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☆ Here's how much WeWork co-founder Adam Neumann made before the company's bankruptcy
▼ + stars: | 2023-11-07 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +4 min

WeWork's dizzying rise and protracted fall into Chapter 11 bankruptcy protection Monday largely hinged on one man: Adam Neumann. By the time it filed for bankruptcy protection, WeWork was worth a mere $45 million. "As the co-founder of WeWork who spent a decade building the business with an amazing team of mission-driven people, the company's anticipated bankruptcy filing is disappointing," Neumann said in a statement to CNBC. In all, despite being removed from a management role years earlier, Neumann reportedly collected around $770 million in cash from the 2021 SPAC process alone. Neumann also still retained a stake in the company valued at around $722 million when WeWork debuted in 2021, Bloomberg reported.

Persons: Adam Neumann, WeWork, Neumann, who'd, outsized, SoftBank, it's, Andreesen Horowitz, there's Organizations: CNBC, Bloomberg Locations: WeWork, U.S

On Monday, WeWork's stock trading was halted ahead of the opening bell. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementAdvertisementEmbattled real estate giant WeWork filed for Chapter 11 bankruptcy on Monday. WeWork's bankruptcy comes amidst a years-long reorientation for the office industry. Offices globally emptied, and the once-stable commercial real estate sector was thrown into unprecedented chaos, from which it has not fully recovered.

Persons: WeWork, —, David Tolley, Adam Neumann —, SoftBank, Regus, wasn't WeWork, I've, Masayoshi Son, Adam Neumann, Jackal Pan, Sandeep Mathrani, Neumann, Marcelo Claure Organizations: Service, WeWork, Wall Street, New York Stock Exchange, Visual China, Getty, CNBC Locations: Canada, WeWork, York

☆ Meet the guy in charge of deciding how to spend $1.2 trillion from Biden’s infrastructure bill
▼ + stars: | 2023-11-07 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +9 min

You can see in the funding for the infrastructure bill that we’re working hard to do all of that. We want to build generational wealth and do it in a way that heals communities rather than separates them. Between the Bipartisan Infrastructure Law, the Inflation Reduction Act and the CHIPS act, there’s been a $1.8 trillion dollar investment. You may recall that when this conversation started about three or four years ago, the number was $6 trillion. So $1.2 trillion is significant, but it’s just a downpayment on what the real needs are.

Persons: Mitch Landrieu, Joe Biden, Biden’s, Landrieu, Bell, you’ve, We’re, Biden, it’s, He’s, he’s, there’s, I’ve, Catherine Thorbecke, ”, David Tolley, WeWork, Adam Neumann, Neumann, ’, AFTRA, Ramishah Maruf, “, ” It’s Organizations: CNN Business, Bell, New York CNN, White, Infrastructure Investment, Jobs Act, Economic Security, Infrastructure Law, SAG, ’ Locations: New York, New Orleans, Lowndes County , Alabama, Napakiak, Alaska, China, America, Hollywood

☆ Adam Neumann, the WeWork founder who became a business school case study in failed management, is 'disappointed' about its bankruptcy
▼ + stars: | 2023-11-07 | by ( Tom Carter | ) www.businessinsider.com time to read: +3 min

WeWork founder Adam Neumann has spoken out about the company's bankruptcy. He said he was "disappointed" and that it was hard to watch WeWork's collapse from the sidelines. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. AdvertisementAdvertisementAdam Neumann says it is "challenging" for him to watch WeWork go bankrupt. The tech entrepreneur had faced significant scrutiny over WeWork's business model and his perceived conflicts of interest, which would later become the subject of a Harvard Business School case study.

Persons: Adam Neumann, Neumann, —, WeWork, WeWork's, Andreessen Horowitz Organizations: Service, Harvard Business School, Company, New York Times Locations: Wavegarden, WeWork

☆ We're still expecting a weaker China growth forecast going into next year, says HSBC's Fred Neumann
▼ + stars: | 2023-11-07 | 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 EmailWe're still expecting a weaker China growth forecast going into next year, says HSBC's Fred NeumannFred Neumann, Chief Asia Economist and Co-Head of Global Research at HSBC, discusses the outlook for China and the broader Asia economy.

