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☆ These are 30 of the most successful early-stage startup investors in the world, according to a proprietary AI model known as 'Moneyball for VC'
▼ + stars: | 2024-01-17 | by ( Ben Bergman | Samantha Stokes | Rebecca Torrence | ) www.businessinsider.com time to read: +3 min

This story is available exclusively to Business Insider subscribers. TRAC , a San Francisco-based early-stage venture firm cofounded by Fred Campbell, Joseph Aaron, Scott Pyne, Steve Marek, and Dick Fredericks in 2020, has set about to take a more systematic approach to venture capital. Advertisement"A SuperForecaster is in the top 1/10th of 1% of all early-stage investors," Aaron told Business Insider. But now TRAC has agreed to name names, revealing a random sampling of 30 of the 287 SuperForecasters in its model. They rarely make follow-on investments.

Persons: —, Fred Campbell, Joseph Aaron, Scott Pyne, Steve Marek, Dick Fredericks, Phillip Tetlock, Dan Gardner's, Aaron, SuperForecasters Organizations: Service, Business Locations: San Francisco

☆ 'Sister Wives' star Christine Brown remarried 2 years after leaving her polygamous marriage with Kody Brown. Here's everything you need to know about her new husband.
▼ + stars: | 2024-01-14 | by ( Eve Crosbie | ) www.businessinsider.com time to read: +1 min

"Sister Wives" star Christine Brown has married following her separation from Kody Brown. Ahead of TLC's "Christine & David's Wedding Special," here's all you need to know about the couple. The "Sister Wives" star, who left her husband Kody Brown in 2021, exchanged vows with her fiancé David Woolley in October 2023. The wedding, which took place in Moab, Utah, is being televised in TLC's two-part "Sister Wives" spinoff, "Christine & David's Wedding Special." Here is everything we know about David Woolley and his relationship with Christine Brown.

Persons: Christine Brown, Kody Brown, David Woolley, Christine, —, Kody, Woolley, Robyn Brown, I've Organizations: Service Locations: Moab , Utah

☆ How JPMorgan's Bola Oyesanya became the whisperer to rich law firm partners
▼ + stars: | 2024-01-14 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +8 min

One client, a law firm partner, refused to consider Oyesanya's suggestion of alternative investments. AdvertisementBanking to wealthy law firm partners is a desirable niche. Law firm partners averaged $1.12 million in compensation in 2022 according to a survey by recruiter Major, Lindsey & Africa, and top partners in Big Law can make more than $10 million a year. Now global head of JPMorgan's law firm and professional services group, Oyesanya is up against a formidable rival: her former employer. AdvertisementShe plans to strengthen JPMorgan's law firm group with the same ethos: serving customers well to earn their loyalty and their referrals.

Persons: Bola Oyesanya, Oyesanya, Wells, —, We're, Major, Jamie Dimon, Bola, Philip Waxelbaum, Waxelbaum, She, I've, what's Organizations: Citi, JPMorgan, Service, Banking, Big, Financial Times, Wells, Lagos Law School, Ogun University, City Trust Merchant Bank, Partners Locations: Nigeria, Wells Fargo, Lindsey, Africa, York

☆ Prefab Homebuilder Veev Wanted to Fix the Housing Crisis. Here's What Went Wrong.
▼ + stars: | 2024-01-05 | by ( Alex Nicoll | ) www.businessinsider.com time to read: +14 min

Veev also promised they would be green and less expensive, thanks to its factory process. The Veev representative said "no employee was requested to do so as a policy." The Veev representative said "production lines were not idle," and design errors were inevitable because the company was still testing its product. "While the Series D money was committed, not all of it was received," the Veev representative said. "Veev and Lennar made a joint decision to stop building the Gramercy project," the Veev representative wrote.

