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23andMe said it appointed three new independent directors to its board on Monday. Advertisement23andMe has appointed three new independent directors to its board following the mass resignation of all seven of its previous members last month. The seven previous board members resigned in September in a letter addressed to Wojcicki, citing the company's direction. Wojcicki shared a proposal to take 23andMe private in a July SEC filing, which was reviewed by a special committee formed by the board of directors. The special committee responded less than a week later, writing they were "disappointed" in the proposal.
Persons: 23andMe, , Andre Fernandez, Mark Jensen, Jim Frankola, Fernandez, Jensen, Frankola, Anne Wojcicki, Kimberly White, Wojcicki Organizations: Service, SEC, Deloitte, 23andMe Board, Company, Business Locations: American
Workflow has a different business strategy than Neumann's previous company, Bloomberg reports. Neumann told the outlet that investors at Andreessen Horowitz will help keep him disciplined. Ben Bergman/BI"The lack of community and the disconnection that people feel is even more relevant today" than in the days of WeWork, Neumann told Bloomberg of Workflow. Neumann says he's learned his lessonCritics didn't just zero in on WeWork's business model but also on Neumann's management. We're really not sure that we know the answer, therefore we're taking our time," Neumann told Bloomberg.
Persons: Adam Neumann, Neumann, Andreessen Horowitz, , WeWork, he's, WeWork's, Insider's Ben Bergman, Ben Bergman, Justin Sullivan, Ben Horowitz, Marc Andreessen, Andreessen, Noam Galai, TechCrunch Neumann, We're Organizations: Bloomberg, Service, Fort, Business, Flow, TechCrunch Locations: Fort Lauderdale, Miami, Atlanta, Nashville, Riyadh, Saudi Arabia, WeWork's
Read previewA Colorado man was rescued after getting stranded overnight on a 14,230-foot mountain during a work retreat, local authorities said. Related storiesBy 9 p.m., Chaffee County Search and Rescue South said it had been alerted and activated two teams, a drone pilot, and a helicopter. Chaffee County Search and Rescue South posted this image from the search. Chaffee County Search and Rescue SouthBut just as those groups set out, the man regained cell service and managed to make a 911 call, the search and rescue team wrote. The man told rescuers he'd fallen more than 20 times and ended up in a gully, unable to get up.
Persons: , Shavano, Danny Andres, he'd Organizations: Service, Business, Employees, Industry Locations: Chaffee County, Chaffee
WeWork , the shared office space company once valued at $47 billion, emerged from bankruptcy on Tuesday and named Cushman & Wakefield executive John Santora as its new CEO. WeWork filed for Chapter 11 bankruptcy protection in November, with total liabilities of $18.65 billion against assets of $15.06 billion. Santora becomes WeWork's fourth permanent CEO in five years after the company's failed initial public offering in 2019 and subsequent restructuring. He replaces David Tolley, who began service as interim CEO in May 2023 before assuming the permanent CEO position in October. WeWork also announced a new board, including Anant Yardi, CEO of property management software company Yardi Systems.
Persons: John Santora, WeWork, Santora, David Tolley, Anant Yardi, Adam Neumann, Miguel McKelvey, Neumann Organizations: Cushman & Wakefield, Yardi Systems, State
Anant Yardi took a majority stake in WeWork through its bankruptcy process. Yardi plans to focus on small businesses and use hotel-like tech for real-time booking. Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . Anant Yardi, who, alongside his wife, founded the widely-used commercial real estate software Yardi Systems, took a majority stake in WeWork through its bankruptcy process.
Persons: Anant Yardi, WeWork, Organizations: Service, Yardi Systems, Business Locations: WeWork
Jeff Bezos recently advised Adam Neumann to speak last in meetings. Bezos' "speak last" strategy is supported by organizational psychologists like Adam Grant. AdvertisementJeff Bezos recently gave Adam Neumann some unsolicited advice: Speak last in meetings, a leadership style espoused by a leading organizational psychologist. Neumann said Bezos came up to him with the recommendation after the WeWork cofounder spoke at an event. Related storiesAt WeWork, Neumann was famous for his eccentric leadership style.