Persons: We're, Fred Neumann Fred Neumann Organizations: Chief Asia, Global Research, HSBC Locations: China, Asia

☆ Adam Neumann Wounded WeWork. An Office Market Bust Finished It Off.
▼ + stars: | 2023-11-06 | by ( Eliot Brown | Konrad Putzier | ) www.wsj.com time to read: 1 min

WeWork rode the wave of the venture-capital frenzy, building a global real-estate empire worth more than any other U.S. startup before buckling and laying off thousands when funding ran dry under its turbulent co-founder and former chief executive Adam Neumann . Ultimately, though, it was a historic office-market bust that doomed the desk-rental giant.

Persons: WeWork, Adam Neumann

NEW YORK (AP) — Trading in shares of WeWork were halted Monday as rumors swirl that the office sharing company, once valued as high as $47 billion, will seek bankruptcy protection. A WeWork spokesperson said last week that the company does not comment on speculation and did not immediately return messages after trading in the company's stock was halted Monday. Shares of WeWork, which cost more than $400 two years ago, could be had Monday for less than $1. In August, the New York company sounded the alarm over its ability to remain in business. And last week, WeWork disclosed a forbearance agreement with bondholders that extended negotiations by one week prior to triggering a default.

Persons: WeWork, Adam Neumann, Japan’s SoftBank, David Tolley Organizations: Street, New Locations: WeWork, New York

In September, WeWork said it would begin to renegotiate all its leases and exit certain locations. The company was renting nearly 20 million square feet of office space in June, more than any other company in the United States. Monday’s actions will not affect WeWork franchises outside the United States and Canada, the company said. WeWork’s demise is a blow for landlords who have leased a large proportion of their space to the company. It focused on leasing, rather than buying, office space and parceling it out to customers that included freelancers, small businesses and larger corporations.

Persons: WeWork, ” WeWork, Adam Neumann, Miguel McKelvey Locations: United States, Canada, WeWork, Lower Manhattan

☆ WeWork files for bankruptcy in federal court
▼ + stars: | 2023-11-06 | by ( Catherine Thorbecke | ) edition.cnn.com time to read: +3 min

New York CNN —WeWork, the beleaguered coworking startup, has filed for bankruptcy protections in federal court. “Now is the time for us to pull the future forward by aggressively addressing our legacy leases and dramatically improving our balance sheet,” said David Tolley, WeWork CEO, in a news release. WeWork eventually went public roughly two years later at a much-reduced valuation of some $9 billion. In May, WeWork announced a leadership shakeup with the departure of its chairman and CEO Sandeep Mathrani, a real estate executive who investors hoped would save the company. David Tolley, a WeWork board member, stepped up as interim chief executive and was officially named CEO in October.

Persons: New York CNN — WeWork, ”, David Tolley, WeWork, Adam Neumann, Neumann, Sandeep Mathrani Organizations: New, New York CNN Locations: New York

☆ Indian economy regains its swagger as China stumbles
▼ + stars: | 2023-11-03 | by ( Diksha Madhok | ) edition.cnn.com time to read: +9 min

New Delhi CNN —India’s economy is like an elephant. India’s economy is currently worth nearly $3.5 trillion, making it the world’s fifth largest. “India’s economy is comfortably placed to grow at an annual rate of at least 6% in the coming few years,” Barclays said. But even as India’s heft is increasing, it is far from recreating the economic miracle China unleashed decades ago. It will, no doubt — though it won’t be enough to shield the world economy should China’s economy stumble badly,” they added.