Persons: Henry Ford, Veev, Lennar, Elon, Veev Veev, Amit Haller, Ami Avrahami, Dafna Akiva, Haller, Ari Rauch, Rauch, Bond, Calcalist, I've, Scott Long, thatit, Long, Veev's Organizations: Federal Reserve, Business, Katerra, Industry, American, BI, NSF, Fortune, Employees, Dow Chemical, Lennar, Gramercy, Hayward, Wall LLC Locations: Hayward , California, homebuilding, San Carlos , California, Tel Aviv, California

☆ Women's health is gaining traction — and a top VC predicts a blockbuster IPO for Maven could pave the way for more transactions
▼ + stars: | 2023-12-26 | by ( Blake Dodge | ) www.businessinsider.com time to read: +4 min

Investors rely on "exits" such as initial public offerings when assigning valuations to similar companies, Farr said. So the lack of attractive data on this front is helping to hold back the women's health category as a whole, she said. "Depressed valuations are keeping the IPO window latched," the authors of the SVB report wrote. Maven ClinicWomen's health, long neglected by VCs, is gaining tractionHistorically, investment in women's health has lagged behind other parts of healthcare. More than 76% of women's health startups have at least one female cofounder, the SVB report said.

Persons: Chrissy Farr, Farr, Maven, Kate Ryder, SVB, Gina Bartasi Organizations: OMERS Ventures, Silicon Valley Bank, Business, Maven

☆ Dud IPO market closes 2023 with a whimper for the second year in a row
▼ + stars: | 2023-12-08 | by ( Bob Pisani | ) www.cnbc.com time to read: +8 min

Another year, another lousy IPO market. The 2023 IPO market is closing with a whimper, not a bang. You'd think the IPO market would be bubbling, but it's dead quiet. Source: Renaissance Capital For a good part of the year, the excuse was interest rates were rising, the market was too volatile, and the after market performance of 2023 IPOs was terrible. The November rally is too little too late to save the IPO market Unfortunately, it all came a little too late to rescue 2023.

Persons: Birkenstock, You'd, Rivian, Doordash, IPOs, Matt Kennedy, Don Short, you've, haven't, confidentially, Waystar, Kim Kardashian's, Musk, Howe Ng, Ng, Kyle Stanford, Instacart, it's, James Ulan, Stanford, Pitchbook, Greg Martin Organizations: Renaissance, That's, IPOs, Hertz, Sotera, ARM, Renaissance Capital, Klarna, Microsoft, Forge Global, Bloomberg, SpaceX, Nvidia, Rainmaker Securities Locations: Pitchbook

☆ Vietnamese companies eye the U.S. IPO market amid a lull in Chinese listings
▼ + stars: | 2023-12-06 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +5 min

While not strictly an IPO, the listing was soon followed by Vietnamese tech unicorn VNG's filing to list on the Nasdaq. As local companies grow, "they are outgrowing the ability of those markets to provide the capital that they need," said Drew Bernstein, co-chairman of accounting firm MarcumAsia. Since the fallout over Didi in the summer of 2021, regulation and a tepid U.S. IPO market have stalled most Chinese listing plans. She said given the success of Southeast Asian ride-hailing company Grab , more Vietnamese companies are starting to look beyond the domestic market to regional business. George Chan, global IPO leader at EY, expects "a lot" of companies from Southeast Asia will reach the IPO stage in the next 12 to 18 months, and might also consider the Hong Kong exchange.

Persons: Scott Mlyn, VinFast, Johan Annell, VNG, Drew Bernstein, It's, Bernstein, who'd he'd, Didi, Gary Dvorchak, Blueshirt, Nguyen Nguyen, Vu Van, ELSA, Van, George Chan Organizations: New York Auto Show, CNBC BEIJING, U.S, Spade, Nasdaq, ARC Group, China -, Renaissance Capital, Investor, CNBC, World Bank, Southeast Asia — Locations: Asia, U.S, Vietnam, Beijing, Cayman Islands, Malaysia, China, China - U.S, Thailand, Indonesia, Singapore, Southeast Asia, Hong Kong

Big-name free agents appear in no hurry to strike deals at the winter meetings, biding time until Shohei Ohtani potentially breaks the record for richest contract set 4 1/2 years ago by Mike Trout. “It's probably a little slower from a conversation standpoint at a winter meetings than it normally would,” New York Mets president of baseball operations David Stearns said Monday. Behind Ohtani in the hitters free-agent pecking order are Cody Bellinger and Matt Chapman, both represented by the sport's biggest agent, Scott Boras. Among starting pitchers, the market includes Blake Snell and Jordan Montgomery, also represented by Boras. “He’s going to make other pitchers better.”___AP Sports Writer Teresa M. Walker contributed to this report.

