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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.

Go deeper

Caitlin Owens, author of Vitals
1 hour ago - Health

What overwhelmed hospitals look like

A healthcare professional suits up to enter a COVID-19 patient's room in the ICU at Van Wert County Hospital in Ohio. Photo: Megan Jelinger/AFP

Utah doctors are doing what they say is the equivalent of rationing care. Intensive care beds in Minnesota are nearly full. And the country overall continues to break hospitalization records — all as millions of Americans travel to spend Thanksgiving with friends and family.

Why it matters: America's health care workers are exhausted, and the sickest coronavirus patients aren't receiving the kind of care that could make the difference between living and dying.

Go deeper (1 min. read)Arrow
Felix Salmon, author of Capital
1 hour ago - Economy & Business

Southwest CEO: "You should fly"

The official guidance of the CDC says that "postponing travel and staying home is the best way to protect yourself and others this year."

  • Southwest Airlines CEO Gary Kelly, however, took the opposing position when he was interviewed by "Axios on HBO." "You should fly," he told me, adding that "we need to have as much commerce and business and movement as is safe to do."
Go deeper (1 min. read)Arrow
Alexi McCammond
2 hours ago - Politics & Policy

Cárdenas: Democrats need to be more "culturally competent" to win

Photo: Paul Morigi via Getty Images

Rep. Tony Cárdenas (D-Calif.), who's running for chair of the Democratic Congressional Campaign Committee, told "Axios on HBO" that the DCCC needs to change "overnight" and his colleagues need to be more "culturally competent" if they want to be successful in the next election.

Why it matters: House Democrats are confronting what went wrong and what their party needs to change after they failed to expand their House majority and President Trump expanded his support among Latino voters.

Go deeper (1 min. read)Arrow

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