Nov 8, 2023
If more people follow their superpowers - and everyone has one - then we're going to be better as a society. - Adam Neumann
Office sharing company WeWork filed for Chapter 11 bankruptcy protection in New Jersey federal court Monday. Once valued at over $47 billion in 2019, the company listed $19 billion of liabilities and $15 billion of assets in its filing. It’s rumored that the company is working with longtime backer SoftBank and other creditors to slash more than $3billion in debt.
WeWork has never been a conventional business and the downfall is revealing of both venture capital excess and the precarious state of real estate markets. The bankruptcy will surely impact every corner of the company and, although it doesn’t come without risks, there will certainly be investors that profit off the proceedings.
Exports from China fell 6.4% in October compared with a year earlier and mark the sixth straight month of declines. The tumble was much bigger than the 3.5% declines anticipated by experts and higher than the declines from September. Policy makers will likely need to stay supportive for continued growth as recent signals from business surveys indicate that factor orders are slowing and service activities are grinding to a halt.
Diminishing exports show global demand for Chinese goods is subdued as consumers and businesses contend with slowing growth and higher borrowing costs. For China, the weakness means that the country will need to rely on domestic sources to continue its growth and doing so might be a challenge: real estate turmoil is hurting consumer spending, a trend that won’t change in the coming quarters.
Black Ore, a startup building artificial intelligence tools for the financial services industry, is emerging from stealth with a $60 million funding round, with backing from Andreessen Horowitz (a16z) and others. Founded by Eyal Shinar and Pavel Kapovski, Black Ore aims to help streamline tasks for accountants and other financial services professionals. Alongside the fundraise, the company launched its first product, called Tax Autopilot.
“CPAs know AI can significantly increase efficiency and enable more strategic revenue-generating work,” said Shinar, the company’s chief executive officer. “However, we know that firms have for years seen technology providers fall short of their promises of innovation and greater efficiency.” (Bloomberg)
Andreessen Horowitz LSV Fund II, LP is a series B preferred shareholder in Titan Global Capital Management, Inc.
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