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Top stories today:
- Adam Neumann seeks to buy back WeWork, sending letter
- Snap's revenue +5% YoY to $1.36B in Q4, slower than Meta, Google
- Smaug-72B launches as #1 open-source model
- 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 āonly preliminary conversationsā 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 adsā (11%) growth
Snap+ at $249M ARR in 2023, with 7M subscribers, from 5M in the previous quarter.
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:
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