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WeWork founder threatens to sue after Softbank scraps rescue deal

Adam Neumann had been lined up to sell $970m of his own shares to Japanese investorWeWork’s founder and former chief executive, Adam Neumann, has threatened to sue SoftBank, the office space company’s biggest investor, after it pulled out of deal to buy $3bn (£2.4bn) of WeWork shares – including almost $1bn from Neumann himself.SoftBank, which is run by the Japanese billionaire Masayoshi Son, announced on Thursday that it was terminating a $3bn share tender rescue deal hammered out last October ...
Tags: Business, Softbank, World news, US news, Mergers and Acquisitions, WeWork, Neumann, Adam Neumann, Masayoshi Son


Coronavirus is clobbering the real estate industry. From a frenzy of flex-office layoffs to iBuyers pressing pause, here's everything you need to know.

Offices, hotels, and malls have been emptied by the coronavirus, which could lead to more than 18 months of disruption in our day-to-day lives.  The crisis has hit venture-backed real estate startups hard, with flex-space providers like Knotel and Convene, short-term rental operators like Sonder and Zeus Living, and brokerage Compass all announcing layoffs and furloughs. It has also provided the largest experiment ever in remote work. Some real estate experts think that it might be a paradigm ...
Tags: Texas, Softbank, Trends, Brookfield, Airbnb, WeWork, Zillow, Sonder, Knotel


A NYSE exec lays out data showing why the exchange is committed to reopening floor trading even as Wall Street adapts to remote work

Michael Blaugrund, NYSE's chief operating officer, told Business Insider the exchange is fully committed to reopening its trading floor as soon as it believes it's safe to do so. Some market participants have questioned why exchanges' trading floors would reopen if the markets can continue to operate without issues. Blaugrund said that while NYSE has transitioned seamlessly to an all-electronic environment, there has been a higher level of price dislocation as a result of not having a physical...
Tags: New York, Trends, Ubs, WeWork, New York Stock Exchange, Cnbc, Nyse, CME, CBOE, Refinitiv, Michael Blaugrund, Vlad Khandros, Business Insider the exchange, Blaugrund


SoftBank confirms abandoning its plan to buy $3 billion worth of WeWork shares, citing 'significant' criminal and civil investigations

SoftBank confirmed on Thursday it will back away from a $3 billion tender offer to WeWork shareholders. SoftBank said it would be "irresponsible" to continue with the deal, citing multiple, significant criminal and civil investigations into WeWork and its finances among other factors. The deal would have profited ex-CEO Adam Neumann to the tune of almost $1 billion. Visit Business Insider's homepage for more stories. SoftBank has confirmed it won't go ahead with a $3 billion deal to buy WeWor...
Tags: Asia, New York, China, Softbank, Trends, WeWork, Louisiana, Reuters, Neumann, Townsend, Adam Neumann, Special Committee, Business Insider SoftBank, Bruce Dunlevie, Lew Frankfort, Rob Townsend


SoftBank terminates $3BN tender offer for WeWork shares

SoftBank Group has pulled a $3 billion tender offer for WeWork shares — citing closing conditions not being met. The investment behemoth had been rumoured to be , when the WSJ reported last month that it was using regulatory investigations as a way to back out of its commitment to buy $3BN in shares from existing WeWork shareholders. Under the terms of the share buyback deal negotiated last year, WeWork founder Adam Neumann had been set to receive almost $1BN for his shares in the co-work...
Tags: Fundings & Exits, Asia, Europe, Japan, Real Estate, Milan, China, India, Softbank, US, Tech, Mta, WeWork, Madrid, Meetup, WSJ


10 things in tech you need to know today

Good morning! This is the tech news you need to know this Thursday. SoftBank is backing out of its plan to buy $3 billion of WeWork shares, including nearly $1 billion from former CEO Adam Neumann. A special committee of WeWork's board has threatened to take legal action against SoftBank. YouTube is planning to launch an in-app rival to viral video-sharing app TikTok before the end of 2020. The feature, called "Shorts," will live as a feed inside the existing YouTube mobile app, meaning users ...
Tags: Apple, Google, Amazon, Europe, California, Softbank, Trends, Philippines, Sprint, Beverly Hills, University of Pennsylvania, Minecraft, WeWork, Jeff Bezos, Detroit, Financial Times


