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Illustration: Rebecca Zisser/Axios

It's been just a few days since WeWork fired CEO Adam Neumann, but his co-CEO replacements Artie Minson and Sebastian Gunningham have already made a number of significant changes.

Why it matters: The company still needs to raise new capital from somewhere, so turnaround speed is of the essence.

What we know

Over 20 senior executives close to Neumann have been fired, including wife Rebekah (chief brand officer), Michael Gross (vice chairman), and Chris Hill (chief product officer and CEO of WeWork Japan).

  • There also are expectations of widespread layoffs in upcoming weeks.

WeWork will seek to sell 3 non-core businesses that it paid more than $500 million to acquire over the past 2 years: Conductor, Meetup and Managed by Q.

  • It is unclear if the company's WeGrow elementary school will continue, although the company is committed to finishing out at least this school year.

It also will sell a private Gulfstream jet for which it paid $60 million last year.

The company is leaning toward pulling its IPO filing, although hasn't so far as to maintain optionality. It currently has around $2 billion of cash on hand and is owed another $1.5 billion next year from shareholder SoftBank, with reports that SoftBank may increase its investment if it can change the original deal terms.

Go deeper

Netflix tops 200 million global subscribers

Illustration: Rebecca Zisser/Axios

Netflix said that it added another 8.5 million global subscribers last quarter, bringing its total number of paid subscribers globally to more than 200 million.

The big picture: Positive fourth quarter results show Netflix's resiliency, despite increased competition and pandemic-related production headwinds.

Janet Yellen plays down debt, tax hike concerns in confirmation hearing

Treasury Secretary nominee Janet Yellen at an event in December. (Photo: Alex Wong via Getty Images)

Janet Yellen, Biden's pick to lead the Treasury Department, pushed back against two key concerns from Republican senators at her confirmation hearing on Tuesday: the country's debt and the incoming administration's plans to eventually raise taxes.

Driving the news: Yellen — who's expected to win confirmation — said spending big now will prevent the U.S. from having to dig out of a deeper hole later. She also said the Biden administration's priority right now is coronavirus relief, not raising taxes.

Trump gives farewell address: "We did what we came here to do"

Photo: Mandel Ngan/AFP via Getty Images

President Trump gave a farewell video address on Tuesday, saying that his administration "did what we came here to do — and so much more."

Why it matters, via Axios' Alayna Treene: The address is very different from the Trump we've seen in his final weeks as president — one who has refused to accept his loss, who peddled conspiracy theories that fueled the attack on the Capitol, and who is boycotting his successor's inauguration.