Top stories today:

1. Adam Neumann's Flow offers $500M+ for bankrupt WeWork
2. Florida bans top social media websites for those <14
3. OpenAI shows off 7 Sora videos made by professional artists
4. Reddit stock +30% on Mon to $9.5B market cap

0. Data and calendar

1. Adam Neumann's Flow offers "substantially more" than $500M for bankrupt WeWork

• Bid could go up to $900M pending due diligence.

• WeWork has $18.6B in liabilities and $15B in assets.

• Unclear source of funding of deal or detailed terms, which would likely involve debt restructuring.

• Neumann got ~$2B in 2019 to sell his shares and leave the company.

2. Florida bans top social media websites for those <14, requires parental consent for 14-15

• 10% of those <16 uses app 2+ hours a day: social media websites subject to this law.

  • We assume Instagram and TikTok fit this requirement.

• 3rd-party verification required for new accounts.

• Jan. 1, 2025: implementation date.

• Law will likely be challenged on 1st Amendment grounds.

• Up to $50K penalty per violation.

4. OpenAI shows off 7 Sora videos made by professional artists

• Launch still TBD.

5. Reddit stock +30% on Mon to $9.5B market cap, +8% in pre-market

Read more: CNBC.

6. Interesting videos, posts, and memes

7. Other headlines

AI

• Microsoft Bing head, Mikhail Parakhin, will exit role after Suleyman hire.

• Zuckerberg personally writing emails to Google engineers for recruiting.

• iPhone 16 Pro’s A18 Pro chip rumored to boost AI, retain 6-core CPU.

• FundGuard, AI-powered investment accounting software, raises $100M.

• San Jose training AI to detect homeless encampments.

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Tech

• Canva buys Affinity for $100M’s.

• Tesla requires Full Self-Driving demo for all prospects in North America.

• Starlink falling in wrong hands of people in Yemen, Sudan, Kazakhstan.

• Fisker stock trading suspended by NYSE.

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Tech & law

• $4B IN facility to be built by South Korea’s SK Hynix.

• EU opens probes into Apple, Alphabet, Meta over DMA compliance.

• TikTok ban not intention: Kamala Harris.

• X's lawsuit against CCDH thrown out by judge.

• U.S., UK accuse China-linked hackers of “malicious cyber campaign.”

• Apple hit with 3+ class actions over iPhone practices, after DOJ case.

Biotech

• Rejuvenation therapies: predicting order of launches.

• Mirador emerges with $400M for precision medicine.

Business

• Boeing CEO Dave Calhoun to step down by year end.

• Nelson Peltz now backs CEO Bob Iger, says board is problem.

Crypto

• FTX customers may receive 120-140% of claim.

• Ripple CEO says SEC will seek $2B in trial.

  • Co-founder Chris Larsen invested $3.6M+ in SF politics.

• SEC v. Terraform, Do Kwon civil trial kicks off in NY.

• Binance Russia's new owner, CommEX, to shut down.

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U.S. politics

• Trump vows to pay bond cut from $545M to $175M, has 10 days.

  • $6.5B net worth due to $3.9B stake in Truth Social.

  • NY criminal trial set to start Apr. 15, last 6 weeks.

World

• Israel cancels D.C. visit after U.S. doesn't veto UN resolution.

• UNRWA's future unclear as Arab nations reject funding it.

• 4 Moscow terrorists appear to be tortured by Russian authorities in videos.

• Assange: 2 UK judges to decide on extradition appeal today.

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