Sep 4, 2019

WeWork CEO returns $5.9 million "trademark payment" to the company

Photo by Michael Kovac/Getty Images for WeWork

WeWork co-founder and CEO Adam Neumann has returned around $5.9 million worth of stock to the company, which he had originally received in exchange for the "we" trademarks, according to an amended IPO registration.

Why it matters: The payment was widely criticized, including by Axios, and was playing into a pre-IPO narrative that WeWork's corporate governance was broken.

The repayment was disclosed in an amended IPO filing from Wednesday morning.

  • The new filing also showed that WeWork has added Frances Frei, a Harvard Business School professor and former Uber executive, to its board. She is the company's first female director.
  • WeWork did not disclosed any new IPO details. Expectations are that we should get proposed pricing terms next week.

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Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 7:30 p.m. ET: 5,559,130 — Total deaths: 348,610 — Total recoveries — 2,277,087 — Map.
  2. U.S.: Total confirmed cases as of 7:30 p.m. ET: 1,679,419 — Total deaths: 98,852 — Total recoveries: 384,902 — Total tested: 14,907,041 — Map.
  3. Federal response: DOJ investigates meatpacking industry over soaring beef prices — Mike Pence's press secretary returns to work.
  4. Congress: House Republicans to sue Nancy Pelosi in effort to block proxy voting.
  5. Business: How the new workplace could leave parents behind.
  6. Tech: Twitter fact-checks Trump's tweets about mail-in voting for first time — Google to open offices July 6 for 10% of workers.
  7. Public health: CDC releases guidance on when you can be around others after contracting the coronavirus.
  8. What should I do? When you can be around others after contracting the coronavirus — Traveling, asthma, dishes, disinfectants and being contagious — Masks, lending books and self-isolating — Exercise, laundry, what counts as soap — Pets, moving and personal health — Answers about the virus from Axios experts — What to know about social distancing — How to minimize your risk.
  9. Other resources: CDC on how to avoid the virus, what to do if you get it, the right mask to wear.

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Updated 27 mins ago - Politics & Policy

Twitter fact-checks Trump's tweets for first time

President Trump briefs reporters in the Rose Garden on May 26. Photo: Brendan Smialowski/AFP via Getty Images

Twitter fact-checked two of President Trump's unsubstantiated tweets that mail-in ballots in the 2020 election would be fraudulent for the first time on Tuesday, directing users to "get the facts" through news stories that cover the topic.

Why it matters: Twitter and other social media platforms have faced criticism for not doing enough to combat misinformation, especially when its propagated by the president.

Go deeper (1 min. read)Arrow2 hours ago - Politics & Policy

House Republicans to sue Nancy Pelosi in effort to block proxy voting

Photo: Michael Brochstein / Echoes Wire/Barcroft Media via Getty Images

20 House Republicans plan to file a lawsuit late Tuesday against Speaker Nancy Pelosi in an effort to block the chamber's new proxy voting system amid the coronavirus pandemic, three congressional sources tell Axios.

The big picture: The lawsuit, led by House Minority Leader Kevin McCarthy, alleges the rules are unconstitutional because the Constitution requires a quorum, or a majority, of lawmakers to be physically present in order to conduct business. The lawsuit was first reported by the Wall Street Journal.

Go deeper (1 min. read)ArrowUpdated 2 hours ago - Politics & Policy