Persons: Narendra Modi, ”, Eswar Prasad, Modi, Prasad, Ludovic Marin, Mukesh Ambani’s, Gautam Adani’s, Willy Shih, Frederic Neumann, Justin Feng Organizations: New, New Delhi CNN, Economic, Cornell University, International Monetary Fund, China, Barclays, IMF, ” Barclays, Hindustan Times, Modi, bonanza, Unified, Bharat, Getty, Bank, Mukesh Ambani’s Reliance Industries, Apple, Harvard Business School, HSBC Locations: New Delhi, India, Switzerland, Davos, ”, ’, China, ” New Delhi, Sewri, Mumbai Bhushan, AFP, Beijing, Washington

☆ Adam Neumann Wounded WeWork, an Office Market Bust Finished It Off
▼ + stars: | 2023-11-02 | by ( Eliot Brown | Konrad Putzier | ) www.wsj.com time to read: 1 min

Persons: WeWork, Adam Neumann

☆ WeWork's inevitable retreat is here
▼ + stars: | 2023-11-02 | by ( Tom Carter | ) www.businessinsider.com time to read: +4 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 . It comes after the company warned that there was "substantial doubt" about its ability to stay in business back in August. A company that planned to 'change the world'Once the US's most valuable tech startup , WeWork has seen a dramatic fall from grace. Years later, WeWork's financial woes could have dire consequences for commercial real estate.

Persons: WeWork, —, Masayoshi, Adam Neumann, Stijn Van Nieuwerburgh, Neumann Organizations: Service, Beam, BBC, Street Journal, Reuters, Softbank, Columbia Business School Locations: London, Central London, Valley, WeWork

☆ WeWork’s shares plunge 37% on bankruptcy reports
▼ + stars: | 2023-11-01 | by ( Hanna Ziady | ) edition.cnn.com time to read: +2 min

London CNN —WeWork’s shares plunged 37% in pre-market trading Wednesday, following news reports that the beleaguered company plans to file for bankruptcy as early as next week as its losses mount. The SoftBank-backed flexible workspace provider is considering filing for Chapter 11 bankruptcy protection in New Jersey, the Wall Street Journal and Reuters reported Tuesday, citing people familiar with the matter. A bankruptcy filing would mark a spectacular reversal of fortunes for a company valued at $47 billion in 2019. The company’s demise has been years in the making, after it struggled to recover from a botched IPO in 2019. At the time, listing paperwork revealed larger-than-expected losses and potential conflicts of interest related to the company’s founder and then-CEO Adam Neumann.

Persons: London CNN —, ”, Russ Mould, AJ Bell, “, SoftBank, Adam Neumann, WeWork Organizations: London CNN, Wall Street Journal, Reuters, CNN Locations: New Jersey

☆ 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

☆ Instant View: BOJ modifies bond yield control, re-defines long-term rate cap
▼ + stars: | 2023-10-31 | by ( ) www.reuters.com time to read: +10 min

But it's also likely the BOJ have their finger on the intervention button to cap any runaway rally on USD/JPY." Nevertheless, this is working in a way to increase the volatility of the global rates market. This means it will still have a certain distance until the BOJ exit from the negative rate policy." "A yield cap isn't a yield cap if you change it every time the market gets close." The Bank of Japan could lift the negative policy rate to zero over the coming year.

Persons: Kim Kyung, KYLE RODDA, MATT SIMPSON, JPY, it's, NOMURA, They've, TONY SYCAMORE, normalisation, TAKAYUKI MIYAJIMA, ROB CARNELL, they're, JEFF NG, TOM NASH, OMORI, SHOTARO KUGO, me, IZURU KATO, MARCEL THIELIANT, today's, FREDERIC NEUMANN, CHRISTOPHER WONG, BOJ's, Sherry Jacob, Phillips Organizations: National Printing Bureau, Bank of Japan, REUTERS, Bank of, Nikkei, SAXO, SONY, ING, UBS, CHIEF, DAIWA, OF, HSBC, Global, Thomson Locations: Tokyo, Japan, Bank of Japan, MELBOURNE, BRISBANE, SINGAPORE, TOKYO, U.S, SYDNEY, ASIA, PACIFIC, CHIEF JAPAN, stagflation, OF ASIA, YCC, HONG KONG

☆ Lower growth is the 'new normal' for China, HSBC economist says
▼ + stars: | 2023-10-31 | 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 EmailLower growth is the 'new normal' for China, HSBC economist saysFred Neumann, HSBC's chief Asia economist and co-head of global research, says there are "green shoots, but they haven't really grown into … sturdy trees just yet."