SoftBank is backing out of its plan to buy $3 billion worth of WeWork shares, including nearly $1 billion from former CEO Adam Neumann

SoftBank is abandoning its plan to buy $3 billion worth of WeWork shares from other investors and employees, including some $970 million worth from the company cofounder Adam Neumann. The move most likely means WeWork itself won't be able to tap into a $1.1 billion credit line from SoftBank. The share-purchase effort and credit line were part of the WeWork rescue package SoftBank announced last fall. WeWork still has access to most of the financing SoftBank promised under that plan. A special ...
Tags: Elon Musk, New York, Softbank, Trends, Goldman Sachs, WeWork, Wall Street Journal, Justice Department, Securities And Exchange Commission, Neumann, Frankfort, Adam Neumann, Troy Wolverton, Claure, Marcelo Claure, Special Committee


SoftBank is backing out of its plan to buy $3 billion of WeWork shares, including nearly $1 billion from former CEO Adam Neumann

SoftBank is abandoning its plan to buy $3 billion worth of WeWork shares from other investors and employees, including some $970 million worth from company cofounder Adam Neumann, according to person with direct knowledge of the matter. The move likely means WeWork itself won't be able to tap into a $1.1 billion credit line from SoftBank. The share purchase effort and credit line were part of the WeWork rescue package SoftBank announced last fall; WeWork still has access to most of the financi...
Tags: New York, Softbank, Trends, Bloomberg, Beverly Hills, Goldman Sachs, WeWork, Jeff Bezos, Wall Street Journal, Justice Department, Securities And Exchange Commission, Adam Neumann, Troy Wolverton, Bloomberg SoftBank, Bruce Dunlevie, Neumann WeWork


'We are not going to go back': Tradeweb's CEO explains why working from home is a game changer for the $1 trillion-a-day marketplace

Lee Olesky, cofounder and CEO of electronic-marketplace operator Tradeweb, said having the vast majority of employees work remotely is a "fundamental game changer." "We are going to be in a new environment, and we now know we can function in many businesses — not all for sure — but in many businesses remotely," Olesky told Greenwich Associates' Kevin McPartland on a webinar on Friday. Tradeweb, which runs markets for over 40 products across the globe in rates, bonds, and exchange-traded funds,...
Tags: Asia, Europe, US, Trends, Ubs, WeWork, Nyse, Greenwich Associates, Kevin McPartland, Tradeweb, Lee Olesky, Olesky, Kevin McPartland Olesky


18 top public relations experts CEOs scramble to hire in a crisis

Companies and high-profile people always seem to be facing new crises, whether due to activist investors, #MeToo issues, bankruptcies, or now, the coronavirus. Bad news travels fast, and employees and consumers demand more of companies and public figures, who in turn call on experts to control the damage. These 18 crisis PR executives identified by Business Insider handled the most cases and most controversial assignments of the past year. They're the people sought out by CEOs and high-profile...
Tags: UK, New York, London, California, Glenn Beck, White House, US, Trends, General Motors, Adidas, Bloomberg, Intel, Hillary Clinton, New York Times, Barclays, Bill Clinton


Hio wants to put networking events back on your remote-only calendars

The Center for Disease Control (CDC) guidelines and the COVID-19 pandemic has surged event cancellations across the country. Tech workforces have found ways to stay productive: back-to-back Zoom calls, work-from-home happy hours and more Twitter threads than anyone asked for. But Jason Craparo, the founder of events platform Hio, wants to put organic, face-to-face networking back on your calendar — in a socially distant, yet compliant, way. Today, Hio launched a virtual lounge and a Network Now ...
Tags: Startups, TC, Tech, Remote Work, San Diego, WeWork, Bumble, Meetup, Eventbrite, Babson, Center for Disease Control CDC, New York Tech Meetup, Event Management, Juma Ventures, Sonic Drive Ins, Hio


Wall Street's disaster playbook never included work-from-home trading. Insiders explain how banks rapidly adjusted during one of the most chaotic markets in history.