Persons: ., Shohei, Mike Trout, Yoshinobu Yamamoto, “ It's, ”, David Stearns, hasn't, ” Ohtani, Nez, Cody Bellinger, Matt Chapman, Scott Boras, Blake Snell, Jordan Montgomery, Farhan Zaidi, “, Ross Atkins, Atkins, San Diego, Juan Soto, Jarred Kelenic, Marco Gonzales, Evan White, Cole Phillips, Jackson Kowar, Gonzales, White, Eugenio Suárez, Carlos Vargas, Seby Zavala, Scott Servais, “ That’s, Jackson Chourio, “ There’s, I’m, ” Chourio, Milwaukee, Wade Miley, Pat Murphy, “ He’s, Teresa M, Walker, ___ Organizations: ” New York Mets, Los Angeles Angels, Creative Artists Agency, Gaylord, Convention, Boras, San Francisco Giants, CBA, Blue Jays, San, Atlanta Braves, Seattle Mariners, Atlanta, Seattle, ” Mariners, Brewers Locations: Tenn, Nez Balelo, ” Toronto, Nashville, Seattle, Arizona, Milwaukee

☆ Zepz, a $5 billion fintech unicorn, is laying off more staff
▼ + stars: | 2023-11-30 | by ( Ryan Browne | ) www.cnbc.com time to read: +2 min

Zepz, the money transfer group that owns WorldRemit, made a fresh round of layoffs. "Zepz has entered a redundancy consultation which will could affect less than 2% of its global headcount," a Zepz company spokesperson said in an exclusive statement to CNBC. "Zepz values the contributions these colleagues have made to our company," the spokesperson added. "To fully realise our mission to unlock the prosperity of cross-border communities, we sometimes need to make tough decisions," Zepz told CNBC. The business was last valued at $5 billion, making it one of the largest and most valuable fintech companies in Europe.

Persons: Zepz, Zepz hasn't Organizations: TCV, CNBC, Sendwave Locations: British, Europe

☆ Inside the chaotic Thanksgiving-weekend collapse of homebuilder startup Veev that left employees shocked and worried about their jobs
▼ + stars: | 2023-11-30 | by ( Alex Nicoll | ) www.businessinsider.com time to read: +10 min

But for workers of Lennar-backed homebuilder Veev, they were spent scrambling to determine if they would still have jobs come Monday. Speaking to the "Veev Family," he wrote: "Family will stay in touch and together forever, even if it is going to be only within our hearts." The company has about 250 employees, according to news site Calcalist. "We call it the Veev family," Haller said. On a very personal note, for me Amit Haller, Veev was my personal journey in the past 15 years, half of my professional career and about ⅓ of my entire life.

Persons: Amit Haller, Veev, Haller, doesn't, we're, homebuilder, Kleiner Perkins, Bond, Lennar, Linda Keala, Ami, Amit Organizations: Business, Dragonfly, Wall, Center, Real Estate, Technology Innovation, Employees, Dafna Locations: California, Tel Aviv, Hayward , California, Haller, Reali, @nicollsanddimes, .

Argentine President-elect Javier Milei departs the Eisenhower Executive Office Building after meeting with Biden administration staff at the White House complex in Washington, U.S., November 28, 2023. His foreign policy, meanwhile, is unabashedly pro-United States and pro-Israel, with a cooler stance on top trade partners Brazil and China. 2 Gita Gopinath and other fund officials, the fund said separately. The IMF has said in the past that dollarization is not a substitute for sound macroeconomic policy. Milei and IMF officials had a first virtual meeting on Friday, which Georgieva called a "very constructive engagement".

Persons: Javier Milei, Kevin Lamarque, Milei, Jake Sullivan, Juan Gonzalez, Benjamin Gedan, Alberto Fernandez, Vladimir Putin, Kristalina Georgieva, Posse, Luis Caputo, Gita Gopinath, Georgieva, Jason Lange, Rodrigo Campos, Rosalba O'Brien, Christopher Cushing Organizations: Argentine, Biden, REUTERS, Rights, U.S, White, National Security, Western, United, Israel, America, Wilson, International Monetary Fund, IMF, Reuters, Thomson Locations: Washington , U.S, Washington, Argentina, United States, Brazil, China, U.S, Moscow, Ukraine, Beijing, Argentine, New York

