internal-storyline-no

Subterms

    More stories

    • 88 Shares99 Views

      in Elections

      Adam Neumann Wants to Take Over WeWork

      by

      Adam Neumann, the co-working company’s onetime chief, has sought for months to buy the now-bankrupt business, but accuses its current leaders of stonewalling him.Lawyers for Adam Neumann accused WeWork of stonewalling his takeover approach.Shahar Azran/Getty ImagesWeWork’s founder is trying to buy it Adam Neumann shot to fame by turning WeWork into a cultural and business phenomenon, before being ousted from the work space operator in dramatic fashion.But for the past several months, he has been trying to buy the now-bankrupt business — with the help of the hedge fund mogul Dan Loeb, DealBook is the first to report.Neumann’s new real estate company Flow Global is pushing WeWork to consider its takeover approach, according to a letter his lawyers sent to WeWork’s advisers on Monday. Flow which has already raised $350 million from the venture capital firm Andreessen Horowitz, disclosed in the letter that Loeb’s Third Point would help finance a transaction. (Read the letter.)Flow has sought to buy WeWork or its assets, as well as provide bankruptcy financing to keep it afloat.But Flow’s lawyers accused WeWork of stonewalling for months. “We write to express our dismay with WeWork’s lack of engagement even to provide information to my clients in what is intended to be a value-maximizing transaction for all stakeholders,” wrote the lawyers led by Alex Spiro of Quinn Emanuel, who also represents Elon Musk and Jay-Z.It’s the latest twist for WeWork, which over its 14-year history became a symbol of venture capital excess. The company grew rapidly, becoming the biggest tenant in many major cities and attaining a paper valuation of $47 billion. And Neumann — backed by billions from the Japanese tech giant SoftBank — increasingly pitched it as a way to “elevate the world’s consciousness.”We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

    • 88 Shares159 Views

      in Elections

      The Jobs Conundrum: Questions About Wages Persist

      by

      The latest data on jobs and wages are positive on the surface, but a large group of voters are still downbeat about the state of the economy. Jobs seem plentiful, but a large group of voters are feeling downbeat about inflation and the economy.Spencer Platt/Getty Images‘The job’s not quite done’ The U.S. economy is a paradox. Official figures show that growth is solid, jobs are plentiful and wages are climbing, and yet voters are mostly feeling down and giving President Biden little credit.Friday’s jobs data is adding to that split-screen view, with economists pointing out red flags in an otherwise sterling report.The labor market seems to be performing strongly. Employers added 353,000 jobs last month, almost double economists’ forecasts, and an additional 100,000 via revisions in previous months. Average hourly wages rose, too.But that doesn’t necessarily mean workers are more prosperous. For a start, wintry weather shrank the average workweek to 34.1 hours in January. In particular, nonsalaried employees, especially those in retail, construction and the hospitality sectors, worked fewer hours, which probably ate into their pay, Bill Adams, an economist at Comerica Bank, said in a research note.And Goldman Sachs’s wage tracker for U.S. workers fell after Friday’s report on a quarterly annualized basis.Workers are increasingly anxious about changing jobs. Quit rates have fallen to a four-year low, suggesting employees are feeling less confident that they’ll find a better position elsewhere. If this trend persists, it could also put the chill on wage gains that soared during the so-called Great Resignation.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

