News Story of the Day: Ouch. That’s gotta hurt. WeWork, the co-sharing office space company, is being sued by minority shareholders who are attempting to recoup losses after the company pulled its initial public offering (IPO). The move saw its value collapse by 87 percent. Softbank even acknowledged its botch.
From Reuters:
In a proposed class action filed this week in San Francisco Superior Court, former WeWork employee Natalie Sojka accused the company’s board of directors of breaching its fiduciary duties to minority shareholders like her.
The San Francisco resident faulted the board for letting Japan’s SoftBank Group rescue WeWork by boosting its stake to a potential 80% from 29% at a “fire-sale” price, and granting Neumann a $1.7 billion exit package.
Softbank and its chairman, Masayoshi Son, are among the 10 named defendants in the Nov. 4 complaint.
It was a terrible investment in the first place.
Chart of the Day: Twitter’s performance this year has been surprising to say the least. But it has been clamored in recent trading sessions, falling near 52-week lows. So, is there a rally on the horizon? This chart suggests yes.
Illustration of the Day: Here is another one to add to the collection of #EpsteinDidntKillHimself memes:
Quote of the Day: Mises Institute’s Ryan McMaken nails it on the workweek debate.
“Overall, working hours haven’t moved much in the past forty years — although incomes have increased significantly over that period. But, working hours are still well down from where they were during the first half of the twentieth century — at least for full-time workers. Weekly work hours plummeted from 60 per week in 1890 to 40.25 in 2000…”
Tweet of the Day: After yesterday’s evisceration of the ladies on The View by Tulsi Gabbard and Donald J. Trump, here is a great tweet from the folks at Turning Point USA:
YIKES! 😂😂😂 #ThinkForYourself pic.twitter.com/pHzCTDiPYp
— Turning Point USA (@TPUSA) November 7, 2019
Video of the Day: This was one strange comment from a guy who work blackface and promotes infantcide!
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