NXTP/Handout via REUTERS Acquire Licensing RightsMEXICO CITY, Nov 28 (Reuters) - Latin American venture capital firm NXTP has raised $98 million for a fund targeting technology startups largely in Brazil and Mexico, it said on Tuesday. Despite current macroeconomic headwinds, there is an "enormous" opportunity to invest in Latin American startups, said NXTP managing partner Darly Bendo. "We're seeing really low software penetration in Latin America" ranging from small-and-medium-size businesses to large corporations, he said. NXTP is now eyeing opportunities to invest the funds in startups primarily in Brazil, followed by Mexico. "It's an interesting moment to be investing in Latin America," said Busse, who pointed to buy-in from international and institutional investors in the latest fund as proof of increased demand.

Persons: NXTP, Darly Bendo, Alexander Busse, Bendo, Busse, Kylie Madry, Sonali Paul Organizations: Reuters, REUTERS Acquire, MEXICO CITY, Thomson Locations: Buenos Aires, Argentina, Handout, MEXICO, Brazil, Mexico, America

BEVERLY HILLS, Calif. (AP) — Tiffany Haddish was arrested Friday and charged with driving under the influence, police said. The actor and comedian was detained after Beverly Hills police received a call about 5:45 a.m. Police said she appeared to be found slumped over the wheel of the vehicle while the car engine was still running. Haddish, an Emmy and Grammy winner, performed at the Laugh Factory in Los Angeles on Thursday night. Last year, Haddish was arrested on suspicion of DUI in suburban Atlanta. In 2018, Haddish won an Emmy for her appearance on “Saturday Night Live” and a Grammy in 2021 for her special "Black Mitzvah.”

Persons: — Tiffany Haddish, Haddish, ” Organizations: Beverly Hills, Police, New York Times Locations: BEVERLY HILLS, Calif, Los Angeles, Atlanta

☆ These 7 'rarest' personality types are the most successful, says CEO who interviewed 30,000 more than people
▼ + stars: | 2023-11-21 | by ( William Vanderbloemen | ) www.cnbc.com time to read: +4 min

Based on my interviews and conversations with CEOs, here are the seven types of successful personalities that are every company's dream:1. How to cultivate the Fast mindset: Make it clear that you value a quick response time. How to cultivate the Solver mindset: Language counts: rebrand problems as possibilities. How to cultivate the Self-Aware mindset: Don't take feedback personally; use it as a tool to become even better at your job. How to cultivate the Curious mindset: When challenges come up, ask questions before throwing out solutions.

Persons: I've, I'm, —, Steve Jobs, It's, you've Organizations: Unicorns

Fans have been tracking the young male moose for weeks and posting updates on a Facebook page that as of Tuesday had more than 18,000 followers. Todd Froberg, the agency's big game program coordinator, said the young moose is likely looking for home territory or other moose and is expected to continue moving north. “He’s lost, and he’s trying to get home to his family,” said Bernie Stang, a moose fan who spotted the animal in late October. She suspects Rutt traveled from North Dakota through South Dakota and Iowa before coming back to Minnesota, based on news reports of moose sightings in South Dakota that match his description. Johnson said she created the Central MN Moose on the Loose Facebook page in 2018 to track another moose whose life tragically ended when it was fatally struck by a semi while crossing a highway.

Persons: Bear, ”, Todd Froberg, “ He’s, Bernie Stang, Brenda Johnson, Rutt, Johnson, Danielle Magnuson, “, ” Magnuson, “ They're, ” Stang, Holly Stang Organizations: Minnesota Department of Natural Resources, Minnesota Star Tribune, Moose Locations: Minnesota, Minneapolis, Iowa, North Dakota, South Dakota, Sauk Centre

As the 2024 presidential campaign heats up, experts on extremism fear the threat of politically motivated violence will intensify. Trump's loss to Democrat Joe Biden in the 2020 election did not end the spread of QAnon-influenced conspiracy theories or its unrealized prophecies. “In 2020, millions of people were radicalized on behalf of this conspiracy theory. It’s really hard to tell who is going to mobilize on behalf of a conspiracy theory,” Kane said. “Spending hours and hours consuming conspiracy theory material is intoxicating,” Hughes said.