    • 138 Shares179 Views

      in Elections

      A.I. Promises Give Tech Earnings from Meta and Others a Jolt

      by

      Companies like Meta that could tout their work in the fast-growing field saw a benefit in their fourth-quarter results — and won praise from eager investors.Mark Zuckerberg, Meta’s C.E.O., spoke expansively to analysts about his company’s work on A.I.Carlos Barria/ReutersA.I. and cost cuts lift Big Tech Earlier this week, Mark Zuckerberg of Meta endured a grilling on Capitol Hill and publicly apologized to relatives of victims of online abuse. Little more than a day later, he had a lot to crow about, as his business delivered some of its best quarterly earnings in years.Meta’s results illustrate how the most recent earnings season has gone for Big Tech: a mostly positive period in which companies that could claim the benefits of artificial intelligence and cost-cutting were hailed the most on Wall Street.Meta shot the lights out. After years of facing questions about its ad business and its ability to cope with scandals, the parent of Facebook and Instagram reported that fourth-quarter profits tripled from a year ago. A.I. was credited for some of that, with the technology helping make its core ad business more effective. So too was cost-cutting, which included tens of thousands of layoffs as part of the company’s self-described “year of efficiency.”Meta’s profit was so good that the company will soon start paying stock dividends for the first time (which could total $700 million a year for Zuckerberg alone) and announced a $50 billion buyback. It’s a sign that the tech giant is “coming of age,” according to one analyst, joining Microsoft and Apple in making regular payouts to investors.Zuckerberg pledged more investment in A.I. — “Expect us to continue investing aggressively in this area,” he said on an earnings call — and the company said it had largely concluded its cost cuts. But some analysts said that Meta will eventually have to show a return on that spending.Amazon also touted its A.I. initiatives. Much of its earnings call was spent talking about Rufus, a new smart assistant intended to help shoppers find what they’re looking for. (It may also allow Amazon to reduce ad spending on Google and social media platforms.)We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

    • 138 Shares99 Views

      in Elections

      Tech CEOs Got Grilled, but New Rules Are Still a Question

      by

      Tech leaders faced a grilling in the Senate, and one offered an apology. But skeptics fear little will change this time.Five tech C.E.O.s faced a grilling yesterday, but it’s unclear whether new laws to impose more safeguards for online children’s safety will pass.Kenny Holston/The New York TimesA lot of heat, but will there be regulation?Five technology C.E.O.s endured hours of grilling by senators on both sides of the aisle about their apparent failures to make their platforms safer for children, with some lawmakers accusing them of having “blood” on their hands.But for all of the drama, including Mark Zuckerberg of Meta apologizing to relatives of online child sex abuse victims, few observers believe that there’s much chance of concrete action.“Your product is killing people,” Senator Josh Hawley, Republican of Missouri, flatly told Zuckerberg at Wednesday’s hearing. Over 3.5 hours, members of the Senate Judiciary Committee laid into the Meta chief and the heads of Discord, Snap, TikTok and X over their policies. (Before the hearing began, senators released internal Meta documents that showed that executives had rejected efforts to devote more resources to safeguard children.)But tech C.E.O.s offered only qualified support for legislative efforts. Those include the Kids Online Safety Act, or KOSA, which would require tech platforms to take “reasonable measures” to prevent harm, and STOP CSAM and EARN IT, two bills that would curtail some of the liability shield given to those companies by Section 230 of the Communications Decency Act.Both Evan Spiegel of Snap and Linda Yaccarino of X backed KOSA, and Yaccarino also became the first tech C.E.O. to back the STOP CSAM Act. But neither endorsed EARN IT.Zuckerberg called for legislation to force Apple and Google — neither of which was asked to testify — to be held responsible for verifying app users’ ages. But he otherwise emphasized that Meta had already offered resources to keep children safe.Shou Chew of TikTok noted only that his company expected to invest over $2 billion in trust and safety measures this year.Jason Citron of Discord allowed that Section 230 “needs to be updated,” and his company later said that it supports “elements” of STOP CSAM.Experts worry that we’ve seen this play out before. Tech companies have zealously sought to defend Section 230, which protects them from liability for content users post on their platforms. Some lawmakers say altering it would be crucial to holding online platforms to account.Meanwhile, tech groups have fought efforts by states to tighten the use of their services by children. Such laws would lead to a patchwork of regulations that should instead be addressed by Congress, the industry has argued.Congress has failed to move meaningfully on such legislation. Absent a sea change in congressional will, Wednesday’s drama may have been just that.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber?  More

