Wework likely to postpone listing to 2020 after chief executive steps down September 25, 2019 Wework is reportedly likely to postpone its initial public offering (IPO) until next year after chief executive Adam Neumann stepped down yesterday. Bloomberg reports that the office sharing company is likely to delay its float until 2020, but said nothing had yet been finalised. Read more: Wework chief executive Adam Neumann steps down following botched [...]
Wework chief executive Adam Neumann steps down following botched listing September 24, 2019 Wework co-founder Adam Neumann is stepping down as chief executive of the shared office business with immediate effect, in the wake of its botched initial public offering (IPO). Neumann had come under pressure from investors unhappy at the company’s plunging valuations, its undercooked listing plans and his own erratic behaviour. The company confirmed this evening [...]
Making it online as an artist – and into the metaverse March 7, 2022 It's a difficult ascent to making it as a digital artist on the way to the metaverse, so Kritarth Chhabra and Jakob Seeger made Lemonade.
Softbank ‘mulls $300bn Spac listing’ for Vision Fund May 17, 2021 Softbank is reportedly weighing up a $300bn (£212bn) blank-cheque deal to take its tech-focused Vision Fund public. The Japanese conglomerate is said to be discussing plans to raise capital through a special purpose acquisition company (Spac) deal on the Amsterdam stock exchange later this year. It is planning to seek around €250bn from the listing, [...]
We burn cash: deciphering the WeWork IPO filing August 15, 2019 It burns through boats loads of cash, no one knows if it will ever make money and it’s going to be snapped up by millennials with their Robinhood accounts – WeWork is perfect IPO material in 2019. The last funding round valued the company around $47bn, but this looks lofty. 2019 has been hit-and-miss for [...]
Softbank Vision Fund dealt another blow with boardroom exodus November 2, 2020 After a year of hefty losses, Softbank is now dealing with an exodus of executives at its $100bn Vision Fund. The Japanese conglomerate plunged to its worst ever annual performance in March after recording a huge $18bn loss for the Vision Fund. It bounced back in August after strong performances by its tech investments. Softbank [...]
Softbank executive suggests Wework should stay private until it can ‘demonstrate cash flow’ October 8, 2019 The tech world has been rocked by a string of disappointing or cancelled IPOs this year, as companies failed to convert huge private valuations into success on public exchanges. One Softbank executive has suggested a novel solution: firms should wait until they can demonstrate suitable levels of cash flow before listing publicly. Asked about the [...]
Elizabeth Holmes and the perils of the Silicon Valley culture of hubris December 17, 2021 First hubris, then nemesis. There are few stories more compelling. Icarus flies too close to the sun and falls to earth. Richard III, “determined to prove a villain” in Shakespeare’s telling, overthrows his brother, kills his nephews and dies on Bosworth Field. When Milton’s Satan rebels against God, even in failure he is unrepentant. No [...]
Wework rival Knotel secures unicorn status with $400m funding August 21, 2019 Knotel, the flexible workspace rival to Wework, today said it has achieved “unicorn” status after securing a fresh round of funding worth $400m (£329m). The New York-based startup bagged the bumper cash injection in a round led by Wafra, the investment arm of Kuwait’s sovereign wealth fund. Read more: Wework lost $700m in first half, [...]
Klarna to buck pandemic trend and take on more UK office space May 3, 2021 Klarna plans to take on more office space as part of a push to double its British workforce and launch more banking products. The buy now pay later firm will take new headquarters in an 11,000 sq ft WeWork office in Holborn and expand its existing space in Manchester. The firm is also looking at [...]