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By Dan Primack ·Oct 10, 2018 | ||
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Source: Giphy
The Wall Street Journal last night reported that SoftBank Vision Fund is "in discussions to take a majority stake in WeWork," the co-working space giant in which SoftBank last year acquired a 20% stake for $4.4 billion. Here's what we've learned, per sources familiar:
WeWork co-founder and CEO Adam Neumann originally was amenable to a deal whereby he'd lose at least short-term control of the company, but with the ability to regain control were WeWork to hit certain revenue milestones (e.g. some sort of clawback). Now, however, the talks involve Neumann retaining short-term control, although the ultimate structure could be pretty convoluted.
But no final agreement is signed or very close to being signed, and there may even be talks with other parties or with SoftBank about alternate structures.
SoftBank basically wants to accelerate its "gain market share at all costs" strategy, which has been talked about inside of WeWork since the day SoftBank first invested.
WeWork bonds, which recently hit their lowest mark since early June, are getting a small bump from the report, re-approaching 96 cents on the dollar.
I'm still wondering how the Jamal Khashoggi situation — which intensified last night — would play into WeWork's willingness to give Saudi-backed Vision Fund an even bigger stake.
• Dating docket: Match Group yesterday responded to Sean Rad and the other founders of dating app Tinder, who sued Match and parent company IAC two months ago for allegedly undervaluing Tinder last year, thus depriving them of compensation. In short, Match argued in a new court filing that this is just sour grapes from those who sold their shares too soon and is asking a New York court to dismiss the lawsuit. Go deeper.
🎧 Pro Rata Podcast: Our latest episode focuses on Google's latest user data leak, and why it took so long to disclose. Listen here.
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Ref JUK0 | ED, AI: Welcome to 64th year of linking Japan to Intelligence Flows of Neumann-Einstein-Turing - The Economist's 3 gamechnagers of 1950s .. Norman Macrae, Order 3 of Rising Sun ...Wash DC, Summer 25: Son & Futures co-author Chris.Macrae Linkedin UNwomens) writes: My passion connecting generations of intelligences of Asian and Western youth follows from dad's work and my own Asian privileges starting with work for Unilever Indonesia 1982 - first of 60 Asian data building trips. 3 particular asian miracles fill our valuation system mapping diaries: empowerment of poorest billion women, supercity design, tech often grounded in deepest community goals; human energy, health, livelihood ed, safe & affordable family life integrating transformation to mother earth's clean energy and Einstein's 1905 deep data transformations. All of above exponentially multiply ops and risks as intelligence engineering now plays with 10**18 more tech than when dad's first named article in The Economist Considered Japan 1962 - with all of JFKennedy, Prince Charles & Japan Emperor joining in just as silicon chips, computation machines and satellites changed every way we choose to learn or teach or serve or celebrate each other |
EconomistJapan.com: Help map Neumann's Japan's gifts to humanity since 1945, all Asia Rising 1960+ AND invest in hi-trust millennials' brains now! | ![]() | ||||||
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Jensen Huang Demis Hassabis Yann Lecun. | Bloomberg 45 Cities- Civil Eng Road of Things SAIS 70 nations youth ambassadors of win-win science Deep learning billion year leaps in Einstein 1905 maths e=mcsquared starting with biotech's 250 million proteins. | Emperor Naruhito King Charles Narendra Modi. |
Wednesday, October 10, 2018
from axios news of softbank take over of wework
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