Nov 12, 2019

T-Mobile's CEO could take over WeWork

John Legere, T-Mobile CEO. Photo: Alex Wong/Getty Images

T-Mobile CEO John Legere is in talks to take over the top job at WeWork after the departure of co-founder Adam Neumann, the Wall Street Journal reported.

But, but, but: CNBC later reported that "a source close to SoftBank confirmed Legere is one of many candidates being considered for the role, but he’s not the leading candidate."

Between the lines: "T-Mobile and WeWork have leadership in place that runs in similar circles," CNBC notes.

  • "SoftBank, which took control of WeWork last month, is a majority owner of Sprint and played a role in installing Sprint CEO Marcelo Claure. Claure, who was recently named WeWork’s executive chairman, helped orchestrate the $26 billion merger with T-Mobile, which is widely expected to be approved."
  • "Legere is expected to step down as T-Mobile’s CEO once the deal with Sprint is complete."

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WeWork to lay off 2,400 employees

Illustration: Sarah Grillo/Axios

WeWork is laying off 2,400 employees as a cost-cutting measure, CNBC reports.

"The process began weeks ago in regions around the world and continued this week in the U.S. This workforce reduction affects approximately 2,400 employees globally, who will receive severance, continued benefits, and other forms of assistance to aid in their career transition. These are incredibly talented professionals and we are grateful for the important roles they have played in building WeWork over the last decade."
— A spokesperson told CNBC
Go deeperArrowNov 21, 2019

NYT: WeWork to lay off thousands of workers

Illustration: Aïda Amer/Axios

WeWork is set to lay off at least 4,000 employees as early as next week as the company grapples with major losses that have threatened its very existence, the New York Times reported Sunday evening.

Details: About a third of the 12,500 people that WeWork employed across its global operation at the end of June would be impacted by the layoffs, NYT notes, citing two people with knowledge of the matter. One source placed the figure as high as 5,000–6,000.

Go deeperArrowNov 18, 2019

Texas and Nevada exit T-Mobile-Sprint lawsuit

Photo: ALASTAIR PIKE/AFP via Getty Images

Nevada and Texas announced Monday they are dropping out of the suit that seeks to block T-Mobile's acquisition of Sprint. Texas said it got a number of commitments, including an agreement not to raise rates for 5 years and to ensure the state's rural areas have 5G coverage.

Why it matters: The lawsuit from the states is the main remaining hurdle to the deal's closure. Texas Attorney General Ken Paxton was the only Republican seeking to block the deal.

Go deeperArrowNov 26, 2019