🏢 Is WeWork About To Change Owners?

Good morning. US stock futures fell in Friday morning trading as investors digested the latest round of earnings reports.

🏦 Former CEO moves to buy back company

📝 Our report: Adam Neumann, the mastermind behind WeWork, is back at it, trying to snatch back his brainchild, even as the company seeks hundreds of millions of dollars to emerge from bankruptcy and avoid a sale according to reports from the Financial Times (FT). Reports stated that Neumann had submitted a bid of more than $500 million to buy back WeWork.

 🔑 Key points:

• The shared office space provider was running short of cash and needed as much as $400 million in fresh funding to have a chance of emerging viably, FT said, citing two people familiar with the matter.

• Alex Spiro, an attorney for Neumann's real estate firm Flow told FT that the company and its financial partners were prepared to beat any other offer that WeWork has received by 10%.

• The SoftBank-backed company said earlier this month that it aims to emerge from Chapter 11 bankruptcy in the U.S. and Canada by May 31 and had negotiated more than $8 billion, or over 40%, reduction in rent commitments from landlords.

💡 So what: Adam Neumann attempting to buy back WeWork could have significant implications for the company. If successful, it could lead to a change in leadership and strategic direction. However, it also depends on whether Neumann can secure the necessary funding and if his vision aligns with the company's current goals. This move could either stabilize WeWork or further complicate its already tumultuous situation.

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🎵 EU grills TikTok over TikTok Lite

WHAT: The European Commission has given ByteDance's TikTok a 24-hour ultimatum to whip up a risk assessment for its latest creation, TikTok Lite, which just hit France and Spain. Apparently, they're worried about its effect on kids and users' mental health. The move by EU industry chief Thierry Breton under EU tech rules known as the Digital Services Act (DSA) comes two months after he opened an investigation into TikTok over possible breaches of the law.

WHY: TikTok Lite, aimed at users aged 18+, has a "Reward Program" that allows them to earn points while performing certain tasks on the platform such as watching videos, liking content, following creators or inviting friends to join.

🤖 Meta launches AI assistant across product family

WHAT: Meta unveiled its latest creation, Meta AI, a free artificial intelligence assistant set to conquer the realms of WhatsApp, Instagram, Facebook, and Messenger. The AI tool is Meta’s competitor to OpenAI’s ChatGPT and Google Gemini but, in a unique twist, Meta has also partnered with Google and Microsoft to provide results from both companies’ search engines.

WHY: Meta first introduced Meta AI in beta at its Connect event in September. The assistant is rolling out in English across more than a dozen countries including the U.S., Canada, New Zealand and Australia.

🧬 DNA testing company mulls going private

WHAT: 23andMe's CEO, Anne Wojcicki, is pondering a daring move: taking the struggling company private. Wojcicki told board members she is proposing to acquire the company in a potential go-private transaction, less than three years after it went private, according to a filing with the Securities and Exchange Commission.

WHY: 23andMe agreed to go public in 2021 via a merger with a special purpose acquisition company founded by billionaire Virgin Group founder Richard Branson. At the time, it was valued at $3.5 billion. In just a few years, the stock has lost more than 90% of its value as the personalized DNA revolution the company heralded has been slow to catch on.

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