- WeWork's two new CEOs told employees that the board had talked with more than 75 sources "regarding potential financing for the company," according to a leaked email seen by Business Insider.
- They did not specify details as to who these 75 sources are or what their interests are.
- The email comes as the CEOs try to bolster morale as employees brace for layoffs...
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- Hudson's Bay, which owns Saks Fifth Avenue, is being taken private by a group of its shareholders.
- The shareholder group, which includes Hudson's Bay Executive Chairman Richard Baker, owns 57% of the Canadian company.
- Hudson's Bay has struggled to adapt to a dramatic shift to online shopping...
Elon Musk Says He's Low on Cash. He Could be Right — and it Shows how Complicated CEO Compensation Has Become.Read Full Article
- Recent filings from a lawsuit against Elon Musk suggest that he testified that he is "financially illiquid," despite an estimated $23.7 billion net worth.
- Top corporate executives like Musk often receive most or even all of their compensation in the form of potentially illiquid stock or options in the companies they lead, rather than in cash...
Microsoft CEO Satya Nadella Made $42.9 Million in its Last Fiscal Year — up 65% From the Year BeforeRead Full Article
- Microsoft CEO Satya Nadella's pay during the company's most recent fiscal year is up 65 percent to $42.9 million.
- A big part of Nadella's higher compensation includes stock awards related to Microsoft's increasing market cap.
- Nadella made 249 times more than the company's median employee in fiscal year 2019....
We Talked to 24 People About the Hedge Fund Wunderkind at Elliott Management who wants to shake up AT&T. Here’s why Management Should Be Terrified.Read Full Article
The latest campaign for Wall Street hedge fund Elliott Management is a big one, taking on well-known American staple AT&T. The man in charge of pushing the massive company to make the changes the $38 billion fund sees fit is 39-year-old Jesse Cohn, billionaire Paul Singer's right-hand man...
WeWork's Board Will Have to Use 'Commercial Pressure' to Force Adam Neumann Out Because he Can't Be Fired, Experts SayRead Full Article
- WeWork's board is considering replacing founder Adam Neumann as CEO amid the company's disastrous attempt to go public.
- There's just one problem: WeWork's board of directors doesn't have the authority to do that.
- Neumann controls the voting power of the company, meaning he controls the company.
- The board will have to pressure him in other ways, governance experts tell Business Insider.
- And Softbank, WeWork's biggest backer, is sure to play a big role in the coming drama...
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- Some board members at coworking startup WeWork aim to push out CEO Adam Neumann, according to a report from the Wall Street Journal.
- The board could meet this week and might discuss Neumann becoming WeWork's nonexecutive chairman, the Journal reported.
- According to the report, it was unclear how all of the company's seven directors — a list that includes Adam Neumann himself — have sided...
Meet WeWork's Board of Directors, a Group of Former Execs Guiding Founder Adam Neumann Through a Flubbed IPORead Full Article
- WeWork is delaying the timeline for its initial public offering plan amid a wave of criticism in recent weeks, including complaints over a deal under which the company paid Neumann $5.9 million for use of the word "We."
- WeWork's board of directors includes former officials at Coach, Goldman Sachs, and Uber, along with top private equity and venture capital executives...
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Helios and Matheson Analytics (HMNY) announced Friday that it will shut down MoviePass on Saturday.
The movie-ticket subscription service along with Moviefone and MoviePass Films, which are all owned by HMNY, will be up for sale, according to a press release...Mentions: MoviePass
WeWork is Debating Whether to Take Power Away From Adam and Rebekah Neumann, its Husband and Wife Cofounders, to get its IPO Back on TrackRead Full Article
- WeWork is mulling whether to reduce CEO Adam Neumann's power to make its planned public offering more attractive to potential investors, The Financial Times reported.
- The company and its advisors are considering whether to reduce Neumann's voting power from the 20 votes per share that he has now.
- It's also debating whether to remove his wife, Rebekah Neumann, from her role in naming a successor to her husband if he dies or becomes debilitated...
The lawsuit Against Oracle's Larry Ellison and Safra Catz lists Some Eye-Popping Allegations Behind the $9.3 Billion NetSuite DealRead Full Article
- Oracle is in the middle of an interesting lawsuit in which its own board committee has given approval for a shareholder-initiated lawsuit to proceed on behalf of the company against its chairman Larry Ellison, CEO Safra Catz and other board members.
- The suit alleges that Oracle's directors greatly overpaid when they crafted a deal to buy NetSuite for $9.3 billion in 2016.
- NetSuite is a company that Ellison cofounded and controlled with about a 40% stake...
WeWork Reportedly Hired the Parents of a High-Ranking Exec as Real Estate Brokers, Among Other Potential Conflicts of InterestRead Full Article
- WeWork, in its public offering documents, disclosed a slew of related-party transactions involving CEO Adam Neumann, his wife, and various family members.
- But the company didn't disclose a collection of deals involving the family members of other company officials, according to a report in the Wall Street Journal...
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Cloudflare, a security startup that protects websites from attacks and helps pages load quickly, set a price range for its upcoming IPO, which could value the San Francisco company as high as $3.5 billion...