Persons: Jeff Bezos, Adam Neumann, Neumann, Adam Grant, , Bezos, Flow's, Andreessen Horowitz, Lex Fridman, Jeff Organizations: Service, Thursday's Bloomberg Tech Summit, Business, Wharton School, University of Pennsylvania, Business Insider Locations: San Francisco
WeWork has a new plan to get out of bankruptcy — and it doesn't involve Adam Neumann. Neumann is seeking to acquire the company he created for more than $500 million. AdvertisementWeWork has a new plan to get out of bankruptcy — and it doesn't involve Adam Neumann, who wants to acquire the flexible office provider he created. AdvertisementBut Neumann, who has recently expressed interest in purchasing WeWork for more than $500 million, doesn't plan to go down without a fight. The company filed for bankruptcy in November 2023 after the pandemic dealt a massive blow to its business model.
Persons: WeWork, Adam Neumann, Neumann, , Cupar Grimmond, SoftBank, Yardi Organizations: Service, Bloomberg
Kasa Living has made a habit of raising funds at some of the hardest times for the hospitality and proptech industries. Kasa Living CEO and founder Roman Pedan points to the shares of Marriott and Hilton, which are up over the last five years, as an indication of what Kasa could be. Kasa Living is now working with some investment firms to help locate and buy buildings that Kasa Living will operate, a model known as OpCo/PropCo. Instead of having to hire someone to handle bookings and finances for each property, Kasa Living handles it all centrally, "removing that fixed cost." Some financial information has been redacted from the deck by Kasa Living.
Persons: Roman Pedan, Kasa, Pedan, Pendan Organizations: Marriott, Hilton, KKR, Sonder, TPG, Amazon Web, Citi Ventures, FirstMark, New York Life Ventures, Fireside Investments, RET, Zigg, Ribbit, EBay, Kasa Locations: Brookfield
Andreessen Horowitz said Tuesday that it raised $7.2 billion across five different funds, a sign of optimism in the tech startup world, which has seen a dearth of significant exits over the past two years. Deal volume for U.S. venture investments in the first quarter sank to its lowest level since 2017, according to data published earlier this month by PitchBook. The firm raised a $4.5 billion crypto fund in 2022, bringing its total amount raised for crypto and blockchain investments to $7.6 billion. Andreessen Horowitz remains on track to raise more money for its crypto fund and a separate biotechnology fund, a person familiar with the matter told Bloomberg. Andreessen Horowitz wrote a $350 million check to the company, which was just getting started and has yet to make inroads in the residential real estate market.
Persons: Andreessen Horowitz, Ben Horowitz, Marc Andreessen, Horowitz, PitchBook, bitcoin, Adam Neumann Organizations: Bloomberg, PitchBook, Astera Labs, CNBC Locations: Silicon Valley, U.S
Office crushes, in all their mercurial glory and pain, continue to shape our working lives in deeply meaningful ways. But through all these changing norms, workplace crushes remain remarkably common. Jim, after all, doesn't even ask Pam on a date until the season-three finale of "The Office." That most workplace crushes never lead to consummated relationships doesn't make them any less powerful. An admitted serial crusher, she still gets work crushes — last year she counted "a solid eight."
Persons: Derek, Brendan, Michael Rosenfeld, Manny, Sean Horan, we're, she'd, Karis, Stefan, Darcy, , Helen Fisher, Lakshmi Rengarajan, Rengarajan, smolder, Jim, Pam, I've, it's, I'd, Slack, Mikel Jaso, didn't, couldn't, weirdly, they'd, Johnny C, Taylor Jr, MeToo, Ayear, Tiana Reid, texted Derek, Alexandra Molotkow Organizations: Society for Human Resource Management, Stanford, Fairfield University, Match.com, BI Karis, Society for Human, York University Locations: New York City, Singapore, Brendan's, New York, Chicago, Toronto
Adam Neumann has sent a preliminary offer to buy WeWork out of bankruptcy for more than $500 million, five years after he was ousted by the office-sharing company he founded. CNBC spoke with multiple people familiar with the company and Neumann's offer. Investment firm Rithm Capital, which acquired Daniel Och's Sculptor Capital Management in November, is one of parties interested in financing the bid, sources told CNBC. That's because Neumann has previously named other financing sources in prior communications with WeWork's advisors that haven't come to fruition, the sources say. Baupost Group also was floated as a potential financing source months earlier but didn't join Neumann's latest bid, the people said.
