- Fraud prevention startup NS8 implodes as SEC investigates them for.... fraud
- Memo to Robinhood traders: "Bankruptcy" usually means the equity gets wiped out
- Thematic next-wave portfolio constructor Motif goes bust
- Siri: What is a "Unicorn circle jerk"?
- AirBnB Pivots to "Virtual Experiences", Lands $1 Billion Down Round
As per Bloomberg: WeWork desperately scrambles to salvage an IPO being spurned by the investing public by floating a “governance shakeup” although any reforms would still leave Neumann with total control over what happens because of the share structure. Also, the article opines that nobody is sure what governance changes remain to be made, given that
“The company already has taken some steps, such as adding a woman to its board and having Neumann return $5.9 million of partnership interests initially granted to him as compensation for trademarks used in a rebranding”WeWork already added a woman to the Board”
The money Neumann returned to the corporate cofferrs pencils out less than 1% of the over $700 million he’s already cashed out of the company in myriad forms of compensation and loans.