Persons: Fred Neumann Organizations: HSBC Locations: China, HSBC's, Asia

☆ What China's slow-motion real estate crisis means for the global economy
▼ + stars: | 2023-10-27 | by ( Christian Nunley | ) www.cnbc.com time to read: +1 min

China's real estate industry is collapsing in slow motion. And now the International Monetary Fund just cut its global growth forecasts for 2024 and called out China's real estate crisis as a big reason why. Youth unemployment is at record levels, gross domestic product forecasts have been lowered and the ongoing real estate crisis has been hitting consumer confidence and foreign investment in the country. "China's shrinking real estate sector over the coming years will really have a huge impact on heavy industry, on the commodity markets globally," he said. There’s going to be less cement being used — less glass, for example.

Persons: Frederic Neumann, Neumann Organizations: International Monetary Fund, HSBC, CNBC Locations: China, Asia, Beijing

☆ Fmr WeWork CEO Adam Neumann on latest venture 'Flow': The need for community has never been greater
▼ + stars: | 2023-10-25 | 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 EmailFmr WeWork CEO Adam Neumann on latest venture 'Flow': The need for community has never been greaterAdam Neumann, WeWork co-founder and former CEO and Flow founder, joins 'Squawk Box' to discuss the Israel-Hamas war, his decision to attend Saudi Arabia's Future Investment Initiative conference in light of the conflict, the state of his latest venture 'Flow', and more.

Persons: Adam Neumann, WeWork Organizations: Saudi, Future Investment Initiative Locations: Israel

☆ Are Fears of A.I. and Nuclear Apocalypse Keeping You Up? Blame Prometheus.
▼ + stars: | 2023-10-21 | by ( A.O. Scott | More About A.O. Scott | ) www.nytimes.com time to read: +2 min

The atomic bomb may be, for the soldiers and politicians, a powerful strategic tool in war and diplomacy. He snatched a spark of quantum insight from those divinities and handed it to Harry S. Truman and the U.S. Army Air Forces. (The notable exception is Edward Teller, the father of the hydrogen bomb and as such another potential Prometheus.) Like the original Prometheus, Oppenheimer survives his disgrace, and ends the movie as a flawed, haunted, regretful creature, carrying a flicker of inextinguishable, theoretical guilt. A.I., on the other hand, seems newly sprung from science fiction, and especially terrifying because we can’t quite grasp what it will become.

Persons: Oppenheimer, “ Oppenheimer, —, Oppenheimer wasn’t, Niels Bohr, Erwin Schrödinger, Werner Heisenberg, Harry S, Truman, ”, Edward Teller, von Neumann Organizations: U.S . Army Air Forces Locations: Hiroshima, Nagasaki

ON TRACK FOR GOVT GDP TARGETThe recovery momentum suggests the government's full year 2023 growth target of around 5.0% is likely to be achieved. The key issue is what growth target the government will set and how much fiscal easing will take place." The statistics bureau said China would be able to hit the 2023 growth target if the fourth quarter growth tops 4.4%. Moody's Analytics has also raised its 2023 growth projection to 5% from 4.9%. The faltering property sector has hit some of the biggest developers in the country.