Peloton Insiders will have 20 Votes Per Share — Twice as Many as Those at Other Startups — But CEO John Foley may not Wield all the Power after the IPORead Full Article
- Like many startups that have gone public recently, Peloton will have a stock structure that gives extra votes to certain insiders.
- Many companies with such arrangements give insiders 10 votes per share, but Peloton CEO John Foley and some early investors in the fitness firm will get 20 votes per share.
- At least as things stand now, Foley wouldn't have majority control by himself, because he's not the biggest holder of super-voting shares...
Amazon's Infamous 1997 Letter to Shareholders was Reportedly Co-Written by the Company's First CFO, Joy CoveyRead Full Article
- In 1997, Amazon issued its first letter to shareholders. It has since become infamous in the tech industry, and core to Amazon's origin story.
- It laid out Amazon's long-term goals, and stressed to investors the importance of focusing on long-term value over short-term returns — a strategy since adopted by many major internet companies, from Uber to WeWork.
- The letter is signed by Amazon CEO Jeff Bezos, and has always been attributed to him...
The CEO of a $600 Million Startup Blasted Silicon Valley's Culture of Delaying IPOs, likening it to a College Victory Lap Paid for by VCsRead Full Article
- Better.com CEO Vishal Garg told Business Insider he'd like his rapidly growing mortgage-tech company, which just closed its Series C, to tap the public markets in two to three years.
- He criticized the trend among startups of delaying an IPO in favor of basking in the private markets, likening it to a college victory lap that stunts maturation.
- "It'd be kind of like staying in college six years rather than four years. It's a lot more fun. Nobody's watching...
Oracle is Suing Larry Ellison and Safra Catz Over The $9 Billion NetSuite Deal, Thanks to Letter Written by Three Oracle Board MembersRead Full Article
- A three-member committee of Oracle's board has written an extraordinary letter to a Delaware court.
- The letter, dated August 15, grants permission for a shareholder-initiated lawsuit to proceed against Oracle founder and chairman Larry Ellison, as well as one of Oracle's co-CEOs, Safra Catz.
- This is a "derivative lawsuit" meaning it was filed on behalf the company against the directors...
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Adam Neumann, the billionaire Israeli businessman and founder of WeWork, didn't take a salary in 2018, the company said Wednesday...
- WeWork's CEO was paid nothing in 2018, the company said in its initial public offering filing on Wednesday.
- Adam Neumann is worth an estimated $4.1 billion after founding the company a decade ago.
- WeWork, the $47 billion co-working company, is going public. Here's everything we know about what's going on.
Top Oracle Execs Larry Ellison, Mark Hurd and Safra Catz Failed to Earn all of Their Annual Bonuses this YearRead Full Article
- For the second year in a row, Oracle's board has told investors that its trio of top execs — CEO Safra Catz, fellow CEO Mark Hurd, and CTO Larry Ellison — won't be getting their all of their bonuses.
- The company says they didn't meet the business objectives, including specific cloud computing revenue targets.
- And for the second year in a row, this loss of bonuses is a bit of a red herring...
Capital One says it was hit with Data Breach, Affecting Tens of Millions of Credit Card ApplicationsRead Full Article
Mentions: Capital One
- Capital One says it was hit with a data breach, affecting an estimated 100 million US individuals and approximately 6 million in Canada.
- Paige A. Thompson, a former software engineer, was arrested Monday by FBI in Seattle.
- She appeared in court and was charged with a single count of computer fraud and abuse, which carries a sentence of up to five years in prison and a $250,000 fine...
The SEC is Scrutinizing Whether Mutual Funds Need to Shed More Light on stakes in unicorns like WeWork and Airbnb — and it could mean more protections for mom-and-pop investorsRead Full Article
- The SEC is stepping up scrutiny of mutual funds that hold investments in private companies, according to three people with knowledge of the agency's discussions.
- Officials have reached out to mutual fund managers and others, asking for input into whether the regulator is doing enough to protect retail investors from the risk that comes from allowing mutual funds to invest in private companies, the people said...
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The agreement Facebook struck with the Federal Trade Commission this week to end the agency’s investigation into its alleged privacy violations was a good deal for the company. Facebook can easily afford the $5 billion penalty, and the FTC could have legitimately assessed it a much higher fine. The supposed restrictions in the agreement on its business are fairly meaningless – they generally don’t limit its ability to collect personal data from consumers...Mentions: Mark Zuckerberg
Uber Just Lost 2 Board Members, Including Ariana Huffington, an Ally of Ousted Founder Travis KalanickRead Full Article
- Ariana Huffington and Matt Cohler have resigned from Uber's board of directors, the company said Wednesday.
- Huffington joined the board in 2016 at the request of the ousted founder Travis Kalanick.
- Their departures were not acrimonious, the company said.
- Visit Business Insider's homepage for more stories.
Ariana Huffington and Matt Cohler are leaving Uber's board of directors effective immediately, the company said Wednesday...
Facebook Just Got Clobbered With a Record $5 Billion Penalty Over the Cambridge Analytica Data BreachRead Full Article
- The Federal Trade Commission just slammed Facebook with a record $5 billion penalty over its handling of user data following the giant Cambridge Analytica breach last year.
- Facebook said last month that it had set aside $3 billion to $5 billion for the settlement...