Persons: Nancy Pelosi's, Donald Trump's, “, ”, Jacob Ware, “ They’re, David DePape, Paul Pelosi, San Francisco, DePape, Nancy Pelosi, Trump, Mark Milley, Brett Kavanaugh, Democrat Joe Biden, movement's, “ It’s, Sheehan Kane, Kane, Michael Jensen, QAnon, ” Kane, Brianna Wu, wasn't, Wu, GamerGate, ” Wu, ” DePape, Brian Hughes, they’ve, ” Hughes, Amarnath Amarasingam, Amarasingam, Ware, Trump's, “ Donald Trump, that’s, Hughes, Olga R, Rodriguez Organizations: Council, Foreign Relations, San, Democratic, Hollywood, Trump, Capitol, Joint Chiefs, Staff, Maryland, Democrat, University of Maryland, 4chan, GamerGate, University of Michigan, American, Research, Innovation, Queen’s University, Associated Press, AP Locations: Washington, North Carolina, United States, Canada, San Francisco

☆ David DePape was convicted of attacking Nancy Pelosi's husband in less than a day
▼ + stars: | 2023-11-16 | by ( Olga R. Rodriguez | Associated Press | ) www.businessinsider.com time to read: +6 min

The man who was accused of attacking Nancy Pelosi's husband with a hammer was convicted on Thursday. The October 2022 attack on 82-year-old Paul Pelosi was captured on police body camera footage. The attack on then-82-year-old Paul Pelosi that was captured on police body camera video just days before last year's midterm elections sent shockwaves through the political world. A state trial date will be set during a Nov. 29 hearing, said Randy Quezada, a spokesperson for the San Francisco District Attorney's Office. DePape testified that his plan was to get Nancy Pelosi to admit that she had been lying to the American people.

Persons: Nancy Pelosi's, David Depape, Paul Pelosi, —, David DePape, Nancy Pelosi, bludgeoning Paul Pelosi, DePape, Angela Chuang, Helen Gilbert, Randy Quezada, Detectives, Gavin Newsom, Tom Hanks, Joe Biden's, Hunter Biden, Nancy, Pelosi, Donald Trump Organizations: Service, FRANCISCO, San Francisco, Defense, U.S . Department of Justice, San, San Francisco District Attorney's, Prosecutors Locations: Francisco, California, Canadian, San Francisco District, Washington

☆ With an intensified focus on AI, VC firm Mayfield is closely watching for 'maturing' early-stage gen AI startups in 2024
▼ + stars: | 2023-11-16 | by ( Madeline Renbarger | ) www.businessinsider.com time to read: +4 min

In July, the firm announced its first dedicated seed fund focused on AI called AI Start. Prior to launching AI Start, Mayfield had already backed 25 early-stage startups in the space like MindsDB. Reddy's background makes him a perfect fit to lead the $250 million fund, Chaddha told Business Insider. This year, Chaddha tapped him to lead its new AI seed fund. With the AI Start fund, the team plans to double down and lead deals in seed stage and pre-seed generative AI startups, as well as AI infrastructure startups with an enterprise focus.

Persons: Mayfield, Vijay Reddy, who's, Reddy, Navin Chaddha, Mayfield's, Chaddha, He's Organizations: Business, Intel Capital, Cisco, Clear Ventures, Mayfield Locations: Mayfield

☆ How $7 billion Maverick Capital values its private portfolio — and which unicorns have lost their luster
▼ + stars: | 2023-11-15 | by ( Bradley Saacks | ) www.businessinsider.com time to read: +2 min

Maverick Capital wasn't immune to the private market turmoil that has tanked start-ups and crushed venture capital returns. Like many private investors, Maverick has marked down some of its investments internally as higher interest rates have put pressure on money-losing start-ups. Snapdocs, according to Maverick, should no longer be considered a unicorn, valuing the online mortgage processing company at $628 million. Maverick, which runs a $1.4 billion venture and growth fund, is bullish on a few of its companies, though — even raising their valuations despite the overall market turbulence. Brazilian digital rental marketplace company QuintoAndar is worth 20% more now than when Maverick invested at the end of 2021.