Much of Wall Street's trading force is now working from home. But trading remotely comes with disadvantages.  "Trading from home has never been done," a trading at exec at one of the biggest banks told Business Insider, referring to the company's business continuity plans. "It was not part of our playbook." Many large banks have replicated a trader's office setup in their living room, including computers, monitors, Bloomberg terminal access, phones, and direct access to the bank's systems.  Ci...
Tags: New York, London, New York City, Trends, Bloomberg, UPS, Cftc, Citigroup, Vpn, Goldman Sachs, WeWork, Business Insider, Citi, JPMorgan Chase, Tim Carmody, IPC


10 things in tech you need to know today

Good morning! This is the tech news you need to know this Wednesday. Apple has acquired the weather app Dark Sky, and will shut down the Android version. Dark Sky's creators initially pitched the app on Kickstarter and raised just shy of $40,000 to build it. Palantir is reportedly providing software to help the CDC track the coronavirus pandemic. Palantir's software uses data from hospitals and public health agencies — such as test results, bed capacity, and ventilator supply — to give the CDC...
Tags: Apple, Amazon, UK, Yahoo, California, Cdc, Softbank, New York City, US, Trends, Bloomberg, Netflix, Xerox, Beverly Hills, WeWork, Jeff Bezos


The coronavirus is a 'watershed moment' for how people want to get paid, according to 4 wage-advance startups that raised hundreds of millions from top VCs

Demand for same-day pay has gone up amid the coronavirus pandemic, which has led to record jobless claims in the US. In recent years, startups like DailyPay and Earnin have cropped up offering earned wage access, which is the ability for workers to draw on their earned pay between paychecks. While these startups are seeing a decline in the number of hours worked across their user bases, they're seeing a surge in demand for their product. The startups expect that the financial stress caused by ...
Tags: UK, Softbank, US, Trends, Walmart, WeWork, Andreessen Horowitz, Federal Reserve, Shah, Mullen, Wendy, Morris, QSR, Palaniappan, Schlossberg, Jon Schlossberg


4 startups that have collectively raised $300 million explain how the coronavirus is a 'watershed moment' for instant paycheck cashouts

Demand for same-day pay has gone up amid the coronavirus pandemic, which has led to record jobless claims in the US. In recent years, startups like DailyPay and Earnin have cropped up offering earned wage access, which is the ability for workers to draw on their earned pay between paychecks. While these startups are seeing a decline in the number of hours worked across their user bases, they're seeing a surge in demand for their product. The startups expect that the financial stress caused by ...
Tags: UK, Softbank, US, Trends, Walmart, WeWork, Andreessen Horowitz, Federal Reserve, Shah, Mullen, Wendy, Morris, QSR, Palaniappan, Schlossberg, Jon Schlossberg


WeWork sells off social network Meetup to AlleyCorp and other investors

Meetup, the social networking platform designed to connect people in person, is being spun out from shared office space provider WeWork, the company confirmed on Monday. The site is being sold to AlleyCorp and other private investors for an undisclosed sum, but one that’s reportedly far less than the $156 million acquisition price WeWork paid for the social network back in 2017. Fortune (paywalled) was first to break the news of Meetup’s sale. The company has also now put out a press release ...
Tags: Social, TC, Tech, M&a, WeWork, Facebook Groups, Meetup, Looker, Ryan, David Siegel, Alleycorp, Coronavirus, COVID-19, Kevin Ryan s AlleyCorp, Adobe Google Microsoft, IBM Twitter


WeWork sells social network Meetup to AlleyCorp, private investors

Social media platform Meetup said on Monday that shared-office operator WeWork had sold the company to a group of investors led by AlleyCorp, which funds companies in New York.
Tags: Money, businessNews, WeWork, Meetup, Alleycorp


Columbia's head of MBA career services shares her advice for students worried about jobs — and highlights how the 2008 financial crisis created opportunities to transform industries

