• Bay Area Times
  • Posts
  • Adam Neumann seeks to buy back WeWork, sending threatening legal letter

Adam Neumann seeks to buy back WeWork, sending threatening legal letter

Top stories today:

  1. Adam Neumann seeks to buy back WeWork, sending letter
  2. Snap's revenue +5% YoY to $1.36B in Q4, slower than Meta, Google
  3. Smaug-72B launches as #1 open-source model
  4. Spotify reaches 602M MAUs, with 236M paying, still unprofitable

0. Data and calendar

All values as of 6 AM ET / 3 AM PT, other than S&P500 and NASDAQ close (4 PM ET / 1 PM PT).

All times are ET.

1. Adam Neumann seeks to buy back WeWork, sending threatening legal letter

  • Allegedly partnering with Dan Loeb's Third Point hedge fund, who separately said they had “only preliminary conversations” with Neumann.

  • WeWork has not been cooperating, according to the letter.

  • Deal possibly connected to Flow Global, Neumann's new startup, aiming to be the WeWork of coliving.

  • WeWork is under Chapter 11 bankruptcy, and will likely emerge with debtholders taking over the company.

  • Neumann's lawyer is Alex Spiro, also Elon Musk's attorney.

2. Snap's revenue +5% YoY to $1.36B in Q4, slower than Meta's (24%), Google ads’ (11%) growth

Snap stock was -31% after the news

Snap suggested it can, over time, 10x its $30 ARPU to get it aligned with Facebook's

Of course, Meta has an older audience and a better ad-targeting platform:

  • Be part of the open source rewards revolution. Join Homebrew creator Max Howell on his mission to reward open source developers for their valuable contributions.

  • Proof-of- Contribution (“PoC”): OSS projects are rewarded based on their impact via this novel consensus mechanism. Valuable codebases garner higher rewards.

  • Not a developer? Receive rewards by supporting your favourite open source projects and securing the OSS ecosystem.

  • Sign up for tea’s incentivized testnet today for the chance to earn rewards.

*Sponsored. Click the links to subscribe to tea's newsletter and learn more about how to get rewards for your open-source contributions.

4. Smaug-72B, fine-tuned version of Alibaba's Qwen, launches as #1 open-source model

Broader LLM rankings are still dominated by proprietary models, namely GPT-4, Gemini, Mistral, and Claude

5. Spotify reaches 602M MAUs, with 236M paying users, +15% YoY — still unprofitable

Revenue was +16% to $3.7B, but operating margin was -2%, as gross margins continue to hover around 25%

It's a tough, low-margin business for music streamers:

  • Stock still closed +4%, given the company beat expectations.

6. Interesting videos, posts, and memes

7. Other headlines


  • OpenAI adding new watermarks to DALL-E 3 images.

  • Meta will label AI-generated content on Facebook, Instagram.

  • LinkedIn Premium uses AI to help users write messages.

  • MindStudio: start building AI apps in a single afternoon.*



  • ESPN, Fox, Warner to launch a combined sports streaming service.

  • Douyin CEO resigns, to take leadership role at CapCut.

  • visionOS 1.1: better personas, enterprise management, password reset.

  • YouTube TV hits 8M subscribers.

  • DocuSign to cut 6% of workforce, eliminating ~400 employees.

  • Amazon laying off 100s in health division.

  • TSMC's Jan. revenue +8% YoY to $6.9B.

  • SMIC (China's largest chipmaker) sees revenue +3.5% YoY to $1.7B in Q4.

  • Underdog's giving away $1Million Sunday; verify your account to be eligible!*

  • BetterHelp: professional online therapy to help you win at work.*

  • Masterworks: invest in shares of paintings by Banksy and Picasso.*

  • HubSpot: free CRM that the Bay Area Times team uses.*


Tech & law

  • Apple wins lawsuit against AliveCor over heart-monitoring tech.

  • WhatsApp to work with other encrypted messaging apps.

  • Meta introduces updates to help teens combat sextortion.

  • TSMC announces 2nd Japanese plant, raising investment to $20B.

  • Taylor Swift joins Elon, sends cease-and-desist to jet tracker on X.


  • Lilly's revenue +28% to $9.3B in Q4, #9 market cap worldwide.

  • Zuzalu: a detailed look at the pro-longevity pop-up city.

  • Irina Conboy, George Church unveil new startup Generation Lab.


  • Xi replaces head of China's securities regulator.

  • Boeing 737 in Alaska Air accident had missing bolts: U.S.

  • Household debt +$0.2T in Q4 to $17.5T.

  • Elon Musk funding Gina Carano's Disney lawsuit.

  • Substack helping creators find advertisers.


  • MicroStrategy acquires 32K BTC in Q4, now has 190K worth $8B.

  • Solana faces 5-hour outage, back up, price unchanged.

  • SBF wanted Tom Brady to run in GOP primary.

  • Craig Wright denies forging evidence he's Satoshi in London court.

  • Metamask now lets users buy cryptos through Robinhood.

  • Farcaster reaches 62K DAUs.

  • tea Protocol: click to subscribe to tea's newsletter and learn more about how to get rewards for your open-source contributions.*


U.S. politics

  • Trump denied broad immunity by 3-judge panel with Court of Appeals.

    • Won't attend eligibility oral arguments tomorrow at Supreme Court.

  • Tucker Carlson confirms Putin interview.

  • Israeli aid bill fails in House by 250 × 180 (required 2/3).

  • Ukraine, Israel, border bill unlikely as Biden blames Trump.

  • Mayorkas impeachment fails in House, 214 × 216.

  • Haley loses NV primary to “none of these candidates” option.

  • Ronna McDaniel, RNC chair, plans to step down after Trump remarks.


  • Hamas wants end of war, 100s of prisoners, in exchange for hostages.

  • Israel, Hezbollah deal, may be announced in next few weeks by U.S.

  • As many as 50 captives, of the remaining 136, likely dead: IDF report.

  • Yellen wants to visit China in 2024, U.S. tels Beijing.

  • Sheryl Sandberg making Oct. 7 documentary.

Was this newsletter forwarded to you? Sign up here. Liked it? Forward it to friends and get rewards (see below).

What did you think of today's newsletter?

Login or Subscribe to participate in polls.

Disclaimer: The Bay Area Times is a news publisher. All statements and expressions herein are the sole opinions of the authors or paid advertisers. The information, tools, and material presented are provided for informational purposes only, are not financial advice, and are not to be used or considered as an offer to buy or sell securities; and the publisher does not guarantee their accuracy or reliability. You should do your own research and consult an independent financial adviser before making any investments. Neither the publisher nor any of its affiliates accepts any liability whatsoever for any direct or consequential loss howsoever arising, directly or indirectly, from any use of the information contained herein. Assets mentioned may be owned by members of the Bay Area Times team.

Please read our Terms of Service and our Privacy Policy before using Our Service.

Subscribe to keep reading

This content is free, but you must be subscribed to Bay Area Times to continue reading.

Already a subscriber?Sign In.Not now