Persons: Lee Ainslie, Maverick, — Organizations: Maverick, Cub, Business

☆ A tech investor was fired after making offensive remarks on the Israel-Hamas conflict
▼ + stars: | 2023-11-14 | by ( Shona Ghosh | ) www.businessinsider.com time to read: +5 min

Investor Kenneth Ballenegger was suspended from his firm Oyster Ventures after offensive posts on X.Ballenegger wrote on X that Israel should sterilize Gaza's population, among other remarks. AdvertisementAdvertisementVenture capitalist Kenneth Ballenegger has been suspended from the US investment firm he cofounded, Oyster Ventures, after making offensive remarks on X on the Israel-Hamas conflict. According to screenshots shared with Insider, Ballenegger wrote on Sunday: "After the war, Israel should handle Gaza like China handles Xinjiang. "Any employee's personal or political opinion does not reflect the values of Oyster Ventures or myself. The blowback over Ballenegger's comments also reflect ongoing tensions in the tech world.

Persons: Kenneth Ballenegger, Ballenegger, sterilize, —, Yashar Ali, Ballenegger's, Sophie Liao, Liao, I've, Bolt, Dealroom, Crypto, Paddy Cosgrave Organizations: Oyster Ventures, Service, Ventures, Summit Locations: Israel, Gaza, China, Xinjiang, San Francisco, Asia, Pitchbook

☆ How WeWork Went From $47 Billion Unicorn to Bankrupt Penny Stock
▼ + stars: | 2023-11-08 | by ( Wall Street Journal | ) www.wsj.com time to read: 1 min

How WeWork Went From $47 Billion Unicorn to Bankrupt Penny StockWeWork, once a venture-capital darling, has filed for chapter 11 bankruptcy. WSJ breaks down how the desk-rental giant co-founded by Adam Neumann went from highflying startup to bankrupt penny stock. Photo: Patrick T. Fallon/AFP/Getty Images

Persons: Penny Stock WeWork, Adam Neumann, Patrick T, Fallon Organizations: Penny, Getty Locations: AFP

☆ It's never been this easy to build a $1 billion AI company
▼ + stars: | 2023-11-08 | by ( Hasan Chowdhury | ) www.businessinsider.com time to read: +3 min

You don't have to be Sam Altman to build a $1 billion AI company. Kai-Fu Lee's new startup and Mistral AI have shown that AI companies can scale by going open source. AdvertisementAdvertisementThe opportunity to build a $1 billion AI business has never seemed this straightforward for entrepreneurs aspiring to be the next Sam Altman. In response, Lee credited Hugging Face as the reason his company was able to take its AI mode public "rapidly, credibly, and impactfully." Developers wanting to build AI businesses at scale will want open source to thrive.

Persons: Sam Altman, Kai, Fu, OpenAI's, —, he's, Fu Lee, It's, Lee, Abu, Yann LeCun Organizations: Mistral, Service, Microsoft, Bloomberg Locations: Paris, OpenAI

☆ Voice cloning AI startup ElevenLabs was worth $100 million five months ago. Now, sources say it's about to hit $1 billion.
▼ + stars: | 2023-11-08 | by ( Callum Burroughs | Riddhi Kanetkar | ) www.businessinsider.com time to read: +5 min

ElevenLabs, a generative AI startup focused on voice, is in talks to raise capital in a deal that would catapult its valuation to $1 billion. It is unclear as yet whether Sequoia would invest alongside Andreessen Horowitz or if they are competing with one another. Five months on, the prospective new round will increase that valuation 10 times over to $1 billion, three sources said. ElevenLabs and Andreessen Horowitz did not respond to a request for comment. Bruce Reed, President Biden's AI chief, said that voice cloning "keeps me up at night," in an interview with Politico.

Persons: Andreessen Horowitz, Joe Rogan, Emma Watson, Gizmodo, ElevenLabs, Sequoia, OpenAI's ChatGPT, FOMO, Mati Staniszewski, Nat Friedman, Daniel Gross, Eric Adams, Adams, Bruce Reed, Biden's, Meta Organizations: Google, VC, Sequoia, Meta, Britain's Companies, Concept Ventures, New York City, White, Politico Locations: London, New York

☆ SoftBank's WeWork, once most valuable US startup, succumbs to bankruptcy
▼ + stars: | 2023-11-07 | by ( ) www.reuters.com time to read: +5 min

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

☆ SoftBank makes another bet on WeWork, hoping landlords will too
▼ + stars: | 2023-11-07 | by ( Anton Bridge | ) www.reuters.com time to read: +3 min

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

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