FT News Briefing WeWork 2.0?
Aug 17, 2022
Amazon is in a heated battle with the FTC, accusing the agency of harassment over an antitrust investigation. Meanwhile, hedge fund Elliott Management has largely divested from SoftBank, signaling investor unease. In a twist, Adam Neumann, the controversial figure behind WeWork, is back in the spotlight with a new real estate venture called Flow, backed by Silicon Valley investors. Will he succeed this time? The discussion highlights the intersection of regulation and innovation in the tech world.
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Amazon vs. FTC
- Amazon accuses the FTC of harassing top executives, including Jeff Bezos and Andy Jassy, amidst an antitrust investigation.
- The FTC's aggressive tactics, led by Lina Khan, involve direct subpoenas and limited response timeframes.
SoftBank's Struggles
- SoftBank, facing record losses and declining shares, sees hedge fund Elliott Management divest almost entirely.
- Elliott's move reflects growing frustration with SoftBank's investment strategy under Masayoshi Son.
Neumann's New Venture
- Adam Neumann, WeWork's founder, secured $350 million from Andreessen Horowitz for his new real estate venture, Flow.
- This investment follows Neumann's controversial WeWork exit and raises questions due to Flow's unclear business model.