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Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

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

Dan Primack, author of Pro Rata

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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Stef W. Kight
2 hours ago - Politics & Policy

Scoop: Border officials project 13,000 child migrants in May

The "El Chaparral" border crossing at Tijuana. Photo: Stringer/Picture Alliance via Getty Images

A Customs and Border Protection staffer told top administration officials Thursday the agency is projecting a peak of 13,000 unaccompanied children crossing the border in May, sources directly familiar with the discussion told Axios.

Why it matters: That projection would exceed the height of the 2019 crisis, which led to the infamous "kids-in-cages" disaster. It also underscores a rapidly escalating crisis for the Biden administration.

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Jacob Knutson
4 hours ago - World

U.S. strikes Iran-backed militia facilities in Syria

President Biden at the Pentagon on Feb. 10. Photo: Alex Brandon - Pool/Getty Images

The United States on Thursday carried out an airstrike against facilities in Syria linked to an Iran-backed militia group, the Pentagon announced.

The state of play: The strike, approved by President Biden, comes "in response to recent attacks against American and Coalition personnel in Iraq, and to ongoing threats to those personnel," Pentagon press secretary John Kirby said in a statement.

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Sarah Mucha
4 hours ago - Politics & Policy

Senate parliamentarian rules $15 minimum wage cannot be included in relief package

Photo: Al Drago/Getty Images

The Senate parliamentarian ruled Thursday that the provision to increase the minimum wage to $15/hour cannot be included in the broader $1.9 trillion COVID relief package.

Why it matters: It's now very likely that any increase in the minimum wage will need bipartisan support, as the provision cannot be passed with the simple Senate majority that Democrats are aiming to use for President Biden's rescue bill.

Go deeper (1 min. read)Arrow

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