Persons: Matt Simpson, Zhiwei Zhang, Tingshu Wang, Frederic Neumann, Louise Loo, Ellen Zhang, Joe Cash, Kevin Yao, Shri Navaratnam Organizations: Gross, National Bureau, Statistics, Reuters, Index, New, REUTERS, Nomura, JPMorgan, Analysts, Country Garden Holdings, HK, Global Research, HSBC, Oxford Economics, Monetary Fund, Thomson Locations: BEIJING, Brisbane, U.S, Beijing, China, New Zealand, Asia

☆ ‘A Miracle’: U.S. Citizens Recount Flight from Israel to Florida
▼ + stars: | 2023-10-16 | by ( ) www.wsj.com time to read: +1 min

Ron and Linda Neumann, American citizens who were staying near Tel Aviv, said they were stranded after the Hamas attack, unable to catch commercial flights home to Florida. On a conference call Monday with reporters, the couple said their area came under regular missile fire, prompting them to seek refuge in a bomb shelter. It was Project Dynamo’s fifth flight in its Israel rescue operation, said Bryan Stern, the nonprofit’s executive director. The state of Florida paid for the planes, and Gov. “How we got on this plane is a miracle from God because we had no way to get out,” said Ron Neumann, the son of a Holocaust survivor, speaking from the couple’s home in Melbourne, Fla.

Persons: Ron, Linda Neumann, Bryan Stern, Ron DeSantis, ”, Ron Neumann Organizations: Dynamo, U.S Locations: Tel Aviv, Florida, Tampa , Fla, Israel, Melbourne, Fla

☆ Wolfe Research downgrades Netflix, says streaming giant's growth forecasts raise concerns
▼ + stars: | 2023-10-13 | by ( Hakyung Kim | ) www.cnbc.com time to read: +2 min

Netflix 's valuation may not be able to withstand falling growth expectations, according to Wolfe Research. Analyst Peter Supino downgraded the streaming service to peer perform from outperform. However, he said he has growing concerns about the company's 2024-2025 growth forecasts. "If future growth falls short, we doubt that NFLX's 50% P/E and 70% EV/EBITDA premium to the S & P would hold up," Supino said in a Friday note. "At today's valuation, Netflix needs to show a virtuous cycle of content, engagement, subs & pricing for shares to appreciate.

Persons: Peter Supino, Supino, Spencer Neumann, — Michael Bloom Organizations: Netflix, Wolfe Research, CY23E

☆ WeWork says it will skip $95 million in interest payments, tanking shares
▼ + stars: | 2023-10-03 | by ( Clare Duffy | ) edition.cnn.com time to read: +1 min

New York CNN —WeWork’s stock plunged more than 20% on Tuesday morning after the company said a day earlier that it would not make two sets of interest payments totaling more than $95 million. WeWork (WE) noted in a securities filing Monday that it has a 30-day grace period to make the interest payments. At the same time, it reported a $696 million net loss in the first six months of this year. WeWork was valued at $47 billion at its peak, but it struggled to fully recover after a failed attempt to go public in 2019. At the time, IPO paperwork revealed larger-than-expected losses and potential conflicts of interest with the company’s founder and then-CEO Adam Neumann.

Persons: WeWork, Adam Neumann Organizations: New, New York CNN Locations: New York

☆ Netflix replaces top ad exec after one year in surprise shakeup, putting a company insider in charge of the growing business
▼ + stars: | 2023-10-03 | by ( Lucia Moses | ) www.businessinsider.com time to read: +4 min

Netflix replaced its top advertising executive, Jeremi Gorman, after just a year, in a surprise shakeup of its nascent ads business. Insiders said they believed the choice of Reinhard to replace Gorman was a move designed to help sell the advertising business internally. But she's been with the company since 2016 and is known as a level-headed exec who understands the Netflix culture well. This summer, the company eliminated its lowest-priced ad-free tier to incentivize customers to sign up for the ads tier. We've built a world-class team and laid the foundations needed to create a forever ads business."

Persons: Jeremi Gorman, Gorman, Peter Naylor —, Amy Reinhard, Naylor, Reinhard, Greg Peters, Eunice Kim, Elizabeth Stone, she's, She's, they've, We've, Spencer Neumann, Peters Organizations: Netflix, Microsoft, Yahoo

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