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☆ WeWork commanded a $47 billion valuation at its peak. It's crashed over 99% since then - and could now file for bankruptcy, reports say
▼ + stars: | 2023-11-01 | by ( George Glover | ) www.businessinsider.com time to read: +2 min

WeWork is planning to file for bankruptcy, according to multiple reports. The commercial real-estate start-up achieved a $47 billion valuation in 2019, after receiving investment from SoftBank. But its shares have cratered 99% since it made its stock-market debut in March 2021. WeWork reached a peak valuation of $47 billion back in January 2019, after netting $5 billion worth of direct investment from SoftBank. Between January 2019 and now WeWork's market capitalization has fallen from $47 billion to just $140 million – a staggering $46.9 billion wipeout that could extend even further if the bankruptcy reports prove to be true.

Persons: WeWork, —, Adam Neumann, Vivek Ranadivé Organizations: Service, Street Journal, Reuters, SoftBank, Sacramento Kings Locations: SoftBank, Wednesday's premarket

☆ WeWork bankruptcy: One of the biggest startup failures of all time, and venture capitalists haven't learned a thing.
▼ + stars: | 2023-11-01 | by ( Julie Bort | ) www.businessinsider.com time to read: +4 min

WeWork, backed by Softbank and other top VC firms, was once worth $47 billion. AdvertisementAdvertisementWeWork just isn't working anymore, and the venture capitalists who backed the company when it was a high-flying startup haven't learned a thing from its disaster. When a $47 billion startup shrivels so drastically, who gets hurt? Then there's Neumann, who owned over 68 million shares of common stock and virtually all its Class C stock — nearly 20 million shares — earlier this year. Staggering as it might seem to blow away nearly $47 billion dollars, with those kinds of repercussions, WeWork isn't a warning for most of the venture capital community.

Persons: Softbank, haven't, —, WeWork's, Adam Neumann, WeWork, Vivek Ranadivé, Fitch, there's Neumann, speck, Neumann, Andreessen Horowitz Organizations: Venture, Service, Street Journal, New York Stock Exchange, BowX, Golden State Warriors, Sacramento Kings, CNBC, Reuters, SEC, Insight Partners, Benchmark Locations: Sacramento, It's

☆ How screwed is WeWork? One of its bonds trades at 56 cents on the dollar, and Fitch Ratings thinks default is a real possibility.
▼ + stars: | 2023-05-19 | by ( Alistair Barr | Joe Ciolli | ) www.businessinsider.com time to read: +3 min

One of its bonds trades at 56 cents on the dollar, and Fitch thinks default is a real possibility. One of WeWork's bonds, which matures in 2025, recently traded at 56 cents on the dollar, according to Bloomberg data. A healthy company's debt often trades at 100 cents on the dollar, or at a very slight discount. Fitch upgraded WeWork's issuer default rating to 'CCC-', in a nod to the debt restructuring. Discussions of debt restructuring represent a striking new low for a company that used to be one of the most valuable startups ever.

☆ How the NBA’s Sorriest Franchise Built Its Next Great Offense
▼ + stars: | 2022-12-06 | by ( Robert O'Connell | ) www.wsj.com time to read: +1 min

A Sacramento Kings win always ends the same way, with 1,000 watts of RGB lasers converging in a purple column. Installed at the Golden 1 Center before the season, the light shines up from the roof and dissipates somewhere past the Northern California stratosphere. The hope is that every Sacramento resident can see it—along with whatever extraterrestrials are passing by, Kings owner Vivek Ranadivé has joked. Less predictable but equally resplendent, for the “Beam Team,” are the scoring displays that occasion the postgame spectacles. “We played pretty good offensively,” first-year Kings coach Mike Brown said in a room-for-improvement tone after his club heaped 137 points atop the Detroit Pistons in a recent victory.

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