The coronavirus will have some impact on MBA recruiting for internships and full-time jobs, but it's still too early to know exactly how the job market will shape up.  Business Insider spoke to Regina Resnick, senior associate dean at Columbia Business School and senior managing director of the career management center, about how the school is counseling students.  Resnick said that the career center has two pieces of advice for students dealing with the ambiguity: take control of what you can...
Tags: Texas, Trends, WeWork, Columbia, Jon Stein, JLL, Columbia Business School, Resnick, Daniel Webber, Business Insider Students, Regina Resnick


An unprecedented wave of layoffs, what you need to know about the stimulus bill, and what comes next

Hello! This was the week that the economic toll of the coronavirus pandemic really became clear. On Thursday, the Labor Department revealed that around 3.3 million Americans filed for unemployment benefits in the week ending March 21, a record high. As Joseph Zeballos-Roig reported, the true unemployment number is likely much higher.  The scale and speed of the surge in unemployment is striking. For many in corporate America, the dramatic turn of events has meant layoffs via virtual meeting. He...
Tags: Amazon, UK, Texas, Softbank, US, America, Trends, Tesla, Yale, Brookfield, Silicon Valley, Airbnb, Norway, Halliburton, WeWork, Andreessen Horowitz


$1.5 billion ZipRecruiter just laid off hundreds only days after the CEO said the economy was headed for a steep increase in hiring after the end of the coronavirus

Online job-hub company ZipRecruiter laid off 443 employees and furloughed dozens on Friday, days after the CEO said the business was safe, said two employees who attended the meeting.  The cuts hit across departments, including engineering and about two-thirds of the enterprise team, which works with big clients.  ZipRecruiter last raised $156 million in an October 2018 Series B funding round led by Wellington Management and IVP that valued the company at $1.5 billion.  Visit BI Prime for more...
Tags: UK, La, Israel, US, Trends, WeWork, Andreessen Horowitz, IVP, Signal, Business Insider, Santa Monica California, SIEGEL, US Canada, Wellington Management, ZipRecruiter, Ian Siegel


$1.5 billion ZipRecruiter just laid off hundreds only days after the CEO told employees the business wasn't impacted by the coronavirus

Online job-hub company ZipRecruiter laid off 443 employees and furloughed dozens on Friday, just a few days after the CEO said in an all-hands meeting that the company was on track to hit its second-quarter revenue goals and wouldn't be affected by the coronavirus.  The cuts hit across departments, including engineering and about two-thirds of the enterprise team, which works with big clients. Executives impacted included the chief marketing officer. ZipRecruiter last raised $156 million in an...
Tags: UK, La, Israel, US, Trends, WeWork, Andreessen Horowitz, IVP, Signal, Santa Monica California, SIEGEL, US Canada, Wellington Management, ZipRecruiter, Ian Siegel, Knotel


Flex-space unicorn Knotel just laid off 30% of workers and furloughed another 20% as the coronavirus cripples a once buzzy industry

Knotel just laid off 127 employees and furloughed 68, a company spokeswoman said.  The company raised $400 million in August at a $1 billion valuation. The coronavirus is hitting real estate hard as offices across the country temporarily shutter and tenants struggle to pay rent. Visit Business Insider's homepage for more stories. Knotel is the latest flexible-space company hit by layoffs, Business Insider has learned. The company laid off 127 employees — 30% of its workforce — and furloughed ...
Tags: Japan, New York, London, US, Trends, Brookfield, Airbnb, WeWork, Kuwait, Signal, Amol Sarva, Don, Audrey Gelman, Knotel, Wafra, Mori Trust Itochu Corp


Visa and Mastercard are delaying fee increases that would have cut into stretched businesses' margins during the pandemic

Visa and Mastercard are postponing planned changes to their fee structures due to the coronavirus pandemic. The changes to their interchange fees would have increased fees to some businesses at a time of unprecedented financial uncertainty. The changes were due to come into affect in mid-April, but have now been put on ice. Visa and Mastercard are postponing planned changes to their fees that would have hiked rates on some businesses and payment processors in the middle of the coronavirus pan...
Tags: Trends, American Express, WeWork, Signal, Mastercard, William Stickney, Will Tsang


