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Morning Brew Daily
Adam Neumann Buying Back WeWork? & Eli Lilly Worth More than Tesla
Feb 7, 2024
26:53
Snipd AI
Adam Neumann, founder of WeWork, attempts to buy back the bankrupt company. ESPN, Fox, and Warner Bros. plan to launch a new sports streaming service. Eli Lily's stock price rivals Tesla's. Taylor Swift threatens legal action against a college student tracking her jet. The popularity of magic mushrooms is on the rise and Nebraska's state slogan is changed.
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Quick takeaways
- Adam Neumann is attempting to buy back WeWork out of bankruptcy with the help of hedge fund Third Point, but faces obstacles such as lack of support from WeWork and winning over senior creditors.
- Fox Warner Bros. Discovery and Disney are merging their sports content into a single streaming joint venture, reflecting the increasing trend of live sports shifting to streaming platforms.
Deep dives
WeWork Founder Adam Neumann's Attempt to Buy the Company Out of Bankruptcy
WeWork founder Adam Neumann has made a public attempt to buy his former company out of bankruptcy. He sent a letter to WeWork's advisors asking them to consider his takeover approach, with financing help from hedge fund Third Point. While this could potentially lead to one of the most dramatic executive comebacks in business history, there are still significant hurdles to overcome, including the lack of support from WeWork and the need to win over senior creditors.
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