Persons: Adam Neumann, Neumann, Daniel Och's, haven't, Dan Loeb's, Baupost, WeWork, Organizations: CNBC, Rithm, Capital Management, Baupost, Neumann's, Financial Times
Adam Neumann has submitted an unsolicited bid in excess of $500 million to acquire WeWork out of bankruptcy, a person familiar with the matter told CNBC. That bid could go up to $900 million pending due diligence, the person said. Neumann, his family office Nazare, and his Andreessen Horowitz-backed real estate venture Flow filed a notice of appearance in WeWork's bankruptcy docket on Monday. Flow did not respond to CNBC's request for comment regarding the $900 million potential bid. Neumann's bid, which was first reported by the Wall Street Journal, may complexify WeWork's bankruptcy proceedings.
Persons: Adam Neumann of WeWork, Victor Fung Kwok, Adam Neumann, Dan, Neumann, Andreessen Horowitz, , WeWork, we've, it's, lessors Organizations: Fung Group, CNBC, Board, Wall Street Locations: Shanghai, China
Adam Neumann is trying to buy back WeWork
  + stars: | 2024-03-25 | by ( Erin Snodgrass | ) www.businessinsider.com   time to read: +3 min
Adam Neumann submitted a bid to buy back WeWork. The WeWork cofounder has been trying to regain control of the company since parting ways five years ago. AdvertisementWeWork cofounder Adam Neumann is trying to regain control of the bankrupt coworking company. Neumann has submitted a bid to buy WeWork for more than $500 million, The Wall Street Journal reported Monday. The move comes after an attorney for Neumann and his new real estate company Flow Global sent a letter to WeWork's lawyers detailing efforts to buy back the company last month.
Persons: Adam Neumann, , Neumann, Dan Loeb's, hadn't, we've, it's, WeWork Organizations: Service, Street, Flow Global, Business, Wall Street, Flow, Global, Bloomberg, Board
A spokesman for Industrious said it would own a 40% stake in the merged subsidiary. The vacancy rate for office space nationally hit 18.6% at the end of 2023, according to data from CBRE– the highest level since 1992. About 771 million square feet, about twice the size of Manhattan's entire office market, sits empty nationally. How Industrious won the coworking warHodari has been an astute and resilient player in the coworking business. At the time, most coworking companies sought to rent space from landlords then sublease that to their clientele at a hefty markup.
Persons: WeWork, Jamie Hodari, Hodari, Deskpass, Sam Rosen, Deskpass Stephanie Bassos, CBRE, Breather, Rosen, Adam Neumann, Shlomo Silber, Silber, lockdowns, You've Organizations: Business, Deskpass, Bond Locations: New York, Chicago, Breather
Adam Neumann is exploring an offer to buy back the now-bankrupt WeWork, per the NYT. It could be a similar move to Steve Jobs' revival as the Apple CEO, 12 years after he resigned. AdvertisementWeWork cofounder Adam Neumann is exploring an offer to buy the now-bankrupt company, The New York Times' DealBook first reported. Neumann has met with WeWork several times since December to discuss buying it or its assets, or providing it with financing, per the letter. In a statement shared with Business Insider, a WeWork spokesperson said: "WeWork is an extraordinary company.
Persons: Adam Neumann, Steve Jobs, Neumann, Dan Loeb's, , DealBook, Alex Spiro, WeWork, Jobs, Gil Amelio, Amelio's Organizations: WeWork, Apple, Service, The New York Times, Elon, Flow, NeXT, Macworld, Business
NEW YORK (AP) — Adam Neumann, the ousted co-founder of WeWork, is exploring a deal to buy back the office sharing company after expressing dismay over its bankruptcy process. According to Monday's letter, Neumann and his affiliates have been attempting to obtain information from WeWork necessary for a purchase offer since December but have been met with a “lack of engagement” from the company. Neumann founded WeWork with Miguel McKelvey back in 2010. That debacle led to the ousting of Neumann, whose erratic behavior and exorbitant spending spooked early investors. Japan’s SoftBank stepped in to keep WeWork afloat, acquiring majority control over the company.
