Three Things (11/8)
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
WeBankrupt
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.
Growing pressures
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.
Fintech AI funding
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)
Disclosures:
Andreessen Horowitz LSV Fund II, LP is a series B preferred shareholder in Titan Global Capital Management, Inc.
Cash Management
© Copyright 2024 Titan Global Capital Management USA LLC. All Rights Reserved.
Titan Global Capital Management USA LLC ("Titan") is an investment adviser registered with the Securities and Exchange Commission (“SEC”). By using this website, you accept and agree to Titan’s Terms of Use and Privacy Policy. Titan’s investment advisory services are available only to residents of the United States in jurisdictions where Titan is registered. Nothing on this website should be considered an offer, solicitation of an offer, or advice to buy or sell securities or investment products. Past performance is no guarantee of future results. Any historical returns, expected returns, or probability projections are hypothetical in nature and may not reflect actual future performance. Account holdings and other information provided are for illustrative purposes only and are not to be considered investment recommendations. The content on this website is for informational purposes only and does not constitute a comprehensive description of Titan’s investment advisory services.
Please refer to Titan's Program Brochure for important additional information. Certain investments are not suitable for all investors. Before investing, you should consider your investment objectives and any fees charged by Titan. The rate of return on investments can vary widely over time, especially for long term investments. Investment losses are possible, including the potential loss of all amounts invested, including principal. Brokerage services are provided to Titan Clients by Titan Global Technologies LLC and Apex Clearing Corporation, both registered broker-dealers and members of FINRA/SIPC. For more information, visit our disclosures page. You may check the background of these firms by visiting FINRA's BrokerCheck.
Various Registered Investment Company products (“Third Party Funds”) offered by third party fund families and investment companies are made available on the platform. Some of these Third Party Funds are offered through Titan Global Technologies LLC. Other Third Party Funds are offered to advisory clients by Titan. Before investing in such Third Party Funds you should consult the specific supplemental information available for each product. Please refer to Titan's Program Brochure for important additional information. Certain Third Party Funds that are available on Titan’s platform are interval funds. Investments in interval funds are highly speculative and subject to a lack of liquidity that is generally available in other types of investments. Actual investment return and principal value is likely to fluctuate and may depreciate in value when redeemed. Liquidity and distributions are not guaranteed, and are subject to availability at the discretion of the Third Party Fund.
The cash sweep program is made available in coordination with Apex Clearing Corporation through Titan Global Technologies LLC. Please visit www.titan.com/legal for applicable terms and conditions and important disclosures.
Cryptocurrency advisory services are provided by Titan.
Information provided by Titan Support is for informational and general educational purposes only and is not investment or financial advice.
Contact Titan at support@titan.com. 508 LaGuardia Place NY, NY 10012.