WeWork is finally going public through a SPAC
CNN
It took a lot longer than expected, but WeWork is finally set to go public through a merger with a special purpose acquisition company — and at a huge discount to what the startup was once worth.
WeWork announced Friday morning that is merging with BowX Acquisition, a blank check firm known as a SPAC, in a deal that values the office sharing company at $9 billion. The company was once valued at $47 billion, making it one of the most valuable unicorn startups in the world. But WeWork shelved plans for an initial public offering in 2019 after questions about corporate governance emerged, eventually leading to the ouster of controversial co-founder and CEO Adam Neumann.
After a four-week absence from Washington, first lady Melania Trump returned to the White House on Saturday for an annual dinner and reception with the nation’s governors.
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Police responded to an active shooter incident at a hospital in York, Pennsylvania, on Saturday morning and there is no ongoing threat, officials said.
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The public detente between President Donald Trump and Big Tech titans, forged in the wake of his return to power, has yet to take hold at the country’s annual gathering of his most devoted supporters.
The aid would go toward “immediate and long-term recovery work needed to rebuild lives and properties,” according to the letter.
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