Persons: — Adam Neumann, Dan Loeb’s, WeWork, Neumann, , Miguel McKelvey, Japan’s SoftBank Organizations: The Associated Press, Flow Global Holdings, Associated Press, WeWork, Street Journal Locations: , New York
Apple’s Steve Jobs and Twitter’s Jack Dorsey made similar comebacks at the companies they founded. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementPerhaps the most obvious example is Steve Jobs, who famously left Apple in 1985 after a boardroom struggle. If your company's board is willing to get rid of you once, they'll probably do it again.
Persons: Sam Altman, , Steve Jobs, Jack Dorsey, , hadn't, Altman, Greg Brockman, Jobs, John Sculley –, he'd, Travis Kalanick –, Uber, they'll, Dorsey, Elliott, Paul Singer, Elon Musk, Bob Iger, Howard Schultz, Uber's Kalanick, Adam Neumann Organizations: Service, Microsoft, Apple, PepsiCo, NeXT, Twitter, Elliott Management, Disney, Starbucks – Locations: Recode
WeWork was famous for huge coworking spaces with amenities like climbing walls and swimming pools. AdvertisementAdvertisementBut the "really enormous WeWork spaces, the 300,000 to 400,000 square foot WeWorks, those are simply too large," for other companies to take on. "Lots of companies, WeWork included, made decisions that spiked revenue in the short run, but probably weren't prudent in the long run," he added. AdvertisementAdvertisementLuxurious coworking spaces may be a thing of the pastHuge coworking spaces filled with yoga rooms, beer taps, and swimming pools were the hallmark of WeWork's operation at its height. AdvertisementAdvertisementHodari told Insider that Industrious, which has over 165 coworking locations across the globe, would probably end up taking over a number of WeWork sites.
Persons: WeWork, Jamie Hodari, , Hodari, Briggs Elwell, Adam, Neumann, Elwell Organizations: Service, RLTY
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWeWork's end, Neumann's return? Who's left holding the bag, and what comes nextWeWork took us on a wild ride. A real estate company disguised as a tech startup, holding long-term leases and turning them around for short-term rentals. And Adam Neumann's particular blend of salesmanship, cult personality, and huge risk-taking only added to the fire. This week on Tech Check, we dig into WeWork's next chapter – who's left holding the bag after the implosion, and what comes next.
Persons: Who's, WeWork, Adam, Adam Neumann, – who's Organizations: Tech Locations: WeWork's
Everyone is going bankrupt
  + stars: | 2023-11-09 | by ( Dan Defrancesco | ) www.businessinsider.com   time to read: +8 min
NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . WeWork, the real-estate company that cosplayed as a tech startup, filed for Chapter 11 bankruptcy this week. AdvertisementAdvertisementBut one Wall Street veteran believes WeWork will be the first of many companies to succumb to a similar fate. 3 things in marketsANGELA WEISS / Getty ContributorCan the stock market keep this momentum going?
Persons: , AFTRA, Tesla, Brooks Kraft, It's, WeWork, David Trainer, Jennifer Sor, Insider's Vishal Persaud, Katie Notopoulos, Adam Neumann, we've, ANGELA WEISS, Jeff Gundlach, OpenAI's, Google's Bard, Min, Uber, Travis Kalanick's, Matthew Tortoriello, Sherrod Brown, Malte Mueller, Dan DeFrancesco, Naga Siu, Hallam Bullock, Lisa Ryan Organizations: Service, SAG, Hollywood, Tech, Google, Brooks Kraft LLC, Getty, Wall, P, Bank of America, Wall Street, Nasdaq, ExxonMobil, Tesla, Apple, Brooks, Amazon, YouTube, NFL, News Corp, Sony Locations: French Montana, New York City, San Diego, London, New York
Tech conglomerate and investor SoftBank has lost $14.4 billion so far on WeWork. SoftBank was one of WeWork's most bullish backers, predicting it would be worth $100 billion. AdvertisementAdvertisementSoftBank has lost a cumulative $14.4 billion through its disastrous bet on the now-bankrupt WeWork , per the group's July-September earnings. SoftBank overall posted a loss of $6.2 billion (¥931.1 billion) for July to September, compared a profit of $20 billion the same period last year. AdvertisementAdvertisementFuelled with conviction from SoftBank founder Masayoshi Son and billions in investment, WeWork sailed to a colossal $47 billion valuation at its peak in 2019.