    • 125 Shares189 Views

      in Elections

      Technology Companies Are Cutting Jobs and Wall Street Likes It

      by

      The sector is laying off workers after a hiring boom during the pandemic and their share prices are soaring. Tech giants like Microsoft have continued to cut jobs, even after carrying out a wave of layoffs last year.Caroline Brehman/EPA, via ShutterstockTech giants are set to report quarterly earnings, starting on Tuesday with Alphabet and Microsoft. Wall Street is expecting good news, including more progress on artificial intelligence.But the industry has also relied on another strategy to improve financials: layoffs. The cuts aren’t as widespread as last year, when hundreds of thousands of jobs were eliminated. But they’re a reminder that the tech sector is still trying to find its footing after a boom in hiring during the coronavirus pandemic and finding ways to preserve dizzying stock gains.About 100 companies have cut 25,000 positions this year, according to Layoffs.fyi. By comparison, more than 1,000 companies eliminated about 260,000 last year.So far this month: Microsoft announced 1,900 cuts in its video game division, including at its recently acquired Activision Blizzard; Google laid off hundreds of employees, including in its engineering ranks and its hardware division; and Amazon said it was laying off hundreds, including 35 percent of the work force at its Twitch unit.Not all layoffs are the same, The Times notes:For big tech companies, job cuts have been a way to reduce spending on noncore operations and extract the kind of cost savings that Wall Street loves. Now, those cuts are more targeted: In the case of Meta, that means reducing the number of middle managers at Instagram.For smaller tech businesses, it’s more a matter of survival. Start-ups have been finding it harder to raise capital as risk-averse venture capitalists keep their wallets closed. In the words of Nabeel Hyatt, a general partner at Spark Capital, these fledgling companies “are just trying to gain runway to survive.”The cuts will probably continue so long as investors love them. Wall Street has rewarded tech companies that laid off thousands with higher stock prices. Meta’s shares have soared since it embarked on a self-described “year of efficiency” last year that has made it a third slimmer employee-wise. Those cost savings, coupled with a redoubled bet on A.I., has helped push the tech giant’s market value to over $1 trillion.And venture capitalists have told DealBook that they’re ready to invest in start-ups — but that it helps if those companies have made themselves leaner. That, the investors say, will enable them to operate better in potentially difficult times.In other layoff news: Some tech workers are filming their layoffs and posting them on social media, in the name of catharsis and transparency.HERE’S WHAT’S HAPPENING Boeing withdraws efforts to expedite safety approval for a version of its 737 Max jet. The aircraft manufacturer revoked an application it made last year seeking an exemption from a safety standard for a version of its 737 Max 7. Separately, Boeing received some good news amid its latest crisis: The European airline Ryanair, one of its biggest customers, said it would buy more planes if U.S. carriers dropped their orders.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber?  More

    • 113 Shares99 Views

      in Elections

      Leading Museums Remove Native Displays Amid New Federal Rules

      by

      The American Museum of Natural History is closing two major halls as museums around the nation respond to updated policies from the Biden administration.The American Museum of Natural History will close two major halls exhibiting Native American objects, its leaders said on Friday, in a dramatic response to new federal regulations that require museums to obtain consent from tribes before displaying or performing research on cultural items.“The halls we are closing are artifacts of an era when museums such as ours did not respect the values, perspectives and indeed shared humanity of Indigenous peoples,” Sean Decatur, the museum’s president, wrote in a letter to the museum’s staff on Friday morning. “Actions that may feel sudden to some may seem long overdue to others.”The museum is closing galleries dedicated to the Eastern Woodlands and the Great Plains this weekend, and covering a number of other display cases featuring Native American cultural items as it goes through its enormous collection to make sure it is in compliance with the new federal rules, which took effect this month.Museums around the country have been covering up displays as curators scramble to determine whether they can be shown under the new regulations. The Field Museum in Chicago covered some display cases, the Peabody Museum of Archaeology and Ethnology at Harvard University said it would remove all funerary belongings from exhibition and the Cleveland Museum of Art has covered up some cases.But the action by the American Museum of Natural History in New York, which draws 4.5 million visitors a year, making it one of the most visited museums in the world, sends a powerful message to the field. The museum’s anthropology department is one of the oldest and most prestigious in the United States, known for doing pioneering work under a long line of curators including Franz Boas and Margaret Mead. The closures will leave nearly 10,000 square feet of exhibition space off-limits to visitors; the museum said it could not provide an exact timeline for when the reconsidered exhibits would reopen.“Some objects may never come back on display as a result of the consultation process,” Decatur said in an interview. “But we are looking to create smaller-scale programs throughout the museum that can explain what kind of process is underway.”We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber?  More

