Business Developments and Political Shifts in France

Airbnb is being valued at up to $42bn by investors buying indirect stakes ahead of an IPO next year and the US Department of Justice has charged two former Twitter employees with using the platform to spy for the Saudi government. Meanwhile, SoftBank founder Masayoshi Son admits turning a “blind eye” to governance lapses at WeWork, Uber shares hit a new low on Wednesday following the end of the early investors’ lock-up period and Xerox launches a bid to acquire its much larger rival HP for more than $30bn, including debt. Plus, the French government has pledged to “take back control” of its immigration policy. The FT’s Victor Mallet explains why the crackdown is coming now.

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