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