    • 75 Shares169 Views

      in Elections

      Tesla Shares Tumble As Growth Stalls

      by

      Shares in Elon Musk’s electric vehicle maker fell sharply after the company delivered lackluster quarterly results and declined to give full-year guidance.Growth has slowed at Tesla, Elon Musk’s electric vehicle maker.Haiyun Jiang for The New York TimesTesla plunges Elon Musk and Tesla shareholders are at a crossroads.Hit by a bruising price war, intensifying competition in North America, Europe and China, and Musk’s demands for billions in new Tesla shares, the electric vehicle’s stock has plunged this year, lopping roughly $130 billion off its market capitalization.Shares are down roughly 8 percent on Thursday in premarket trading after Wednesday’s lackluster year-end results.But Musk sees reason for optimism. He asked investors to look beyond 2024, predicting a “major growth wave” fueled by a low-cost Tesla model that will be built partly in Austin, Texas, and Mexico.Wall Street doesn’t appear to be buying the message. The latest stock fall comes after Tesla reported that fourth-quarter profit nearly doubled to $7.9 billion — largely thanks to a one-time tax break. The company also declined to give detailed full-year guidance, but said it expected sales growth to be “notably slower.”“Tesla is signaling that the days of 50 percent or even 30 percent to 40 percent growth year-over-year is not going to happen in 2024,” Seth Goldstein, a Morningstar Research analyst, told Bloomberg. “At a certain point, you can’t cut prices anymore.”Musk doubled down on his call for more shares. He stunned investors this month when he said that if the board didn’t increase his stake, to 25 percent from 13 percent, he would consider developing new artificial intelligence products “outside of Tesla.” That spooked even Tesla bulls who feared that granting Musk so many shares would dilute their holdings. Failing to do so could risk Musk hiving off the A.I. work that had driven investor enthusiasm in the stock.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber?  More

    • 113 Shares189 Views

      in Elections

      After New Hamphire, Business Braces for a Trump Nomination

      by

      Donald Trump cruised to victory in the state’s Republican primary, leaving anti-Trump donors and others to grapple with the reality of a near-certain nomination.Donald Trump cruised to victory in the New Hampshire Republican primary on Tuesday night.Doug Mills/The New York TimesTrump marches on As widely expected, Donald Trump handily won the New Hampshire Republican primary, defeating Nikki Haley by double digits.That has left anti-Trump donors and the broader business community glimpsing an increasingly likely future: The former president will become the Republican nominee, and stands a good shot of winning in November.Haley said she would fight on, arguing last night that “this race is far from over.” But the former South Carolina governor will head to her home state — she’s skipping the Nevada caucuses on Feb. 8 — badly trailing Trump in polls there, with many of her Palmetto State colleagues having endorsed her opponent.A growing number of Republicans are now suggesting that she should drop out: Senator John Cornyn of Texas, a senior G.O.P. lawmaker, said that his party needed “to unite around a single candidate.”Donors may start falling in line, too. A number of Haley supporters are reportedly heading to the exits: An unnamed Republican fund-raiser told CNBC’s Brian Schwartz that one of her donors was done with her campaign, declaring it over.Meanwhile, Puck’s Teddy Schleifer wrote on the social media platform X that the casino magnate Steve Wynn and the financier John Paulson attended Trump’s New Hampshire victory party last night. And Senator Tim Scott of South Carolina, who appeared at the event, told Schleifer that he expected the Oracle co-founder Larry Ellison, his biggest backer before Scott dropped out of the primary race, to support Trump as well.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber?  More