Persons: SoftBank, , Masayoshi Son, WeWork, Adam Neumann, Neumann, Son, Jack Ma, Alibaba . Son Organizations: Service, WeWork, Alibaba, Visual China, Getty Locations: Alibaba .
WeWork's bankruptcy announcement is particularly rosy about its future. It seems WeWork certainly took that advice to heart when it wrote its announcement of its November 6 bankruptcy filing. But from the bankruptcy announcement, you wouldn't know all that. Rite Aid — which, like WeWork — plans to stay in business, also had a more somber announcement when it filed last month. But if any company is going to seem mildly delusional in its bankruptcy announcement, WeWork certainly has the precedent for it.
Persons: Adam Neumann, David Tolley, , Adam Neumann's, WeWork, Tolley, Bello, Kirstin Bell, Dax Shepard's Organizations: Service, Sears
WeWork had office space available at 777 locations worldwide as of the end of June. In a filing with the New Jersey bankruptcy court, WeWork listed assets of $15.06 billion and liabilities of $18.66 billion as of June 30. Under its founder Adam Neumann, WeWork grew to be the most valuable U.S. startup worth $47 billion. WeWork engaged in debt restructurings, yet this was not enough to stave off its bankruptcy. Shortly before WeWork filed for bankruptcy, Neumann said in a statement, "I believe that, with the right strategy and team, a reorganization will enable WeWork to emerge successfully."
Persons: WeWork, SoftBank, Cadwalader, Taft, Kate Munsch, Adam Neumann, Sandeep Mathrani, Mathrani, David Tolley, Neumann, Greg Roumeliotis, Mrinmay Dey, Arun Koyyur, Rashmi Aich, Jamie Freed, Edmund Klamann Organizations: SoftBank, New, REUTERS, JPMorgan Chase, Intelsat, Thomson Locations: Canada, New Jersey, Wickersham, San Francisco , California, U.S, WeWork, SoftBank, Tokyo, New York, Bengaluru
WeWork seeks bankruptcy protectionLIMITED EXPOSUREWeWork's dramatic fall followed lavish predictions about its prospects from SoftBank founder Masayoshi Son, despite immense losses as it grew. Still, it had a credit support deal with the company worth $1.1 billion as of end-June. MST Financial analyst David Gibson said the credit support was significant, but it was not clear how much of it had been withdrawn. SoftBank declined to comment on the credit support. SoftBank owns around 71% of WeWork, which it privately valued at $47 billion at its peak but is now valued at just $44 million.
Persons: SoftBank, Adam Neumann, Neumann, WeWork, Masayoshi Son, Son, David Gibson, Anton Bridge, David Dolan, Miyoung Kim, Mark Potter Organizations: Thomson Locations: TOKYO
Profitability has remained elusive, as WeWork grapples with its expensive leases and corporate clients cancelling because some employees work from home. In a filing with the New Jersey bankruptcy court, WeWork listed estimated assets and liabilities in the range of $10 billon to $50 billion. Under its founder Adam Neumann, WeWork grew to be the most valuable U.S. startup worth $47 billion. WeWork engaged in debt restructurings, yet this was not enough to stave off its bankruptcy. Shortly before WeWork filed for bankruptcy, Neumann said in a statement, "I believe that, with the right strategy and team, a reorganization will enable WeWork to emerge successfully."
Persons: Kate Munsch, WeWork, Cadwalader, Taft, Adam Neumann, SoftBank, Sandeep Mathrani, Mathrani, David Tolley, Neumann, Greg Roumeliotis, Mrinmay Dey, Arun Koyyur Organizations: REUTERS, SoftBank, New, JPMorgan Chase, Intelsat, Thomson Locations: San Francisco , California, U.S, Canada, New Jersey, Wickersham, WeWork, New York, Bengaluru
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