The history of WeWork’s meteoric valuation rise — and fall

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European Economics Preview: UK Monthly GDP Data Due

Monthly GDP estimate from the UK and foreign trade from Germany are due on Monday, headlining a busy day for the European economic news.

At 1.45 am ET, the State Secretariat for Economic Affairs is slated to release Swiss unemployment data. The jobless rate is forecast to remain unchanged at 2.3 percent in August.

At 2.00 am ET, Destatis releases Germany’s foreign trade figures for July. Exports are forecast to fall 0.5 percent on month and imports to drop 0.3 percent.

In the meantime, national accounts data for July is due from Statistics Norway.

At 4.00 am ET, Eurozone Sentix investor confidence data is due. Economists forecast the confidence index to fall to -16 in September from -13.7 in August.

At 4.30 am ET, the Office for National Statistics releases UK monthly GDP estimate, industrial production and foreign trade data. The economy is forecast to expand 0.1 percent on month in July after staying flat a month ago. Economists forecast industrial output to remain flat month-on-month in July.

The UK visible trade deficit is expected to widen to GBP 9.8 billion in July from GBP 7 billion in June.

‘Desperate Housewives’ Felicity Huffman sentenced to 14 days in jail, fined $30K for role in college-admissions scandal: reports

Actress Felicity Huffman on Friday was sentenced to 14 days in jail and fined $30,000 for her involvement in the college-admissions cheating scheme, according to reports. Huffman, best known for her role in the TV series "Desperate Housewives," pleaded guilty to conspiring to pay $15,000 to a fake charity that facilitated cheating when her daughter took college entrance examinations. The Wall Street Journal reported that Huffman’s two-week stint in jail was about half of what prosecutors were seeking. Huffman also was sentenced to 250 hours of community service and a year of supervised release, the paper reported on its website.

Crude Oil Futures Settle Lower For 4th Day

Crude oil prices edged lower on Friday, extending losses to a fourth straight session, as traders feared a likely drop in energy demand and excess supply in the market.

The possibility of the U.S. relaxing sanctions on Iran also weighed on crude oil prices.

A report from Baker Hughes that said oil rig count in the U.S. dropped for a fourth straight week, limited oil’s slide.

Despite improving signs of some positive developments on the U.S.-China trade front following the two nations making conciliatory gestures ahead of the next round of crucial talks, a notable surge in demand for energy looks unlikely.

West Texas Intermediate Crude oil futures for October ended down $0.24, or 0.4%, at $54.85 a barrel.

On Thursday, WTI crude oil futures for October ended down $0.66, or about 1.2%, at $55.09 a barrel.

For the week, WTI crude oil futures shed nearly 3%.

Baker Hughes said today that the number of active U.S. rigs drilling for oil declined by five to 733 this week.

In its latest monthly report, OPEC said global oil market would be in surplus next year. Oil demand will drop by about 60,000 barrels per day next year.

The recent meeting of OPEC members in Abu Dhabi ended without the group deciding on any deeper output cut, although OPEC and its allies urged members to implement promised cuts.

On the trade front, U.S. President Donald Trump said he would think about an interim deal with China but would rather prefer a full agreement between the two countries.

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The history of WeWork’s meteoric valuation rise — and fall

  • Soon-to-be-publicWeWork, the coworking company that leases office space to other startups, isreportedly targeting a $10 billion valuation for its public debut.
  • The valuation is significantly lower than the $47 billion valuation it once commanded and comes as WeWork’s teamscrambles to get investors on board with its heady IPO.
  • Since it was founded in 2011, WeWork has raised a whopping $8.39 billion in private funding from backers likeSoftBank’s $100 billion Vision Fund.
  • See WeWork’s full valuation historybased on Pitchbook data.
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WeWork’s public offering is off to a rocky start, and it hasn’t even listed its shares yet.

Concerns around the coworkingstartup’s governance,real estate holdings, succession plan, employee retention, andquestionable patent purchases have spooked potential investors. WeWork has amended its SEC filings twice already to address several of those concerns, but it might not be enough.

According to a Reuters report,WeWork will target a $10 billion valuation for its IPO, drastically lower than the $47 billion valuation it last fetched in private markets. A $10 billion public valuation would be only slightly above the total amount of funding WeWork has taken in as a private company: about $8.39 billion since 2011,according to Pitchbook data.