Spac boom falters as regulators ramp up scrutiny April 24, 2022 A global boom in so-called blank-cheque firms has faltered in the first quarter of 2022 as investors grow sceptical of the vehicles and regulators prepare to clampdown on fanciful financial forecasting.
Wework plans to axe up to 4,000 jobs October 23, 2019 Wework is planning to axe up to 4,000 jobs as Softbank launches a turnaround plan after taking control of the business earlier this week. The redundancies will reduce Wework’s global workforce of 14,000 people by just under 30 per cent. Read more: Softbank takes control of Wework Wework is seeking to move its cleaning operation [...]
Wework rival IWG boosts revenue as franchise business expands November 5, 2019 Wework rival IWG boosted revenue in the third quarter as the flexible office space provider built momentum with its expansion plans and international franchise business. IWG reported a 9.4 per cent increase in revenue to £692.3m in the three months to 30 September, driven by the Europe, Middle East and Africa (EMEA) and US markets. [...]
Wework rival IWG sells Swiss business for £94m November 4, 2019 Wework rival IWG has made its latest international divestment with the sale of its Swiss business in a deal worth £94m. IWG has sold its 38 flexible co-working locations in Switzerland to a joint entity owned by private banking group J. Safra Group and real estate investor P. Peress Group. Read more: IWG in talks [...]
Ex-Wework CEO Adam Neumann accused of pregnancy discrimination October 31, 2019 Ousted Wework chief executive Adam Neumann has been accused of discrimination by his former chief of staff, who has said she was belittled at the company for getting pregnant and then ultimately fired when she raised concerns. Read more: Wework could be worth ‘zero,’ says Bill Ackman Medina Bardhi alleged in a filing to the [...]
Softbank seeks control of Wework via financing package October 14, 2019 Softbank is reportedly preparing a financing package for Wework that would give it control over the cash-strapped shared office space company. The package would significantly increase the stake of Softbank, which already owns around a third of Wework, a source familiar with the matter told Reuters. This would further dilute the influence of Wework co-founder [...]
Wework faces US markets regulator inquiry after failed flotation November 16, 2019 The US markets regulator will undertake an inquiry into Wework’s failed attempt to float on the New York Stock Exchange this summer. The office space company will be scrutinised by the Securities and Exchange Commission to determine whether it broke the law as it went ahead with a public listing, reports claim. Read more: Wework [...]
Ebay mulls letting users pay in Bitcoin May 3, 2021 Cryptocurrency is one of the new payment options EBay is exploring for customers, CEO Jamie Lannone has said. In an interview with CNBC, Lannone said the e-commerce firm is also exploring ways to get in to the business of non-fungible tokens (NFTs) – unique tokens stored on blockchain that have recently become popular among those [...]
Wework in talks with T-Mobile boss over chief executive role November 11, 2019 Wework has started a search for a new chief executive following the departure of co-founder Adam Neumann, people familiar with the matter said on Monday, as the US office-sharing start-up seeks to reverse its widening losses. Wework’s current co-chief executives, Artie Minson and Sebastian Gunningham, have only been in place since September, but talks indicated [...]
Wework lays off 2,400 employees in Softbank-led efficiency drive November 21, 2019 Wework today confirmed it will lay off roughly 2,400 employees around the world as the company launches a drastic bid to cut costs and shore up its business. A Wework spokesperson said the cuts were part of the company’s efforts to focus on its core business and “create a more efficient organisation”. Read more: New [...]