FT News Briefing Tuesday, October 22
Oct 22, 2019
Trudeau's Liberal party is poised for a minority government win in Canada, signaling political shifts. Meanwhile, SoftBank is eyeing a massive $9.5 billion takeover of WeWork. In Israel, Netanyahu is stepping back from coalition talks, opening doors for new leadership. IBM challenges Google's claims on quantum supremacy, stirring the tech debate. Lastly, a $48 billion settlement proposal emerges to tackle the opioid crisis, showcasing the scale of legal battles ahead.
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WeWork's Valuation Drop
- WeWork's valuation plummeted from $47 billion to $8 billion in a proposed rescue package.
- This would significantly reduce co-founder Adam Neumann's stake and control.
SoftBank's WeWork Takeover
- SoftBank's proposal aims to take control from Adam Neumann, WeWork's co-founder.
- Neumann may receive $200 million to cede voting power and chairmanship.
Netanyahu Abandons Coalition
- Israeli Prime Minister Benjamin Netanyahu abandoned his coalition-building efforts.
- President Reuven Rivlin is expected to ask Benny Gantz to attempt forming a government.