Categories WeWork

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A look at how proptech startup Knotel went from a $1.6B valuation to filing for bankruptcy

This week, flexible workspace operator (and one-time unicorn) Knotel announced it had filed for bankruptcy and that its assets were being acquired by investor and commercial real estate brokerage Newmark for a reported $70 million. Knotel designed, built and ran custom headquarters for companies. It then managed the spaces with […]

Institutional trust is the real meme

Hello friends, this is Week in Review. Last week, I dove into the AR maneuverings of Apple and Facebook and what that means for the future of the web. This week, I’m aiming to touch the meme stock phenomenon that dominated American news cycles this week and see if there’s […]

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WeWork employees used an alarmingly insecure printer password

A shared user account used by WeWork employees to access printer settings and print jobs had an incredibly simple password — so simple that a customer guessed it. Jake Elsley, who works at a WeWork in London, said he found the user account after a WeWork employee at his location […]

Startup founders set up hacker homes to recreate Silicon Valley synergy

In Y Combinator’s early days, founders would move to Palo Alto, split a two-bedroom with five others to save money and trade notes around the clock with their new, like-minded roommates. Now, as remote work continues and the pandemic persists, scores of entrepreneurs are working from home around the world. […]

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Adam Neumann is back in the shared economy business with an investment in GoTo Global

Adam Neumann, the controversial co-founder and former CEO of WeWork, has taken a 33% equity stake in GoTo Global, a shared mobility company that operates in Israel and Malta and aims to expand into Europe later this year. Neumann’s family office, 166 2nd Financial Services, invested $10 million into GoTo […]

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WeWork’s chairman says it expects to have positive cash flow in 2021

After aggressive cost-cutting measures, including mass layoffs and selling several of its businesses, WeWork’s chairman expects the company to have positive cash flow in 2021. Marcelo Claure, who became WeWork’s chairman after co-founder Adam Neumann resigned as chief executive officer last fall, told the Financial Times that the co-working space […]

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WeWork co-founder Adam Neumann accuses SoftBank of abusing its power in new lawsuit

WeWork co-founder Adam Neumann accused SoftBank Group of abusing its power in a new lawsuit filed Monday that alleges breach of contract and breach of fiduciary duty for pulling a $3 billion tender offer for WeWork shares. The lawsuit, filed in Delaware Court of Chancery, included a motion to consolidate […]

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SoftBank expects $24 billion in losses from Vision Fund, WeWork and OneWeb investments

The Japanese technology conglomerate SoftBank Group said it would lose a staggering $24 billion on investments made through its Vision Fund and bets on the co-working real estate company WeWork and satellite telecommunications company OneWeb. Ultimately, the company expects the losses to help generate a $7 billion total loss for […]

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OneWeb to file for bankruptcy as effort to secure funding, including from investor SoftBank, falls through

Broadband constellation satellite operator OneWeb will file for bankruptcy protection in the U.S., likely some time Friday, after attempts to secure new funding, including from existing investor SoftBank, fell through, TechCrunch has learned. The Financial Times also reported on the failure of its funding attempt on Friday, based on its […]

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SoftBank reportedly balks at commitment to buy $3B in shares from WeWork shareholders

The Wall Street Journal is reporting that SoftBank Group is using regulatory investigations as a way to back out of its commitment to buy $3 billion in shares from existing WeWork shareholders. WeWork’s spectacular train wreck of an initial public offering was an early harbinger that the good times might […]