WeWork killed Adam Neumann’s $185M consulting gig, exec says
Adam Neumann’s golden parachute just lost nine figures.
The erstwhile founder and CEO of WeWork appears to have had his $185 million consulting fee yanked, according to his replacement who claimed on Monday that Neumann violated an agreement with WeWork’s owner, Japanese conglomerate SoftBank.
“I don’t think that consulting agreement is still in force,” Marcelo Claure said at The Wall Street Journal’s Tech Live conference on Monday. “I think Adam may have violated some of the parts of the consulting agreement, so that’s no longer in effect.”
While Claure declined to specify what Neumann might have done to blow $185 million, the 41-year-old Neumann was revealed to be a colorful character given to bizarre decision-making before his unceremonious ouster last year.
Leading up to his September 2019 departure following a failed IPO attempt, reports swirled that Neumann promoted a party culture at WeWork that included him smoking weed on a private jet. He was also accused of not doing enought to rein in spending at the money-losing company.
“We probably were a little too aggressive with WeWork,” Claure mused on Monday. “We probably allowed the entrepreneur to work too freely without having the right SoftBank involvement.”
His exit package included $1 billion of stock, $500 million of debt refinancing and the potentially vaporized $185 million consulting fee.
Neumann appears to be planning a comeback, however, and just invested $30 million in dogwalking startup Alfred Club earlier this month.
Share this article:
Piedmont Lithium to Issue U.S. Shares as Tesla Drives Interest
Piedmont Lithium Ltd., whichrecently struck a five-year raw-materials pact with Tesla to develop a lithium project in North Carolina, is issuing shares in the U.S. as attention in the battery materials space grows.
The Perth, Australia-based company said it will offer 1.5 million American Depositary Shares, with each representing 100 of its ordinary shares, according to a regulatory filing.
“Proceeds from the offering will be used to continue development of the Company’s Piedmont Lithium Project, including a definitive feasibility study, testwork, permitting, further exploration drilling and ongoing land consolidation, and for general corporate purposes,” the company said in the filing.
Piedmont said in September that it will supply spodumene concentrate, a lithium raw material, to Tesla equating to about one-third of the miner’s planned supply for an initial five years. The announcement came after Tesla’s so-called battery day, during which the electric-car producer laid out plans to ramp up battery production as it churns out more automobiles to meet a coming surge in demand.
BMW Q3 Preliminary Free Cash Flow For Automotive Segment Surges
German luxury car maker BMW AG (BMW.L,BAMXF.PK,BAMXY.PK) reported that its preliminary free cash flow for the Automotive segment for the third quarter 2020 surged to 3.065 billion euros, from last year’s 714 million euros, due to a faster recovery in several markets, which led to higher sales growth, and a further reduction of fixed costs & capital expenditure. The free cash flow for the segment exceeded current market expectations.
The previous earnings forecasts for the individual segments and the Group remain unchanged.
The company noted that economic disruption caused by the coronavirus pandemic continues to significantly impair forecasting and leads therefore to considerable uncertainty in providing an accurate outlook.
BMW will publish its results of the third quarter 2020 on 4 November 2020.
Presidential Debate Commission Adopts New Rules To Mute Microphones
President Donald Trump and Democrat Joe Biden will have their microphones cut off in Thursday’s debate while their rival delivers their opening two-minute answer to each of the debate topics.
The 90-minute debate is divided into six 15-minute segments, with each candidate granted two minutes to deliver uninterrupted remarks before proceeding to an open debate. The open discussion portion of the debate will not feature a mute button, but interruptions by either candidate will count toward their time in the second and final debate Thursday.
The nonpartisan Commission on Presidential Debates announced the rule changes Monday, three weeks after a chaotic opening faceoff between the two presidential contenders that featured frequent interruptions — most by Trump.
The commission has faced pressure from the Trump campaign to avoid changing the rules, while Biden’s team was hoping for a more ordered debate. In a statement, the commission said it “had determined that it is appropriate to adopt measures intended to promote adherence to agreed upon rules and inappropriate to make changes to those rules.”
2 people taken to hospital after 4-vehicle accident on PIE
SINGAPORE – Two people were taken to hospital after an accident involving four vehicles on the Pan-Island Expressway (PIE) towards Tuas on Tuesday morning (Oct 20).
The police said they were alerted to the accident at 7.33am on Tuesday.
“A 39-year-old female passenger and a 40-year-old male passenger were conscious when conveyed to Tan Tock Seng Hospital and Raffles Hospital respectively,” said the police spokesman.
Investigations are ongoing.
Exxon Says Trump’s Hypothetical Call Was Just That, Hypothetical
In an unusual political statement from one of the world’s largest oil producers,Exxon Mobil Corp. posted on Twitter late Monday to clarify that it never spoke with U.S. President Donald Trump about a contribution to his campaign.
Exxon’s tweet came hours after Trump boasted at a rally that he could call a company in need of some permits — the head of Exxon for example — and easily get a $25 million contribution. But he wouldn’t do that, Trump said, because he’d be “totally compromised.”
After some on social media took Trump’s hypothetical call seriously, Exxon wrote on Twitter: “Just so we’re all clear, it never happened.”
Exxon’s statement may have only confirmed what was already understood, but it was a rare post for an oil giant that uses Twitter sparingly and largely to promote its efforts on everything from face mask production to methane emissions reductions. It’s the first time in at least a year that Exxon has tweeted about its relations with the president.