sachs. We've talked at length over how people are looking to pin the blame on Solomon as things have soured at Goldman. Certain issues have been easier to overlook than others, but the bank recently broke a cardinal rule of Wall Street: Don't mess with bankers' compensation. Forget beachfront, the hottest real estate for Wall Street is industrial land.

☆ WeWork cofounder Adam Neumann suggests tenants in his apartments will plunge their own clogged toilets because they'll feel like owners
▼ + stars: | 2023-02-08 | by ( Kate Duffy | ) www.businessinsider.com time to read: +2 min

Adam Neumann said renters in Flow apartments will plunge their own toilets. Neumann spoke at a conference about how Flow wants to create a sense of ownership for renters. During the conference, Neumann said the goal of Flow was to make the resident feel valued. "If you're in an apartment building and you're a renter and your toilet gets clogged, you call the super," Neumann said. Neumann said during the conference he wanted Flow apartments to provide an "elevated experience" and a "community" to tenants.

☆ SoftBank tumbles to loss as Vision Fund in red for fourth straight quarter
▼ + stars: | 2023-02-07 | by ( Kiyoshi Takenaka | ) www.reuters.com time to read: +4 min

The Vision Fund, which upended the world of technology with its big bets on startups, reported an investment loss of 730.36 billion yen ($5.52 billion) in the fiscal third quarter. At SoftBank itself, the net loss totalled 783.42 billion yen, compared with a 29.05 billion yen profit a year earlier. SoftBank said the Vision Fund unit had significantly curtailed new investments and was continuing to sell some older ones as part of "prudent defensive financial management" amid the challenging market environment. GOOD ARMThe bulk of the loss at the Vision Fund unit came from a steep decline in the valuation of investments in unlisted companies. Son invested heavily in artificial intelligence and other high-tech startups through the Vision Fund in recent years, delivering both record profits and heady optimism about future valuations.

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