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 own separate sources. The company will be laying off most of its staff, with a team remaining in place to continue to operate its existing satellites in sp...
Tags: TC, Space, Softbank, Tech, Bloomberg, Broadband, United States, Telecommunications, Satellites, WeWork, Aerospace, Financial Times, SoftBank Group, OneWeb, The Financial Times


Not all entrepreneurs are 30-year-old guys

Barbara Sprenger Contributor Share on Twitter Barbara Sprenger does double duty as CEO of The Satellite Centers, a network of flexible workspaces, and Satellite DeskWorks, cloud-based software to manage co-work spaces, executive suites and corporate flexible space. All co-working isn’t WeWork . And not all entrepreneurs are 30-year-old guys. I know this well, having built my first startup in the mid-1980s after a potential e...
Tags: Startups, Column, Real Estate, Tech, Diversity, SaaS, WeWork, Co-working, Masayoshi Son, PROPtech, Barbara Sprenger


UBS's global head of market structure says coronavirus shutdowns at iconic venues like NYSE are causing clients to rethink the future of floor trading

Vlad Khandros, the global head of market structure and liquidity strategy at UBS, said some of the Swiss bank's clients were questioning whether exchanges' physical trading floors should reopen. The New York Stock Exchange, along with Chicago trading pits run by Cboe Markets and CME Group, temporarily closed in recent weeks as a result of the spread of the novel coronavirus.  Khandros said the US equities market has largely worked fine despite NYSE's trading-floor closure. Options trading may ...
Tags: US, Trends, Chicago, Ubs, WeWork, New York Stock Exchange, Nyse, JLL, Refinitiv, Vlad Khandros, Khandros, Cboe Markets and CME Group


Companies make hundreds of billions of dollars selling your data — and there's one app that actually lets you enjoy a slice of the profits

Killi wants to give its users control of their data that's collected and sold to companies — and have them get paid for it, too. The app collects data from its users and sells it to companies, then splits the profits 50/50 with those users. "The way in which people are collecting data and storing data is really under pressure," said Neil Sweeney, founder and CEO of Killi. Data privacy is top of mind for consumers and governments, which have been rolling out legislation like the EU's GDPR and t...
Tags: Apple, Google, Amazon, Facebook, Nordstrom, Congress, California, US, Trends, Eu, European Union, Paypal, WeWork, Pew Research Center, Sephora, Gdpr


As coronavirus boosts demand for food delivery, Grubhub and JPMorgan have been working together to let drivers instantly cash out. It's a sign of how JPMorgan is using new payments tech to grow transaction banking.

Grubhub has been offering a new service in partnership with JPMorgan that allows their drivers to almost instantly cash out their earnings.  The service is similar to that offered by Grubhub competitors like Postmates, Door Dash and Uber Eats, but drivers get unlimited cash outs and, if they have a Chase account, avoid fees.  Before the food delivery companies started offering these types of services, gig-economy workers had to wait until their weekly payday to receive their earnings. Now, man...
Tags: Uber, Trends, Paypal, Chicago, Chase, Ferguson, Berkshire Hathaway, Goldman Sachs, WeWork, Postmates, Citi, Jpmorgan, JPMorgan Chase, Cao, GrubHub, Eric Ferguson


Would you go to the office for $100-a-day bonus? That's WeWork's offer to some employees during coronavirus pandemic.

WeWork is offering a $100-a-day bonus to certain employees to keep its offices running in the U.S. and Canada during the coronavirus pandemic.         [Author: USA TODAY]
Tags: Usa, News, Canada, WeWork, Usa Today


TripActions, the $4 billion Andreessen Horowitz-backed corporate travel startup, just laid off 350 employees as the travel industry grinds to a halt

TripActions, the corporate travel startup backed by Andreessen Horowitz's massive $2.2 billion growth fund, laid off 350 employees across business divisions on Tuesday, Business Insider has learned. The company had over 1,000 employees prior to the cuts, according to startup database PitchBook, which would mean that the layoffs affected roughly a third of its workforce. The startup was valued at $4 billion after the Andreessen-led funding round in June and took on a $500 million in debt financ...
Tags: Google, Softbank, Trends, Andreessen, Silicon Valley, WeWork, Andreessen Horowitz, Signal, Watch Google